The report presents an in-depth assessment of the Light Commercial Vehicle (LCV) Market including enabling technologies, key trends, market drivers, challenges, standardization, regulatory landscape, deployment models, operator case studies, opportunities, future roadmap, value chain, ecosystem player profiles and strategies. The report also presents forecasts for Light Commercial Vehicle (LCV) investments from 2021 till 2025.
Light Commercial Vehicle (LCV) market is growing at a CAGR of 3% during the forecast period (2021-2025).
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The Light Commercial Vehicle (LCV) market is highly competitive and consists of a number of major players. Top Companies like Daimler AG, Renault SA, Volkswagen AG, Volvo AB, Ford Motor Company, Ashok Leyland Ltd., Tata Motors Ltd., Mahindra & Mahindra Ltd., VE Commercial Vehicles Limited, SML Isuzu Limited
Industry News And Developments:
– In 2018, Truong Hai Auto Corporation (Thaco), one of the leading players in Vietnam, launched the new Mazda BT-50 pickup truck in Vietnam. The new pickup truck features an automatic transmission and a 2.2-liter engine version. The new BT-50 comes in 4 variants: BT-50 2.2L MT 4×4, BT-50 2.2L AT 4×2, BT-50 2.2L ATH 4×2, and BT-50 3.2L ATH 4×4.
– In 2019, Toyota Motor Corporation officially unveiled its all-new 2020 Hiace MPV/Van in the Philippines. The all-new Hiace is the first Hiace model to be designed for overseas markets.
– In 2019, Mitsubishi Motors Corporation (MMC) announced the launch of the new Delica D:5 all-round minivan in Japan.
Scope of the Report
– The growing stringent emission norms related to emissions, increasing oil prices, and rising penetration of downsized engines in LCVs are also acting as driving factors for the growth of the light commercial vehicle market. Moreover, the growth of the electric era of electric automobiles creating new opportunities for the manufacturers to invest in the development of electric light commercial vehicles. However, the demand for downsized engines is expected to increase the LCVs price, which is expected to hinder the growth of the LCV market over the forecast period.
Key Market Trends
Electrification of Light Commercial Vehicles Likely to Bring Growth Opportunities
Currently, the upfront cost of LCVs is greater than conventional fuel models, and LCV operators primarily base their purchase decisions on the total cost of ownership calculations, however, in the long run, the operators can save a significant amount on the overall operational by replacing conventional fuel models with the electrically powered, as electric drivetrains require less maintenance and offer efficiency.
Over the next forecast period, as battery pack prices decrease, electric drivetrain efficiencies improve and significant economies of scale savings are realized on the cost of electric components and vehicle manufacturing, it will become a competitive advantage for companies to operate electric vans as they will offer the lowest cost solution. The addition of road charges for diesel vehicles in low emission zones within urban centers will swing the Total Cost of Ownership (TCO) balance heavily in favor of electric LCV.
United States and China are likely to Lead the LCV Market
– Local technology companies such as Alibaba Group, Tencent, and JD are dominating a rapidly growing e-commerce ecosystem in the country
– The rapid development of this industry combined with a large and growing digital consumer base has fueled tremendous growth both domestically and abroad via cross-border trade. Other factors driving the e-commerce business in the country are
– Establishment of e-commerce special trade zones in the country.
– Rise in Chinese social media influencers.
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What are the market factors that are explained in the report?
–Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
–Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
–Analytical Tools: Light Commercial Vehicle (LCV) Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyzed the growth of the key players operating in the market.
The research includes historic data from 2015 to 2020 and forecasts until 2025 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.
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