The global light duty vehicles market size
is expected to reach USD 922.21 billion by 2025, registering a CAGR of 8.5%
from 2019 to 2025, according to a new report by Grand View Research, Inc., The
increasing demand for passenger cars for shared mobility services is expected
to emerge as one of the major drivers of growth. The continued development of
driverless electric cars is also expected to drive the market growth over the
forecast period.
The continued development of Electric
Vehicles (EVs) and semi-autonomous commercial cars/trucks bodes well for the
growth of the market. Several governments are already pursuing initiatives to
facilitate the development of EVs. For instance, the Government of India’s
National Electric Mobility Mission Plan (NEMMP) targets unit sales of 6-7
million hybrid vehicles and EVs by 2026. As such, the continued adoption of EVs
for commercial transportation, owing to the numerous benefits EVs can offer
over conventional vehicles, is expected to drive the market growth over the
forecast period.
The growing trend of offering shared
mobility is expected to drive the growth of the light duty vehicles marketover
the forecast period. Online transportation network companies, such as Ola Cabs
and Uber Technologies Inc., are increasingly deploying light duty passenger
cars to offer shared mobility services that allow passengers to share a ride
with people heading towards the same destination. The development of other
mobility services, such as micro transit and courier network services, is also
expected to drive the market growth over the forecast period.
The e-commerce industry has witnessed
noticeable growth in developed as well as developing economies. The unabating
growth of the e-commerce industry is prompting logistics & transportation
companies to rollout efficient logistics services, thereby driving the market
growth. The demand for light duty vehicles is growing, particularly in emerging
economies, where the industrial sector is expanding gradually, and the need to
transport raw materials and finished products efficiently is increasing
subsequently.
Access Research Report of Light Duty Vehicles Market @ https://www.grandviewresearch.com/industry-analysis/light-duty-vehicles-market
Further key findings from the study suggest:
· Asia Pacific is projected to emerge as the
fastest-growing regional market over the forecast period owing to the
increasing adoption of light duty vehicles by the incumbents of the e-commerce
and tourism industries in the region
· The electric segment is expected to
register the highest CAGR over the forecast period owing to the initiatives
being pursued aggressively all over the world to encourage the development and
adoption of EVs
· The all-wheel drive segment is expected to
emerge as the fastest-growing segment over the forecast period owing to the
growing use of all-wheel drivetrains in sports utility vehicles (SUVs) and
trucks
· The automatic segment is expected to register
the highest CAGR over the forecast period owing to the convenience automatic
transmission vehicles can offer in heavy traffic conditions
· The key players operating in the light duty
vehicles market are BMW AG, Daimler AG, Fiat Chrysler Automobiles N.V., Ford
Motor Company, General Motors Company, Honda Motor Company, Ltd., Hyundai Motor
Company, Nissan Motor Company, Ltd., Subaru Corporation, and Toyota Motor
Corporation, among others.
Grand View Research has segmented the
global light duty vehicles market on the basis of vehicle type, fuel type,
transmission, drivetrain, and region:
Light Duty Vehicles Type Outlook (Volume,
Million Units; Revenue, USD Billion, 2014 - 2025)
·
Passenger Car
·
Van
·
Sports Utility Vehicle (SUV)
·
Pickup Truck
Light Duty Vehicles Fuel Type Outlook
(Volume, Million Units; Revenue, USD Billion, 2014 - 2025)
·
Diesel
·
Gasoline
·
Hybrid
·
Electric
Light Duty Vehicles Transmission Outlook
(Volume, Million Units; Revenue, USD Billion, 2014 - 2025)
·
Manual
·
Automatic
Light Duty Vehicles Drivetrain Outlook
(Volume, Million Units; Revenue, USD Billion, 2014 - 2025)
·
Front Wheel Drive (FWD)
·
Rear Wheel Drive (RWD)
·
Four Wheel Drive (4WD)
·
All-Wheel Drive (AWD)
Light Duty Vehicles Regional Outlook
(Volume, Million Units; Revenue, USD Billion, 2014 - 2025)
·
North America
o
U.S.
o
Canada
·
Europe
o
U.K.
o
Germany
·
Asia Pacific
o
China
o
India
o
Japan
o
South Korea
·
Latin America
o
Brazil
o
Mexico
·
Middle East & Africa
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
