Global Light Commercial Vehicles Market is projected to witness 4.40% CAGR by 2032

Market Research Future (MRFR) has published on the “Global Light Commercial Vehicles Market”.

The logistics & supply chain companies are facing unprecedented change as digitization takes hold and customer expectations evolve. Emerging advanced technologies are enabling greater efficiency and more collaborative operating models. Thus, it is anticipated to be a driving factor for the light commercial vehicles market. The logistics & supply chain industry across various countries is highly competitive.

The rapid increase in e-commerce sales is driving changes in the logistics industry. As per the US Department of Commerce, in 2020, total US e-commerce sales reached USD 787.9 billion, a 32.3% year-over-year increase from 2019's USD 595.7 billion. The growth in e-commerce has resulted in a higher volume of low-value shipments. In response, retailers are increasingly decentralizing their distribution centers and establishing "last-mile" fulfillment centers to keep inventory closer to consumers. This factor, in turn, is increasing the demand for light commercial vehicles for transporting the inventory to the closer distribution centers.

Market Research Future (MRFR) has published a cooked research report on the “Global Light Commercial Vehicle market” that contains the information from 2019 to 2032. The Light Commercial Vehicle market is estimated to register a CAGR of 4.4% during the forecast period of 2024 to 2032.

MRFR recognizes the following companies as the key players in the global Light Commercial Vehicle market— Ford Motor Company, General Motors, Daimler AG, Volkswagen AG, Renault Trucks, Volvo Group, Mitsubishi motor Corporation, PACCAR Inc., Nissan Motors, and Hyundai Motors.

Market Highlights

The global Light Commercial Vehicle market is expected to experience impressive growth rate of 4.4% during the forecast period and is estimated to reach USD 171.7 billion by 2032 end.

One example of the increasing demand for light commercial vehicles is the rising demand generation from both industrial and non-industrial sectors. In 2022, the light commercial vehicles market was dominated by highly potential countries such as USA, China, India, and Japan. The future market growth outlook for light commercial vehicles in these countries seems astonishing owing to their pricing affordability, fuel economy and convenience.

The sales of light commercial vehicles are likely to be propelled by customer preferences, business models, product technology, and regulatory framework development. Major players operating in the light commercial vehicles market use advanced technology to manufacture products such as trucks, vans, buses, and others, which can be further used to tackle supply chain-related challenges. The automotive industry has become one of the most important worldwide, not only at the economic level but also in R&D. Also, more technological elements are being introduced to improve passengers' and goods' safety. The market is also affected by small and medium-scale regional manufacturers who offer innovative light commercial vehicles at considerably low prices. These local players position themselves as regional experts in the particular product segment and excel in state and national sales. Furthermore, the successful track record of developing light commercial vehicles by major companies such as Ford Motor Company, General Motors, Daimler AG, Volkswagen Group, Groupe PSA, Groupe Renault, Volvo Group, Hyundai Motor Company, Mitsubishi Motors Corporation, and Nissan Motor Company Ltd is driving the growth of light commercial vehicles market across the target regions.

Segment Analysis

The Global Light Commercial Vehicle market is segmented into vehicle type, fuel type, ownership.

The Global Light Commercial Vehicle market, in this report, has been segmented based on vehicle type into trucks, vans, buses.

The Global Light Commercial Vehicle market, in this report, has been segmented on the basis of fuel type into diesel, gasoline, and electric.

The Light Commercial Vehicle market in this report has been segmented on the basis of ownership into, namely leased and owned.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Global Light Commercial Vehicles market

Regional Analysis

Based on Region, the global Light Commercial Vehicle is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Further, the major countries studied in the market report are the U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Europe comprises countries like the UK, Germany, France, Italy, Spain, and the Rest of Europe. The Europe Light Commercial Vehicle market is expected to grow at a significant CAGR of 3.8% between 2024 and 2032, owing to increasing adoption of electric vehicles in the region.

Key Findings of the Study

• The Global Light Commercial Vehicle market is expected to reach USD 171.7 billion by 2032, at a CAGR of 4.4% during the forecast period.


• The Asia Pacific region accounted for the largest regional market.


• Ford Motor Company, General Motors, Daimler AG, Volkswagen AG, Renault Trucks, Volvo Group, Mitsubishi motor Corporation, and PACCAR Inc. are the key market players.