The global light commercial vehicles market is expected to see a speedy growth between 2021 and 2025, predicts Fairfield Market Research. Categorized as 3.5-7 tons in weight, these vehicles have become a significant part of the urban vehicular traffic in the past couple of decades. Launch of numerous light commercial vehicles (LCVs) in the market resulted in a wider choice that appealed to a larger audience. In recent years, the global market has been driven by growing number of female drivers, affordability of LCVs, and increasing distance within urban spaces. Primarily used for ferrying people and goods, the dynamic nature of these vehicles has given the market a huge scope for growth in the coming years.
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E-commerce Supports Light Commercial Vehicle Fleets for Ferrying Goods
The e-commerce industry has been the key driving force for the global light commercial vehicles market in the recent years. Their role in forming delivery fleets for last mile service operators has given the e-commerce market a chance to reach remote areas. It has provided the critical linkage between first mile and last mile routes. During the COVID-19 lockdown as movement become restricted, it opened up myriad opportunities for the e-commerce industry as it become the sole channel for sale of essential as well as non-essential. This led to a greater investment in expansion of LCV portfolio, giving the global market a significant upward thrust.
EVs to Revolutionize Global Light Commercial Vehicles Market
Players in the global light commercial vehicles market are focusing on ramping up the production of electric vehicles (EVs) as the world tries to find solutions to vehicular pollution. The According to Regulation (EU) No 2019/631, the average emissions of new light commercial vehicles registered in the Union will are capped 147 g CO2/km. As the norms get stricter with each passing year, end users are likely to shift to electric light commercial vehicles. Newer technologies such as skateboard platform are being invested in that allow an automaker to make vehicles of varied categories without extensive engineering. For instance, Hyundai and Canoo have partnered develop an electric vehicle (EV) platform. With Canoo’s scalable skateboard architecture, Hyundai and Kia will manufacture EVs in a simpler scalable way to reduce the eventual cost of the product.
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North America to Dominate Light Commercial Vehicle Market
In terms of geography, North America is anticipated to lead the global light commercial vehicles market as use of pickup trucks as passenger vehicles as well as for transporting goods remains high. Growing number of end users opting for off-road vehicles and SUVs for sports activities is also expected to bode well for this regional market. Launch of newer vehicles is anticipated to help the North America light commercial vehicles market flourish in the coming years, predicts Fairfield Market Research.
The report also states that Asia Pacific will be potential market for the light commercial vehicles. The expanding e-commerce industry and trade is expected to push this regional market to achieve new heights.
Global Light Commercial Vehicles Market: Key Players
Some of the key players operating in the global light commercial vehicles market are Daimler AG, Nikola Corporation, Tesla, SGMW (Wuling Motors), Volkswagen AG, AB Volvo, Hyundai Motor Company, Tata Motors, Ford Motor Company, General Motors, Dongfeng Motor Corporation, Groupe PSA (Stellantis), FCA (Stellantis), and Groupe Renault.
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Über Fairfield Market Research
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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