A light commercial vehicle is the official term used within the European Union, Australia, New Zealand, and occasionally in both Canadaand Ireland (where Commercial Van is more commonly used), for a commercial carrier vehicle with a gross vehicle weight of no more than 3.5 metric tons (tonnes).
Qualifying light commercial vehicles include pickup trucks, vans and three-wheelers – all commercially based goods or passenger carrier vehicles. The LCV concept was created as a compact truck and is usually optimised to be tough built, have low operating costs and powerful yet fuel efficient engines, and to be utilised in intra-city operations.
Market Analysis: Global Light Vehicles Market is expected to grow with a steady CAGR in the forecast period of 2019-2026. The report contains data from the base year of 2018, and the historic year of 2017. This rise in market value can be attributed to the growing levels of innovations and advancements in the technology utilized in the products.
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Definition: Light vehicles are termed as the vehicles that are lighter in weight, resulting in improved fuel efficiency but without compensating on the capabilities and power of the vehicles. These vehicles constitute of lighter-weight metals and lower engine power which significantly affects the overall weight of the vehicle, but due to the usage of advanced alloys in the production, the stability and capacity to operate is not lost.
Key Market Competitors: Global Light Vehicles Market
Few of the major competitors currently working in the light vehicles market are
- Toyota Motor Corporation
- Volkswagen AG
- HYUNDAI MOTOR GROUP
- Fiat Chrysler Automobiles
- Honda Motor Co., Ltd.
- Groupe Renault
- Groupe PSA
- Zhejiang Geely Holding Group
- ASHOK LEYLAND
- suzuki motor corporation
- Tata Motors
- MITSUBISHI MOTORS CORPORATION
- Increased concerns regarding the environment and demand for fuel-efficient and durable vehicles is expected to be one of the major factors driving the market growth
- Growing advancements in the technology used resulting in innovative product launches that are highly fuel-efficient without compensating on the designated carry load
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Complete and distinct analysis of the market drivers and restraints, Key market players involved in this industry, Detailed analysis of the market segmentation, Competitive analysis of the key players involved
- Low return on investment on these commercial vehicles due to their high costs
Segmentation: Global Light Vehicles Market
- By Type
- Passenger Vehicle
- Commercial Vehicle
- By Geography
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East & Africa
- North America
Competitive Analysis: Global light vehicles market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of light vehicles market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.
Key Developments in the Market:
- In April 2018, Tata Motors announced the launch of “Nex-Gen ULTRA” vehicles range from Intermediate & Light Commercial Vehicles. This launch of vehicles range is expected to significantly improve the market share of Tata Motors in the light vehicles.
- In September 2017, ASHOK LEYLAND announced that they are planning to launch a new light commercial vehicle model in every six months till the year 2020. This decision of presenting new models is expected to expand the product portfolio of the company and is expected to be parallel with the growth strategy of the company.