The global light duty vehicles market size is projected to be USD 922.21 billion by 2025, as per a new report released by Million Insights. It is estimated that the market would witness 8.5% CAGR over the forecast duration. The growing use of passenger cars for shared mobility is anticipated to positively drive the growth of the market. In the recent past, OEMs are increasingly investing in the development of autonomous electric vehicles. Growing investment in such vehicles is likely to strengthen the market growth.
Governments across the globe are emphasizing on the development of electric vehicles by offering supportive infrastructure and incentives. For example, the Indian government is planning for sales of around 6-7 million units of electric vehicles by 2026. In addition, the use of electric vehicles for commercial transportation is gaining traction in the past years.
Online ridesharing companies such as Uber Technology and Ola Cabs are increasingly deploying shared mobility services. In addition, the growing use of light-duty vehicles in courier services and micro transit are further bolstering the light duty vehicle market growth.
Emerging countries are witnessing significant growth in the e-commerce industry. Growth in e-commerce industry has resulted in a demand for efficient logistic services, which in turn, has accelerated the adoption of light duty vehicles. In addition, emerging countries are also witnessing a rapid rise in manufacturing activities, which require a continuous supply of raw materials. Therefore, light duty vehicle, owing to their fuel-efficiency, are gaining traction in industrial transportation as well.
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Further key findings from the report suggest:
• Asia Pacific is projected to register the highest growth over the forecast duration owing to the increasing use of light duty vehicles in tourism and e-commerce industry.
• Electric category is likely to dominate the market owing to growing support by government bodies across the world.
• It is predicted that the all-wheel-drive vehicle would register the highest growth over the forecast duration.
• Leading market players are General Motors Company, Subaru Corporation, Toyota Motor, BMW AG, Ford Motor and Nissan Motor among others.
Million Insights 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