Small Commercial Vehicle Global Market Poised to Reach $650.35 Billion at a CAGR of 5.7% By 2028, Predicts The Business Research Company | Volkswagen A.G., Toyota Motor Corporation, Ford Motor Company, General Motor Company, Nissan Motor

The Small 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 (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Small Commercial Vehicle Global Market Report 2024, The small commercial vehicle market size is expected to see strong growth in the next few years. It will grow to $650.35 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to increasing urbanization, increasing demand for e-commerce, growing need for sustainable transportation solutions, growing demand for online shopping, increase in penetration of electric commercial vehicles. Major trends in the forecast period include technological advancements, electric small commercial vehicles, autonomous vehicles, connectivity and telematics, lightweight materials.

The growing e-commerce sector is expected to propel the growth of the small commercial vehicle market going forward. E-commerce, or electronic commerce, refers to the buying and selling of goods and services over the Internet. Small commercial vehicles are used in the e-commerce sector to facilitate last-mile delivery and ensure timely and efficient transportation of goods to end customers. For instance, in November 2023, according to the Census Bureau of the Department of Commerce, a US-based government organization, the estimate of U.S. retail e-commerce sales for the third quarter of 2023 totaled $271.7 billion, an increase of 0.9% from the second quarter of 2023. E-commerce sales in the third quarter of 2023 accounted for 14.9% of total sales. Therefore, the growing e-commerce sector is driving the growth of the small commercial vehicle market.

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The small commercial vehicle market covered in this report is segmented –
1) By Type: Light Buses, Vans, Pickups, Light Trucks, Other Types
2) By Fuel Type: Diesel, Gasoline, Electric, Other Fuel Types
3) By Application: Goods Transportation, Passenger Transportation

Major companies operating in the small commercial vehicle market are focusing on developing innovative solutions, such as electric small commercial vehicles, to gain a competitive edge in the market. An electric small commercial vehicle (ESCV) is a type of vehicle that is designed for commercial use and is powered by electricity. For instance, in September 2023, Tata Motors Limited, an India-based automotive company, launched the Ace EV, a four-wheel small commercial vehicle that is advanced, zero-emission, and environmentally friendly. The Ace EV is considered a green and smart transportation option that is suitable for a wide range of intra-city uses. The Ace EV is equipped with an advanced battery cooling system and regenerative braking system for all-weather operation and increased driving range. It is powered by a 21.3kWh lithium-ion phosphate (LFP) battery pack, which provides a 154-kilometer range on a single charge.

The small commercial vehicle market report table of contents includes:
1. Executive Summary