Market Research Report
Global Light Commercial Vehicle Market, By Vehicle Type, By Tonnage Capacity, By Fuel Type, By Region, Competition, Forecast & Opportunities, 2026
|Published by||TechSci Research||Product code||1002683|
|Published||Content info||112 Pages
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|Global Light Commercial Vehicle Market, By Vehicle Type, By Tonnage Capacity, By Fuel Type, By Region, Competition, Forecast & Opportunities, 2026|
|Published: April 28, 2021||Content info: 112 Pages||
Global Light Commercial Vehicle Market, By Vehicle Type (Passenger Van, Cargo Van, Pickup Truck, Mini Truck & Minibus), By Tonnage Capacity (Below 2.5-3.5 Tons, 3.5-6 Tons), By Fuel Type (Diesel, Petrol, Others), By Region, Competition, Forecast & Opportunities, 2026.
Global light commercial vehicle market is expected to grow from 11.83 million units in 2020 to 16.03 million units by 2026 on account of easy availability of vehicle financing schemes, surge in the number of infrastructural projects and booming logistics and E-commerce sector. Sales of light commercial vehicles worldwide grew from 12.73 million units in 2016 to 13.53 million units in 2019. Due to COVID-19, sales of light commercial vehicle plummeted; however, the market is estimated to bounce back and reach 16.03 million units by 2026. Until 2019, light commercial vehicles accounted for 75% of the global commercial vehicle sales and increased demand for last mile connectivity is forecast the drive the global light commercial vehicle market through 2026.
Light commercial vehicles are generally used for the transportation of goods and services. Global light commercial vehicle market can be segmented based on vehicle type, tonnage capacity, fuel type and region. On the basis of vehicle type, the market can be classified into passenger van, cargo van, pickup truck, mini truck and minibus. Vans and pickup trucks are the major segments in light commercial vehicle market as they have more space for seating. Based on tonnage capacity, the market can be segmented into less than 2.5-3.5 tons and 3.5-6 tons. Less than 2.5-3.5 tons accounted for the majority share in 2020 on account of presence of large number of vehicles in this segment. Moreover, light commercial vehicles under this segment are economically priced, thus contributing to the high sales of vehicles in 2020.
Regionally, the market for light commercial vehicles is gaining traction and expanding to various regions including Asia-Pacific, Europe & CIS, North America, South America, and Middle East & Africa. North America, followed by Asia Pacific, dominates global light commercial vehicle market and the region is expected to witness extensive adoption of light commercial vehicles during forecast period as well owing to continued investments in road infrastructure projects, increasing financing options and rising focus of government towards automotive industry.
Major players operating in global light commercial vehicle market are Ford Motor Company, Renault S.A., Toyota Motor Corporation, General Motors Company, Mahindra Group, Tata Motors Ltd., Ram Trucks, Daimler AG, SAIC Motor Corporation Limited (Liuzhou Wuling Automobile Industry Co., Ltd.), Volkswagen AG. Key players are developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers and acquisition and new product developments. Players operating in the market are improving R&D capabilities while enhancing operational efficiency to register positive growth.
Years considered for this report:
Historical Period: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2021-2026.
Objective of the Study:
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the service offerings, distribution channels and presence of all major manufacturers across the globe.
TechSci Research calculated the market size of global light commercial vehicle market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated them through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, global light commercial vehicle market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Mini Truck & Minibus
Below 2.5-3.5 tons
Europe & CIS
Middle East & Africa
With the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report: