Light Commercial Vehicle Global Market Report 2021: COVID 19 Impact And Recovery To 2030
The Business Research Company?s Light Commercial Vehicle Global Market Report 2021: COVID-19 Impact and Recovery to 2030
LONDON, GREATER LONDON, UK, March 10, 2021 /EINPresswire.com/ -- Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reports
Read More On The Global Light Commercial Vehicle Market Report: https://www.thebusinessresearchcompany.com/report/light-commercial-vehicle-global-market-report
The increase in online shopping is expected to drive the light commercial vehicles market. As urbanization has increased, it has created new retail and e-commerce platforms that require efficient logistics, which could be fulfilled by light commercial vehicles (LCV). Moreover, the current pandemic situation has caused a spike in online shopping owing to social distancing and quarantining measures for health concerns. According to Adobe Analytics, consumers in the USA spent $2.2 billion on November 2nd, 2020, a 31% increase in year-over-year growth and another $2.0 billion on November 3rd, 2020, which was a 27% year-over-year increase. Thus, increased demand for goods through e-commerce is pushing the use of LCV in logistics paving way for growth of the light commercial vehicles market.
The light commercial vehicle market consists of sales of light commercial vehicles and related services by entities (organizations, sole traders and partnerships) that produce complete light trucks and utility vehicles such as light duty vans, pick-up trucks, minivans, and sport utility vehicles. Only goods and services traded between entities or sold to end consumers are included.
The global light commercial vehicle market size is expected to grow from $440.87 billion in 2020 to $475.29 billion in 2021 at a compound annual growth rate (CAGR) of 7.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $652.34 billion in 2025 at a CAGR of 8.2%.
The major players covered in the global light commercial vehicle market are Daimler, Ford, Renault, Volkswagen, Ashok Leyland, Tata Motors, SML Isuzu Limited, Toyota Motor, Groupe PSA, Nissan, Volvo AB, Anhui Jianghuai Automobile, Mahindra And Mahindra Limited, VE Commercial Vehicles Limited, Avtovaz, General Motors, Honda Motor Company, Gaz Group, Hyundai Motor Company, Mitsubishi Motors, UPS, Workhorse, Dongfeng Motor Corporation, GM Holden, Mazda, Force Motors Limited, Piaggio Vehicles Private Limited, Scania Commercial Vehicles India Private Limited, GMC.
The countries covered in the global light commercial vehicle market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The regions covered in the global light commercial vehicle market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The global light commercial vehicle market is segmented -
1) By Vehicle Type: Passenger Van, Cargo Van, Pickup Trucks, Light Trucks, Mini Buses, Others
2) By Fuel: Electric, Diesel, Gasoline
3) By Tonnage Capacity Type: Less Than 2.5 Tons, 2.5 To 3.5 Tons, More Than 3.5 Tons
Light Commercial Vehicle Global Market Report 2021: COVID 19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provides light commercial vehicle market overview, forecast light commercial vehicle market size and growth for the whole market, light commercial vehicle market segments, and geographies, light commercial vehicle market trends, light commercial vehicle market drivers, restraints, leading competitors? revenues, profiles, and market shares.
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