New York, Oct. 11, 2021 (GLOBE NEWSWIRE) -- Light Commercial Vehicles Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Light Commercial Vehicles Market Research Report, by type, fuel type and Region - Forecast till 2030” the market is projected to be worth USD 794.86 billion by 2030, registering a CAGR of 5.67% during the forecast period (2021 - 2030)., The market was valued at USD 472.13 billion in 2021.
List of the companies profiled in the Light Commercial Vehicles Market research report are:
- Daimler AG (Germany)
- Volvo Group (Sweden)
- Dongfeng Motor Corporation (China)
- Volkswagen Group (Germany)
- Tata Group (India)
- Ford Motor Company (US)
- Groupe PSA (France)
- General Motors (US)
- Hyundai Motor Company (South Korea)
- Groupe Renault (France)
- among others.
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Market Research Future’s Review on Light Commercial Vehicles Market
Multiple Factors to Boost Market Growth
LCVs (Light Commercial Vehicles) Market are used for transporting goods weighing in tons and quintals, and this factor distinguishes between light and heavy commercial vehicles. Light commercial vehicles are a subset of vehicles distinguished by their gross vehicle weight. These vehicles can transport products weighing up to 7 tons.
The government is enacting tight emission regulations while keeping environmental safety standards in mind. As a result, all light commercial vehicle manufacturers are attempting to update their technologies in order to comply with new strict emission rules. Furthermore, a spike in global oil prices will propel this market to flourish and grow at a breakneck pace. The use of fuel in the case of light commercial vehicles is relatively low when compared to other vehicles, and if we differentiate between them, the weight carried by LCVs is 3-4 times that of ordinary vehicles. This factor will boost demand for light commercial vehicles in the market, causing manufacturers to increase their manufacturing pace, resulting in light commercial vehicle market growth. The use of downsized engines in light commercial vehicles, which allows for the use of compact engines with fewer cylinders to enable greater fuel efficiency, will be the biggest driving force.
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Use of Downsized Engines
The usage of downsized engines, which is the main reason for the popularity of LCVS, is very expensive to manufacture since manufacturing units must convert a little engine with a larger fuel capacity to generate the power that a regular average engine would produce using the same amount of fuel. The increased demand for smaller engines, combined with the expensive cost of developing such engines, will drive up the price of LCVS, which will be the only factor impeding market expansion.
The Global Market to Grow Amid COVID-19 Pandemic
The coronavirus pandemic has wreaked havoc on the majority of the market's manufacturing, development, production, and logistics units. The transportation sector has also suffered significant losses as a result of this pandemic, and the reason for this is because, during the lockdown, all intrastate and interstate movement was halted. Import and export operations were also prohibited. However, after a while, when the treasury of food grains and pulses was depleted, there was a need to provide that specific area with specific products. Transportation was then permitted, with every detail considered. LCVs were mostly employed for transportation since they can carry twice the weight of other modes of transportation. During this time, there was a shortage of ventilators, oxygen cylinders, and many other medical machinery and kits; at this point, the LCV industry stepped in, and everything was transported by LCVs. So, without a doubt, the light commercial vehicle industry was severely impacted, but it will recover its losses faster than it incurred them.
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Market Segmentation
The global light commercial vehicles market has been segmented into type and fuel type.
Based on type, the global light commercial vehicles market has been segmented into trucks, buses, vans, coaches, and others.
Based on fuel type, the global light commercial vehicles market has been segmented into interior, chassis, powertrain, and drivetrain.
Regional Analysis
North America to Lead the Global Market
North America is expected to be the largest market and to grow at a CAGR of approximately 2.9 percent over the forecast period. The reason for this is that the e-commerce sectors are developing in the United States, which is causing the transportation industry to increase rapidly.
APAC to Follow North America
With expanding automobile manufacturing in India and China, the Asia Pacific region is likely to see considerable expansion in the worldwide market. In addition, with the increasing tight restrictions of government-related emissions, all main players are releasing their best models that can meet those regulations.
Segmentation of Market covered in the research:
Light Commercial Vehicles Market Research Report: Information by Type (Trucks, Vans, Buses, Coaches, and Others), by Fuel Type (Diesel, Gasoline, and Electric), and by Region (North America, Europe, Asia-Pacific, and the RoW) - Forecast till 2030
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
