Small Commercial Vehicle Market Key Players, Trends, Growth Opportunities and Industry Forecast till 2023
“Reasons for the growth of small commercial vehicle market include growing penetration of electric commercial vehicles, rising adoption of electric vehicles, speedy urbanization, and growing penetration of e-commerce that results in increased trade and delivery of goods.�
Global small commercial vehicle market is anticipated to grow significantly in the forecast period due to increasing preference for mini commercial vehicles by developing economies. Small commercial vehicle (SCV) is widely used for short inter-city and intra-city delivery of goods. It is mostly preferred by the small businesses for transporting bulky loads and heavy cargos. Small commercial vehicle is either three-wheeled or four-wheeled, depending on the weight of the goods. Most vehicles are integrated with latest engine technology that make them travel rough terrains easily as smooth streets. Reasons for the growth of small commercial vehicle market include growing penetration of electric commercial vehicles, engine downsizing, increasing research and development activities in the domain for improving operational efficiency, rising adoption of electric vehicles, speedy urbanization, increasing globalization and growing penetration of e-commerce that results in increased trade and delivery of goods. Furthermore, high demand for small commercial vehicles from the developing economies is also propelling the market. However, small commercial vehicle market is hampered by the current issues of electric vehicles in transport activities. Rising popularity of electric LCVs (light commercial vehicles) for improving last-mile connectivity is trending in the market. Furthermore, growing focus of manufacturers on improving the reliability of electric vehicles is another trend in the market. Nonetheless, low effectiveness of electric vehicles is an opportunity for the manufacturers to introduce more proficient electric LCVs for carrying cargo and expand their customer base. Small commercial vehicle market is categorized on the basis of vehicle type, end use, fuel type, and geography. Based on vehicle type, market is divided into mini trucks, step van, tow truck, mini-van, dump truck, and others.