Industry

Light Commercial Vehicle Global Market Report 2024

The Light Commercial Vehicle Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2011-2022) and extends its insights into a ten-year forecast period (2024-2033).

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Light Commercial Vehicle Market Size, Share, Statistics Report 2024-2033 (thebusinessresearchcompany.com)

According to The Business Research Company’s Light Commercial Vehicle Global Market Report 2024, The light commercial vehicle market size has grown rapidly in recent years. It will grow from $614.93 billion in 2023 to $676.49 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period can be attributed to industrialization and economic growth, urbanization and infrastructure development, small business and entrepreneurship, evolving consumer preferences.

The light commercial vehicle market size is expected to see rapid growth in the next few years. It will grow to $990.88 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to e-commerce growth, environmental regulations, electrification and alternative fuels, autonomous delivery vehicles, urban mobility solutions. Major trends in the forecast period include electric lcvs, connectivity and fleet management, lightweight materials, customization and modular design, the incorporation of advanced safety features.

The increase in online shopping is expected to drive the light commercial vehicle market. As urbanization has increased, it has created new retail and e-commerce platforms that require efficient logistics, which could be fulfilled by light commercial vehicles (LCV). Moreover, the current pandemic situation has increased online shopping owing to health concerns. For instance, in August 2023, according to the United States Census Bureau, a US-based government agency, when compared to the second quarter of 2022, the estimate for online shopping in the second quarter of 2023 increased by 7.5% (or 1.4%), while overall retail sales increased by 0.6% (or 0.4%). Thus, increased demand for goods through e-commerce is pushing the use of LCVs in logistics, paving the way for the growth of the light commercial vehicle market .

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The light commercial vehicle market covered in this report is segmented –

1) By Vehicle Type: Passenger Van; Cargo Van; Pickup Trucks; Light Trucks; Mini Buses; Other Vehicle Types

2) By Fuel: Electric; Diesel; Gasoline

3) By Tonnage Capacity Type: Less Than 2.5 Tons; 2.5 To 3.5 Tons; More Than 3.5 Tons

The light commercial vehicle market report table of contents includes: