The Light-duty
vehicles market offers a wide range of personal vehicles designed for
passenger transportation and cargo load capacity up to 6,000 pounds. These
include passenger cars, pickup trucks, SUVs and vans that provide daily
commuting as well as transporting goods for small businesses. The market has
seen steady rise in demand owing to rapid urbanization, growing disposable
incomes and preference for privately-owned vehicles over public transportation.
The Global light duty vehicles market is estimated to be valued at US$ 87.2 Bn
in 2024 and is expected to exhibit a CAGR of 11.% over the forecast period
2024-2031. Key players operating in the light duty vehicles market include Ford
Motor Company, Nissan Motor Company, General Motors Company, Toyota Motor
Corporation, Honda Motor Company, Ltd.
Key Takeaways
Key players in the light duty vehicles market
Key players operating in the light duty vehicles are Ford Motor Company, Nissan
Motor Company, General Motors Company, Toyota Motor Corporation, Honda Motor
Company, Ltd. These top manufacturers collectively account for over 50% of
global light duty vehicle sales.
Key opportunities in the market
Rising living standards and personal mobility needs in emerging economies
of Asia and Latin America present lucrative opportunities for light duty
vehicle manufacturers. Additionally, growing demand for electric and hybrid
powertrains will open new markets in developing nations looking to curb
vehicular emissions.
Global Expansion in the market
Leading automakers are expanding manufacturing footprint as well as
dealership networks in high growth international markets. Ford and GM have
partnered with local players in India and China to cater to the gigantic
untapped market for light commercial vehicles. Meanwhile, Japanese brands
Toyota and Honda already have a well-established supply chain across Asia,
Americas and Europe.
Market Drivers
Increasing demand for personal vehicles: Rapid urbanization and growing
preference for privately-owned transport over public modes is driving demand
for light duty vehicles globally. Developing nations are witnessing fastest
growth in passenger car sales led by India, Indonesia and Mexico.
Market Restrain
Rising raw material and fuel costs: Fluctuations in prices of steel,
aluminum and crude oil which are key inputs for vehicle manufacturing pose
challenge to automakers. High fuel prices also impact consumer spending
decisions and switch to more fuel efficient powertrains is necessitated.
Segment Analysis
The light duty vehicles market can be segmented by
type into passenger cars and commercial vehicles. Within passenger cars, the
sedan segment dominates the market as they are affordable and offer decent fuel
efficiency and space. People prefer sedans for daily commuting and
short-distance travelling needs. The commercial vehicles segment includes vans
and pickup trucks that are widely used for cargo transportation, parcel
delivery and other utility services. Vans form the largest sub-segment in
commercial vehicles as they are affordable and offer flexibility for carrying
people and goods.
Global Analysis
Regionally, the North America region holds the major share in the light
duty vehicles market owing to high vehicle ownership and widespread road
infrastructure. The US accounts for the largest market in North America.
However,
the Asia Pacific region is emerging as the fastest growing regional market with
China and India being the major country-level markets. India is projected to
witness the highest CAGR during the forecast period due to growing middle-class
population, increasing per capita income and expanding road connectivity in
rural regions. Additionally, urbanization and industrial development are
driving the demand for commercial vehicles across Asia Pacific. Though
developed, the Europe market is expected to grow at a modest pace due to
stringent emission regulations and shift towards shared mobility services in
major countries like the UK, Germany and France.
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What
Are The Key Data Covered In This Light Duty Vehicles Market Report?
:- Market
CAGR throughout the predicted period
:- Comprehensive
information on the aspects that will drive the Light Duty Vehicles 's growth
between 2024 and 2031.
:- Accurate
calculation of the size of the Light Duty Vehicles and its contribution to the market, with
emphasis on the parent market
:- Realistic
forecasts of future trends and changes in consumer behaviour
:- Light
Duty Vehicles Industry Growth in North
America, APAC, Europe, South America, the Middle East, and Africa
:- A
complete examination of the market's competitive landscape, as well as
extensive information on vendors
:- Detailed
examination of the factors that will impede the expansion of Light Duty
Vehicles vendor
About Author:
Ravina Pandya, Content Writer, has a strong foothold
in the market research industry. She specializes in writing well-researched
articles from different industries, including food and beverages, information
and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
*Note:
1.
Source: Coherent Market Insights, Public sources, Desk research
2.
We have leveraged AI tools to mine information and compile it
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