The report of Global Light Commercial Vehicle Market by Vehicle Type (Passenger Van, Cargo Van, Pickup Truck, Truck & Mini Bus), Tonnage Capacity (Below 2.5-3.5 tons, 3.5-6 tons, 6-7.5 tons,), Fuel Type (Diesel, Petrol, Others), and Region (Asia Pacific, North America, Europe, Latin America, and Middle East Africa) is expected to reach US$ XX Bn by 2027, at a CAGR of 4.41% during a forecast period.
The total sales of the Indian commercial vehicles (CV) industry had grown to reach more than 518,000 units in the year 2006-07. Out of which domestic sales were nearly 468,000 units and the remaining were exported. Domestic sales have been growing at a CAGR of 26.1% in the last five years. The CV industry is segmented broadly into LCV, having gross vehicle weight below 7.5 tonnes, and M&HCV, having gross vehicle weight above 7.5 tonnes. The growth in the CV industry has been driven by increased industrial production as well as the growth in investments made in building infrastructure in the country. While the passenger bus industry has seen moderate growth, goods vehicles witnessed impressive growth. The latter is dominated by multi-axle vehicles. The share of LCV is increasing rapidly.
The Asia Pacific region shows rapid growth in the Light Commercial Vehicle market in the forecasted period.
In 2019, the Asia Pacific region held the XX% share of the Light Commercial Vehicle market and is expected to maintain its growth during the forecast period owing to the rapid development of automotive industry in the region and the presence of developing countries such as China and India. The major economies in the region are witnessing quicker technological incorporation in the Automotive technology process. The handy government guidelines for the sector in the region is fueling market growth in the coming years.
Key players operating the global Light Commercial Vehicle market are Ashok Leyland Limited, Force Motors Limited, Mahindra & Mahindra Limited, SML Isuzu Limited, Tata Motors Limited, VE Commercial Vehicles Limited, Daimler India Commercial Vehicles Private Limited, Piaggio Vehicles Private Limited, Scania Commercial Vehicles India Private Limited, GMC, Benz, Honda, Toyota, Nissan, Buick, Volkswagen, Ford, Chrysler.
Maximize Market Research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the Global Light Commercial Vehicle Market. The report encompasses the market by different segments and regions, providing an in-depth analysis of the overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics and future opportunities that might exist in the Global Light Commercial Vehicle Market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors has been taken into consideration for enhancing market know-how of our clients and at the same time explains Global Light Commercial Vehicle Market positioning of competitors.
Browse the market data Tables and Figures spread through a comprehensive research report and in-depth TOC on “Global Light Commercial Vehicle Market.”
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