0

Light Commercial Vehicle (LCV) Market Expected to Reach $786.50 Billion by 2030—Allied Market Research

 
2022
Light Commercial Vehicle (LCV) Market

Report Code : A11794

quote By vehicle type, the pickup trucks dominated the global light commercial vehicle (LCV) market in 2020, in terms of revenue. On the basis of propulsion type, the ICE segment incurs a higher share. Depending on application, the commercial use segment garners a significant share of the market. At present, North America is the highest revenue contributor, followed by Asia-Pacific quote

Abhay Singh
Lead Analyst, Automotive and Transportation at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a recent report published by Allied Market Research, titled, “Light Commercial Vehicle (LCV) Market by Vehicle Type, Propulsion Type, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global light commercial vehicle (LCV) market was valued at $463.00 billion in 2020, and is projected to reach $786.50 billion by 2030, registering a CAGR of 5.3%.

North America dominates the market in terms of revenue, followed by Asia-Pacific, Europe, and LAMEA. U.S. garnered the highest share in 2020. However, LAMEA is expected to grow at a significant rate during the forecast period, due to increase in demand for LCVs across the region.

Light commercial vehicle (LCV) is designed to carry out numerous commercial & industrial operations across various industries. LCVs are designed in such a way that their load capacity is moderate and at the same time can carry out operations related to the transportation of goods & services from one place to another. Different types of LCVs have been made available by different manufacturers, which are used for different operations. Moreover, with the availability of electric vehicles, the demand for green fueled LCVs has increased, which has enabled the LCV manufacturers to develop & introduce electric & hybrid LCVs.

In addition, numerous developments have been carried out by key manufacturers such as Tata Motors, Honda Motor Company, Hyundai Motors, and Ford Motor Company toward the introduction of electric powered LCVs, which has supplemented the growth of the global LCV market. In line with the same, implementation of stringent government restrictions toward harmful vehicular emission coupled with the support provided by governments toward the adoption of green fuel vehicles has created a positive impact on the growth of the global light commercial vehicle market.

The global light commercial vehicle (LCV) market is segmented into vehicle type, propulsion type, application, and region. On the basis of vehicle type, the market is categorized into pickup trucks, light trucks, and others. By propulsion type, it is segregated into internal combustion engine (ICE) and electric & hybrid. Commercial use and industrial use are the major applications of light commercial vehicles. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.  

Factors such as development of the automotive industry, increase in industrial activities, and expansion of the e-commerce industry act as the key driving forces of the global light commercial vehicle (LCV) market. However, enforcement of stringent emission norms and availability of alternate vehicles are expected to hamper the growth of the market. Moreover, factors such as increase in government initiatives for promotion of e-mobility and rise in demand for electric trucks from the logistics sector are expected to create a positive impact on the global market.

KEY FINDINGS OF THE STUDY

  •  By vehicle type, the others segment is expected to register a significant growth during the forecast period.
  •  Depending on propulsion type, the electric & hybrid segment is anticipated to exhibit significant growth in the near future.
  •  On the basis of application, the industrial use segment is projected to lead the global LCV market owing to higher CAGR.
  •  LAMEA is anticipated to register the highest CAGR.

COVID-19 IMPACT ANALYSIS

  •  The outbreak of COVID-19 has resulted in flight cancellations, travel bans, and quarantines, which disrupted the supply chain and halted logistics activities across the world.
  •  As per the industry experts operating in the global light commercial vehicle industry, the automotive industry encountered a negative growth ranging between 5% and 10% in the first half of 2020 due to several causes such as transportation bans or the disruption in the supply chain.
  •  The disruption in the supply chain has been a major impact of the COVID-19 pandemic across the world.
  •  As a consequence of the COVID-19 outbreak, countries were left with no choice but to temporarily discontinue their trading activities with one another, which adversely impacted the supply of goods, thereby causing a disruption in the supply chain.
  •  Moreover, countries across the world have imposed nationwide shutdown of almost all retail outlets for non-essential items, including clothing, electronics, accessories, and automobile.

The key players analyzed in this report are Ashok Leyland, Ford Motor Company, Gaz Group, General Motors, Honda Motor Company, Hyundai Motor Company, Isuzu Motors, Renault Group, Tata Motors, and Toyota Motors.

 

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Tushar Nagose
Communications Officer
Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Free Sample
 
 

First time buyer?
Check offers and discount on this report
To get this report

Click Here
 
 

quote Light Commercial Vehicle (LCV) Market by Vehicle Type (Pickup Trucks, Light Trucks, and Others), Propulsion Type (Internal Combustion Engine (ICE) and Electric & Hybrid), and Application (Commercial Use and Industrial Use): Global Opportunity Analysis and Industry Forecast, 2021–2030 quote

View Report
 
 

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 2,000 niche industries and company profiles on more than 12,000 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

Targeted Market View

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
rep-img

Published Date Jan 2021

Surgical Equipment Market

Download Sample
rep-img

Published Date Nov 2020

Medical Implant Market

Download Sample
 

Get Fresh content delivered

Get insights on topics that matter to your business. Stay updated on the area that interests you.

 
Get Industry Data Alerts
 

Buy Full Version
"Light Commercial Vehicle (LCV) Market"
Purchase Enquiry

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers