Research and Markets has added its Global Light and Medium Commercial Vehicle Market 2019-2023 report to its available research offering.
According to Research and Markets, this report has been prepared based on an in-depth analysis with inputs from industry experts on a market that is expected to growth at a 5.76 percent compound annual growth rate from 2019 to 2023. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One trend in the market is growing e-commerce and construction industry. Urbanization is the major factor driving the construction industry. This, in turn, fuels the demand for additional vehicles to transport people and materials for construction within the cities, Research and Markets reports. Rising urbanization leads to shift of retail and distribution centers within the proximity of urban areas.
The report also notes another driver in the market is increasing demand for pickup trucks in emerging countries. Light commercial vehicles like pick-up trucks contribute a significant share to the market because of their increasing demand. The Americas is the major market for pick-up trucks. They are used both for commercial and personal purposes in the region. Earlier, Research and Markets says the penetration of pick-up trucks in the LCV markets in emerging countries like China and India was low, due to poor acceptance of their design among the end-users and high fuel consumption.
Further, the report states that one challenge in the market is fuel-efficiency standards to increase the price of light- and medium-duty commercial vehicles. Research and Markets says fuel-efficiency standards for light- and medium-duty commercial vehicles increase the prices of vehicles by about $4,500 per vehicle. The global light and medium commercial vehicle market will witness an increase in revenue by about $10 billion, if fuel-efficiency standards are increased by 1 mpg.
For more information about the report, and to download a copy, please CLICK HERE.