Global Light and Medium Commercial Vehicle Market 2019-2023
About Light and Medium Commercial Vehicle
A light commercial vehicle is the official term used for a commercial carrier vehicle with a gross vehicle weight of no more than 3.5 metric tons. Medium commercial vehicles refer to truck Classes 6-7, which have a gross vehicle weight rating range of 19,501- 33,000 lbs.
Technavio’s analysts forecast the global light and medium commercial vehicle market to grow at a CAGR of 5.76% during the period 2019-2023.
Covered in this report
The report covers the present scenario and the growth prospects of the global light and medium commercial vehicle market for 2019-2023. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Light and Medium Commercial Vehicle Market 2019-2023
Technavio recognizes the following companies as the key players in the global light and medium commercial vehicle market: Daimler, Ford Motor, Hyundai Motor, Toyota Motor, and Volkswagen.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is growing e-commerce and construction industry. Urbanization is the major factor driving the construction industry. This, in turn, fuels the demand for additional vehicles to transport people and materials for construction within the cities. Rising urbanization leads to shift of retail and distribution centers within the proximity of urban areas.”
According to the report, one driver in the market is increasing demand for pickup trucks in emerging countries. LCVs like pick-up trucks contribute a significant share to the market because of their increasing demand. The Americas is the major market for pick-up trucks. They are used both for commercial and personal purposes in the region. Earlier, the penetration of pick-up trucks in the LCV markets in emerging countries like China and India was low, due to poor acceptance of their design among the end-users and high fuel consumption.
Further, the report states that one challenge in the market is fuel-efficiency standards to increase the price of LCVs and MCVs. Fuel-efficiency standards for LCVs and MCVs increase the prices of vehicles by about $4,500 per vehicle. The global light and medium commercial vehicle market will witness an increase in revenue by about $10 billion, if fuel-efficiency standards are increased by 1 mpg.