The small commercial vehicle global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Small Commercial Vehicle Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The small commercial vehicle market size has grown strongly in recent years. It will grow from $487.14 billion in 2023 to $521.13 billion in 2024 at a compound annual growth rate (CAGR) of 7%. The growth in the historic period can be attributed to increasing population growth, increasing demand for efficient transportation solutions for goods and services, growing emphasis on sustainability and environmental regulations, high demand for small commercial vehicles, increasing government initiatives.
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.
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Scope Of Small Commercial Vehicle Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Small Commercial Vehicle Market Overview
Market Drivers –
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.
Market Trends –
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 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
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Regional Insights –
North America was the largest region in the small commercial vehicle market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the small commercial vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Volkswagen A.G., Toyota Motor Corporation, Ford Motor Company, General Motor Company, Hyundai Motor Company, Nissan Motor, Dongfeng Motor Corporation, Renault S.A., Tata Motors Limited, Mazda Motor Corporation, Great Wall Motor Company Limited, Chongqing Changan Automobile, Mahindra & Mahindra Limited, Navistar International, Anhui Jianghuai Automobile, Ashok Leyland, Bajaj Auto Limited, Piaggio & C SpA, Eicher Motors, Isuzu Motors Ltd, Shaanxi Automobile Group, Golden Dragon, BharatBenz, Shenyang Brilliance Jinbei Automobile Co., Atul Auto Limited, Hindustan Motors
Table of Contents
1. Executive Summary
2. Small Commercial Vehicle Market Report Structure
3. Small Commercial Vehicle Market Trends And Strategies
4. Small Commercial Vehicle Market – Macro Economic Scenario
5. Small Commercial Vehicle Market Size And Growth
…..
27. Small Commercial Vehicle Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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