Global Light and Medium Commercial Vehicle Market 2019-2023 - Increase in Fuel Efficiency to Boost Demand - Technavio
LONDON--(BUSINESS WIRE)--Nov 27, 2018-- analysts forecast the global light and medium commercial vehicle market to grow at a CAGR of nearly 6% during the forecast period, according to their latest market research report.
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Technavio has released a new market research report on the global light and medium commercial vehicle market for the period 2019-2023. (Photo: Business Wire)
The increasing popularity of electric LCVs for facilitating last-mile connectivity is one of the major trends being witnessed in the . Automobile manufacturers are working towards improving the reliability of electric vehicles. Lack of proper charging stations and limited power capacity batteries are the main drawbacks of electric vehicles. Vehicle manufacturers are undertaking various experimental operations involving the use of electric vehicles to overcome various issues faced by the vehicle in real-world scenarios. However, unlike passenger cars, LCVs require more power to be effective for hauling cargo. Vehicle manufacturers have begun using electric LCVs within real-world scenarios to test reliability and endurance of electric LCVs.
According to Technavio analysts, one of the key factors contributing to the growth of the global light and medium commercial vehicle market is engine downsizing:
Global light and medium commercial vehicle market: Engine downsizing
The increasing demand for lightweight vehicles and improved fuel efficiency is prompting vehicle manufacturers to downsize the engine components. In the process, of downsizing the engine, most of the manufacturers equip turbochargers within the engines to allow more air intake for combustion. Higher air intake to combustion chamber allows more fuel to burn, which increases the fuel efficiency. In addition, the deployment of downsized engines with turbochargers for LCVs and MCVs reduces the overall production cost of the vehicle, thereby driving the market during the forecast period.
According to a senior analyst at Technavio for research on automotive manufacturing, “Most of the light and medium commercial vehicles are equipped with diesel engines, which is an added advantage. This is because the cost of turbochargers for diesel engines is lesser than that of gasoline engines. Also, turbochargers help reduce emissions. Hence, these factors will drive the global light and medium commercial vehicle market during the forecast period.”
Global light and medium commercial vehicle market: Segmentation analysis
The global light and medium commercial vehicle market research report provide market segmentation by vehicle type (LCVs and MCVs), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The LCVs segment held the largest market share in 2018, accounting for nearly 95% of the market. This vehicle type segment is expected to dominate the global market throughout the forecast period.
The Americas led the market in 2018 with a market share of over 60%. This region is expected to dominate the market through 2023.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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PUB: 11/27/2018 07:23 AM/DISC: 11/27/2018 07:22 AM