Light Duty Vehicles Market Analysis, Size, Growth, Share, Outlook & Forecast to 2025 | Grand View Research Inc.
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.
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 ecommerce 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
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
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Table of Content
Chapter 1 Methodology and Scope 1.1 Research Methodology
1.2 Research Scope and Assumptions 1.3 List of Data Sources Chapter 2 Executive Summary 2.1 Light Duty Vehicle Market - Industry Snapshot & Key Buying Criteria, 2014 - 2025 2.2 Light Duty Vehicle Market, 2014 - 2025 2.2.1 Light duty vehicle market, by region, 2014 - 2025 2.2.2 Light duty vehicle market, by vehicle type, 2014 2025 2.2.3 Light duty vehicle market, by fuel type, 2014 2025 2.2.4 Light duty vehicle market, by transmission, 2014 2025 2.2.5 Light duty vehicle market, by drivetrain, 2014 2025 Chapter 3 Light Duty Vehicle Industry Outlook 3.1 Market Segmentation and Scope 3.2 Market Size and Growth Prospects 3.3 Light Duty Vehicle Market - Value Chain Analysis 3.3.1 Vendor landscape 3.4 Light Duty Vehicle Market Dynamics 3.4.1 Market driver analysis
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