Market Insights Mobility Commercial Vehicles

Light Commercial Vehicles - Worldwide

Worldwide

According to projections, the Light Commercial Vehicles market is set to achieve unit sales of 20.73m worldwide by 2024.
This market is expected to witness a compound annual growth rate (CAGR) of -0.25% between 2024 and 2029, resulting in a projected market volume of 20.47m by the end of 2029.
Furthermore, the production of Light Commercial Vehicles market is anticipated to reach 19.97m units in 2029, indicating the potential growth of this market.
From a global perspective, it is evident that the in the United States will account for the majority of sales in 2024, with a projected figure of 11,160.00k units.
The demand for light commercial vehicles is booming in China, driven by the country's growing e-commerce industry and urbanization.

Market

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Analyst Opinion

The light commercial vehicle (LCV) market is a submarket of the commercial vehicle market. With evolving consumer preferences, demand for adaptable and flexible LCVs is increasing, emphasizing custom designs and enhanced interior features. Despite supply chain disruptions as a challenge, the LCV market offers possibilities for strategic partnerships and innovation, notably in addressing ecological challenges and progressing technology. A significant trend in the market is the move towards sustainability, demonstrated by global governments incentivizing the adoption of electric and hybrid LCVs through stringent emission regulations.

In North America, the LCV market operates in an extremely competitive industry with major participants such as Daimler Trucks North America, PACCAR, and Navistar International Corporation. The rise of e-commerce and the need for safe and flexible freight transport are important factors driving market expansion in this area. In Europe, the commercial vehicle market is dominated by established heavyweights such as the Volvo Group and MAN Truck & Bus. The trend toward sustainable transport solutions, including electric and hybrid vehicles, is expected to shape the future of the LCV segment. The Asia-Pacific region is a pivotal player poised for significant growth, with key players from Japan and South Korea actively contributing to the innovation and development of LCVs. The e-commerce boom, coupled with increasing industrialization, is a significant catalyst propelling the demand for sophisticated LCVs across the diverse markets of Asia-Pacific.

Overall, the market for Light Commercial Vehicles (LCVs) seems ready for growth and evolution in response to dynamic global economic and industry trends.

Methodology

Data coverage:

The data encompasses B2B enterprises. Figures are based on unit sales and production of light commercial vehicles.

Modeling approach:

Market sizes are determined through a combined Top-Down and bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Consumer Insights Global survey). In addition, we use relevant key market indicators and data from country-specific associations, such as consumer spending per capita on transportation and consumer price index for purchase of vehicles. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, linear regression, the S-curve function and exponential trend smoothing methods are applied.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.