Light Commercial Vehicle Market: Insights into Trends, Revenue, and Opportunities from 2018-2028

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Light Commercial Vehicle

The global light commercial vehicle market is projected to reach 16.032 million units by 2026, according to the TechSci Research report titled “Global Light Commercial Vehicle Market By Vehicle Type, Tonnage Capacity, Fuel Type, Region, Competition, Forecast & Opportunities, 2026.” The growth in the global light commercial market is primarily driven by passenger vans and pickup trucks, followed by the sales of cargo vans. The increasing demand for light commercial vehicles is mainly attributed to the growth of E-commerce transportation. Additionally, the emergence of small-scale businesses has further stimulated global light commercial vehicle production. Asia Pacific dominates the global light commercial vehicle market, followed by North America, Europe & CIS, South America, and MEA. Together, Asia Pacific and North America account for over 70% of the global market share. The dominance of Asia Pacific can be attributed to the increased sales of light commercial vehicles in China, which holds a 25% share of the overall global light commercial vehicle sales. The presence of a large number of small-scale businesses and the growing E-commerce industry are the key driving factors in the Asia Pacific region.

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The sales of light commercial vehicles experienced a decline in 2020 due to COVID-19. However, it is expected that sales will rebound in 2021 as there is an increasing dependency on E-commerce platforms. Among light commercial vehicles, passenger vans are the leading segment due to their widespread usage by companies for employee transportation and by travel agencies for general transportation services. Pickup trucks also enjoy significant global demand as they are widely used for logistics purposes. Cargo vans are witnessing substantial growth, driven by the increasing demand from the E-commerce industry and movers & packers. North America and Asia Pacific have the highest demand for cargo vans. Companies worldwide are introducing performance-oriented light commercial vehicles to better suit various driving conditions, which is expected to further intensify competition in the global light commercial vehicle market in the coming years.

The global light commercial vehicle market can be segmented based on tonnage capacity, fuel type, vehicle type, and region. In terms of vehicle type, passenger vans hold the largest market share, followed by pickup trucks, and this trend is expected to continue in the foreseeable future. The cargo vans segment is projected to grow at an impressive rate during the forecast period. Pickup trucks are preferred globally for their utility as goods carriers and passenger transport. Hence, there is expected to be a slight growth in demand for pickup trucks in the forecast period. In terms of fuel type, diesel-based light commercial vehicles are preferred due to their higher efficiency and greater load-carrying capacity compared to petrol and other fuels. However, it is anticipated that the percentage of diesel-based light commercial vehicles will decrease in the forecast period due to the implementation of various environmental policies by governments worldwide. In terms of tonnage capacity, the sub-segment of light vehicles below 2.5-3.5 tons is leading, and it is expected to maintain its dominance in the forecast period, followed by the 3.5-6 tons capacity vehicles.

Leading players operating in the global light commercial vehicle market include Ford Motor Company, Renault S.A., Toyota Motor Corporation, General Motors Company, Mahindra Group, among others. In addition to these companies, Tata Motors Ltd., FCA US LLC, Daimler AG, SAIC Motor Corporation Limited (Liuzhou Wuling Automobile Industry Co., Ltd.), and Volkswagen AG are also increasing their marketing activities and expanding their product portfolios globally to enhance their customer outreach.

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“In 2020, North America accounted for the largest share i.e., 36.49% in global light commercial vehicle market. But Asia Pacific is expected to lead in forecast period because of increasing light commercial sales in China and other parts of Asia Pacific. China is world’s largest commercial vehicle hub and is also the main attraction for small scale businesses. Increase in E-commerce business and small-scale businesses globally is expected to boost the global light commercial vehicle market.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Light Commercial Vehicle Market By Vehicle Type (Passenger Van, Cargo Van, Pickup Truck, Mini Truck and Minibus), By Tonnage Capacity (Below 2.5-3.5 Tons, 3.5-6 Tons), By Fuel Type (Diesel, Petrol and Others), By Region, Competition, Forecast & Opportunities, 2026 has evaluated the future growth potential of Global Light Commercial Vehicle market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Light Commercial Vehicle Market.

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