The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The increase in online shopping are expected to drive innovation in light commercial vehicle manufacturing, thus driving the market during the forecast period.

The global light commercial vehicle market is expected to grow from $568.17 billion in 2022 to $639.87 billion in 2023 at a compound annual growth rate (CAGR) of 12.6%. The global light commercial vehicle market size is expected to grow to $1,001.35 billion in 2027 at a CAGR of 11.8%.

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Global Light Commercial Vehicle Market Segments Include:

• By Vehicle Type: Passenger Van, Cargo Van, Pickup Trucks, Light Trucks, Mini Buses, Other Vehicle Types
• By Fuel: Electric, Diesel, Gasoline
• By Tonnage Capacity Type: Less Than 2.5 Tons, 2.5 To 3.5 Tons, More Than 3.5 Tons
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global light commercial vehicle market in 2021.

Major Market Players in the light commercial vehicle market include Daimler, Ford, Renault, Volkswagen, Ashok Leyland, Tata Motors, SML Isuzu Limited, Toyota Motor, Groupe PSA, and Nissan.

Skateboard architecture is increasingly being preferred by manufacturers for high efficiency and productivity in light commercial vehicles and is turning out to be a trend in the light commercial vehicle market. The skateboard architecture refers to an actual physical platform, which forms the floor of the vehicle and incorporates the battery. For instance, in February 2020, Hyundai partnered with Canoo, a Los Angeles-based company creating EVs, to jointly develop an electric vehicle (EV) platform. Hyundai and Kia’s scalable skateboard architecture will provide a simplified and standardised development process for their electrified vehicles, and this will help reduce costs.

The Light Commercial Vehicle Global Market Report 2023  provides a light commercial vehicle market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The light commercial vehicle market forecast analyzes light commercial vehicle market size, light commercial vehicle market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

A light commercial vehicle often known as an “LCV” is any passenger automobile or goods truck with a gross vehicle weight of more than 7,500 kilograms and includes tractors, trailers and others.

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