Overview:

The global light commercial vehicles market is valued for more than US$ XXX.X Mn in 2019 and expected to reach a value of US$ XXX.X Mn by 2029 with a significant CAGR of around XX.X% over the forecast period of 2019-2029. The vehicles which are mainly used for goods and individual transportation are called as light commercial vehicles (LCVs). Also, in some countries LCVs are referred the vehicles which are used for medium cargo transportation.

There are various types of light commercial vehicles such as passenger cars, SUVs, CUVs, and pick-up trucks. Rising product launches, growing consumer base, and increasing income level are some key factors resulting in growth of the global market.

Market Dynamics:

In the covid-19 pandemic the overall automotive industry went through huge impact. However, the situation is becoming normal in many countries and sales figure are increasing. Growing various offers on vehicles is a key factors driving growth of the global light commercial vehicles market. Many companies are providing various types of discounts such as cash discount, corporate discount, exchange bonus, and many more which is attracting majority of customers.

In addition, increasing integration of various advanced features in light commercial vehicles such as android auto, apple car play, digital display, Bluetooth and Wi-Fi connectivity, parking camera, sensors, cruise control, and many more is another key factor impacting the target market growth positively.

Moreover, growing product launches by key players in each category is another major factor resulting in growth of the global market. For instance, in November 2020, the Hyundai Motor Company has launched new version of i20 car in India. Also, in October 2020, Toyota Motor Corporation has launched their first compact SUV, the Urban Cruiser in India.

Key Trends:

Rising focus on electric vehicle launches by key players is a key trend witnessed in the global light commercial vehicles market. For instance, in January 2020, Tata Motors has launched electric version of their top selling compact sport utility vehicle Nexon. Also, in July 2019, Hyundai Motor Company has launched electric SUV Kona in India.

Regional Analysis:

For detailed understanding of market dynamics, the global Light Commercial Vehicles market is analyzed across key regions viz. North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Currently Asia Pacific region dominates the global light commercial vehicles market in terms of revenue and volume. This is attributed to rising income level, growing market presence of global key players, increasing product launches, and rising consumer base in countries in the region. Also, Europe is accounted for second highest revenue share in the global market, owing to wide presence of key manufacturers across countries in the region.

However, Asia Pacific is expected to witness highest growth in the target market over the forecast period. Also, the matured markets such as North America and Europe are expected to witness sluggish growth in the forecast period.

Scope of the Report:

Detailed Segmentation:

Global Light Commercial Vehicles Market, By Vehicle Type:

• Passenger Cars
• SUVs and CUVs
• Pick-up Trucks

Global Light Commercial Vehicles Market, By Fuel Type:

• Gasoline/ Diesel
• Electric

Global Light Commercial Vehicles Market, By Distributor:

• OEM
• Third Party Sellers

Key Players Covered:

Key players operating in the global market include, Toyota Motor Corporation, Hyundai Motor Company, Maruti Suzuki India Limited, Bayerische Motoren Werke AG, Audi AG, Suzuki Motor Corporation, Nanjing Automobile (Group) Corporation, Tata Motors Limited, Groupe Renault, and Peugeot (Groupe PSA).

Key Features of the Study:

Foresight Market Research provides detailed analysis on global market in our report- Global Light Commercial Vehicles Market by vehicle type, fuel type, distributor, and region. The report provides market size (US$ Mn) and compounded annual growth rate (%) for the forecast period: 2019 – 2029, considering 2018 as the actual year. The report also contains in-depth analysis about market drivers, restraints, opportunities, new product launches, product approval, ongoing trends, and regional outlook. The report delivers competitive analysis about leading players in the global light commercial vehicles market based on various parameters such as company overview, product portfolio, regional presence, financial performance, distribution strategies, key developments, marketing strategies, and future plans. The analysis from the report would acquaint the marketers and management authorities of companies to make the appropriate decision with respect to their future product launch, market expansion, and marketing tactics used overall the globe.