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.
For more info visit here: 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.
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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
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Asia Pacific
- China
- India
- Japan
- South Korea
- Latin America
- Brazil
- 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.
For more info visit @ https://www.grandviewresearch.com
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