Updated : Feb 11, 2021 Business

Global Light Commercial Vehicle Market-Industry Analysis and forecast (2019-2027)

Global Light Commercial Vehicle Market size was valued at US$ XX Bn in 2019 and the total revenue is expected to grow at 15.23% from 2020 to 2027, reaching US$ XX Bn.

Global Light Commercial Vehicle Market

The report study has analyzed the revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers, and market disrupters in the report, and the same is reflected in our analysis.

Global Light Commercial Vehicle Sales to hit 6.7 million and 5.6 million correspondingly in 2019 -2020 due to the COVID-19 outbreak. North America, India, Latin America, Japan, China, Japan, and Korea will lead the growth of the Global Light Commercial Vehicle market, while the United State leads the pickup sales, China is the clear leader in the Light Duty Trucks segment. The demand for electric-light duty trucks will increase when strict government rules are applied. New emission regulations, rising oil prices, and government incentives for electric vehicles will support the growth of Electric Light Commercial Vehicles in China, Europe, and North America. PSA Group, Volkswagen, Daimler, and Ford are anticipated to launch new Electric Light Commercial Vehicles in 2019. North America is a major player in pickup trucks with a 60% share of the global pick up sales in 2018. As a result, North America’s share in the overall Light commercial vehicle market stood at 31.1% although China had a share of around 24.6% in 2018.

Light Commercial Vehicles are used in India as last-mile connectivity for goods. Light Commercial Vehicles are categorized as N1 vehicles, which are cargo vehicles with a gross vehicle weight (GVW) of less than 3,500kg. Europe and Japan also define Light Commercial Vehicles as N1 category vehicles fleet characteristics of Light Commercial Vehicles from these regions are compared with those in India later in this report. M2 vehicles, passenger vehicles with more than nine seats, and a gross vehicle weight less than 5,000 kg are also analyzed in this report. There is currently no fuel consumption regulation for either of these vehicle segments in India.

This segment compares the sales-weighted average transportation service profile by the manufacturer in terms of engine size, curb weight, power, engine displacement, power-to-weight ratio, Carbon Dioxide emissions, and vehicle size. The summarized findings from the analysis are as follows:

Tata Motors leads sales of mini trucks at 70% followed by Ashok Leyland, while Mahindra leads sales of pickup trucks.

89% of vehicles in the Light Commercial Vehicle fleet were diesel-powered while 11% were CNG-powered.

Fleet average emissions were 157.6 g/km for FY 2014-15. Isuzu sold the highest emitting vehicles at 200 g/km followed by Mahindra at 175 g/km. Piaggio had the lowest average emissions at 130 g/km followed by Force at 137 g/km.

Isuzu had the largest engine size at 2.5 liters, followed by Mahindra at 2.3 liters. Piaggio and Tata had the lowest engine size at 800 cc and 1 liter.

The average curb weight of the Indian Light Commercial Vehicle fleet was 1,299 kg for FY 2014-15. Isuzu had the heaviest curb weight vehicles at 1,645 kg followed by Mahindra at 1,590 kg. Piaggio had the lowest curb weight vehicles at 706 kg followed by Tata at 1,002 kg.

The fleet average power for FY 2014-15 was 33 kW. At 100 kW power, Isuzu had the most powerful engine followed by Mahindra at 45 kW. Piaggio and Tata had the lowest power vehicles at 12 kW and 18 kW, respectively.

The power-to-weight ratio for Isuzu was the highest at 0.0606 kW/kg followed by Ashok Leyland at 0.0340 kW/kg, while Tata and Piaggio had the lowest power-to weight ratios of 0.0164 kW/kg and 0.0166 kW/kg, respectively.

The fleet average footprint for FY 2014-15 was 3.6m2. Isuzu had the highest average footprint at 4.5 m2 followed by Mahindra at 4.3 m2. Piaggio had the lowest average footprint at 2.2 m2 followed by Force Motors at 2.7 m2.Global Light Commercial Vehicle Market1

Based on the Vehicle Type, the Light Commercial Vehicle market is segmented into Passenger Van, Cargo Van, Pickup Truck, and Truck & Mini Bus. The Truck & Mini Bus segment has led the Light Commercial Vehicle market in 2019 and is estimated to generate more than US$ XX Mn market revenue by 2027, with a CAGR of XX%. The increasing demand towards Truck & Mini Bus logistics can be credited to the benefits offered, containing reliable and congestion-free transportation. The benefits provided by the Truck & Mini Bus logistics contain better loading capacity, lesser emissions, economical transportation for payload, and optimum fuel usage in comparison to trucks and railcars are driving the segment growth in the Light Commercial Vehicle market in the near future.

Global Light Commercial Vehicle Market2

Top Countries in Light Commercial Vehicles Production

Geographically, the Light Commercial Vehicle market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific held the prominent market share of XX% in 2019 and is expected to reach US$ Mn by the end of 2027, with a CAGR of XX%.

The objective of the report is to present a comprehensive analysis of the Global Light Commercial Vehicle Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Light Commercial Vehicle Market dynamics, structure by analyzing the market segments and projects the Global Light Commercial Vehicle Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Light Commercial Vehicle Market make the report investor’s guide.

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Scope of the Global Light Commercial Vehicle Market:

Global Light Commercial Vehicle Market, by Vehicle Type:

• Passenger Van
• Cargo Van
• Pickup Truck
• Truck & Mini Bus
Global Light Commercial Vehicle Market, by Tonnage Capacity:

• Below 2.5-3.5 tons
• 3.5-6 tons
• 6-7.5 tons
Global Light Commercial Vehicle Market, by Fuel Type:

• Diesel
• Petrol
• Others
Global Light Commercial Vehicle Market, by Region:

• Asia Pacific
• North America
• Europe
• Latin America
• Middle East Africa
Global Light Commercial Vehicle Market, Major Players:

• Ashok Leyland Limited
• Force Motors Limited
• Mahindra & Mahindra Limited
• SML Isuzu Limited
• Tata Motors Limited
• VE Commercial Vehicles Limited
• Daimler India Commercial Vehicles Private Limited
• Piaggio Vehicles Private Limited
• Scania Commercial Vehicles India Private Limited
• GMC
• Benz
• Honda
• Toyota
• Nissan
• Buick
• Volkswagen
• Ford
• Chrysler

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