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.
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Light Duty Vehicles Market Report Highlights
• 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.
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Light Duty Vehicles Market Segmentation
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
• Sports Utility Vehicle (SUV)
• Pickup Truck
Light Duty Vehicles Fuel Type Outlook (Volume, Million Units; Revenue, USD Billion, 2014 – 2025)
Light Duty Vehicles Transmission Outlook (Volume, Million Units; Revenue, USD Billion, 2014 – 2025)
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
• Asia Pacific
• South Korea
• Latin America
• Middle East & Africa
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About Grand View Research
Grand View Research is a market research and consulting company that offers market research reports, syndicated and customized reports. The company is headquartered in San Francisco, California. It offers client engagement for business consulting and market intelligence from various domains. The clientele is based across various countries with queries coming from more than 50 industries worldwide.
Grand View Research helps its clients to make informed decisions by helping them understand current trends and scenarios. Every year Grand View Research accomplishes more than 300 multi-country market studies to optimize consulting for clients.
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