Light Commercial Vehicle Market Observes Tremendous Growth in Revenue with CAGR 8.1% during the Forecast Period 2022-2028

 

Light Commercial Vehicle

The Light Commercial Vehicle Market was estimated at USD 542.53 billion in 2021, and from 2022 to 2030, it is projected to increase at a CAGR of 8.1%. The market is split based on the vehicle type, fuel type, and tonnage type, which is less than 2.5 tonnes and above 3.5 tonnes. The market is predicted to grow due to the rising adoption of electric vehicles, and the rental services of light vehicles are anticipated to impede market growth.

Increased business activity in Europe's e-commerce industry helped the Light Commercial Vehicle Market flourish. Sales of light commercial vehicles fell by about 18 percent between 2019 and 2020 as a result of this failure to counteract a decline in demand from other industries during the coronavirus outbreak. Even though sales began to increase again in 2021, they did not reach pre-pandemic levels.

Ford is the best-selling LCV brand in Europe in terms of sales, followed by Renault and Peugeot. The only non-European brands to be listed among the top ten in the area are Ford and Toyota.

The adoption of electric vehicles is extremely noticeable in many developing economies due to the great developments made across many industries, including logistics and the supply chain industries. A major factor in the growth of the Light Commercial Vehicle Market is also the severe emission or rule declarations in various places across the world that are forcing several sectors to electrify the automobile. The major e-commerce and logistics businesses and industries have already made the commitment to convert their whole fleet to electric. The leading players in the Light Commercial Vehicle Market have been working with the various industries or organisations to source the automobile.

Light Commercial Vehicle Market Segmentations-

By Vehicle Type: Passenger Van, Cargo Van, Pickup Truck, Other Vehicle Types

By Tonnage Capacity Type: Less than 2.5 Tons, 5.2.2 2.5 to 3.5 Tons, 5.2.3 More than 3.5 Tons

By Fuel Type: Gasoline, Diesel, Alternative Fuels, Electric

Major Vendors are- Daimler AG, Ford Motor Company, Renault SA, Ashok Leyland Ltd, VE Commercial Vehicles Limited, Tata Motors Ltd, SML Isuzu Limited, GM Group, Mahindra & Mahindra Ltd, Volkswagen AG, Toyota Motor Corporation and Stellantis NV

Read the Press Release of Light Commercial Vehicle Market

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