Europe Light Commercial Vehicle (LCV) Market Outlook 2031
The Europe light commercial vehicle (LCV) market size was valued at USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of XX% during the forecast period, 2023–2031. The growth of the market is attributed to rapid growth of e-commerce activities.
A light commercial vehicle (LCV) is a four-wheeled motor vehicle that is used to transport products. The mass of LCVs is measured in tones and is used to distinguish them from large trucks. This limit varies between three and seven tones, depending on regional to professional criteria.
LCVs have a broader range of applications in several industries, and as a result of this expanded use in various industries, a desire for powerful and efficient LCVs has increased across the globe.
Europe Light Commercial Vehicle Market Trends, Drivers, Restraints, and Opportunities
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Rapid development in the automobile industry is anticipated to drive market growth during forecast period.
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Government attempts to promote e-mobility are increasing demand for electric vehicles in the logistics sector are key factors propelling the growth of the market.
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Increasing industrial activities is boosting market growth.
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Establishment of strict emission standard can hamper the market expansion.
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The availability of alternate vehicles is estimated to hinder the market growth.
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Ongoing technological innovations is estimated to spur the market growth.
Scope of Europe Light Commercial Vehicle Market Report
The report on the Europe light commercial vehicle market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Light Commercial Vehicle Market - Europe Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Vehicle Types (Pick-up Trucks and Vans), Drive Types (IC Engine and Electric), and End-users (Commercial Fleet and Government Fleet)
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Geographical Scope
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Germany, the UK, Italy, France, Spain, and the Rest of Europe
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Groupe PSA; Volkswagen; Ford; Daimler AG; and Groupe Renault
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Europe Light Commercial Vehicle Market Segment Insights
Vehicle Types Segment Analysis
Based on vehicles types, the market is divided into pick-up trucks and vans. The vans segment is expected to grow at a rapid pace during the forecast period. Major players in the market are launching novel electric vans. Moreover, Peugeot announced the inclusion of the e-Expert, a fully electric van, to its electric vehicle lineup in 2019.
This electric vehicle was announced to be available in Europe in the second half of 2020, with a battery capacity of 50 or 75 kWh. However, the pick-up truck segment is anticipated to hold a key share of the market in the coming years due to increasing demand for pick-up trucks across Europe.
Drive Types Segment Analysis
On the basis of drive types, the market is segregated into IC engine and electric. The electric segment is projected to expand at a considerable CAGR during the forecast period owing to rising manufacturing of electric vehicles, which is due to rising environmental concerns and growing fuel prices.
End-user Segment Analysis
Based on end-user, the market is divided into commercial fleet and government fleet. The commercial fleet segment is expected to hold a significant market share during the forecast period. Major car manufacturers are gradually expanding the LCV product line to changing market scenario in the e-commerce industry.
Regional Outlook
In terms of regions, the Europe light commercial vehicle market is categorized as Germany, the UK, Italy, France, Spain, and the Rest of Europe. Germany is expected to constitute a key share of the market during the projected period. Germany is a key automobile hub in Europe, with numerous well-known automakers such as the Volkswagen Group, BMW Group, and Daimler Group.
Moreover, the country is also a major producer of LCVs. LCV manufacturers in Germany produce more trailers than the country's demand. As a result, the country is a major trailer exporter. However, France is anticipated to expand at a rapid pace during the forecast period due to increased purchasing of LCVs by corporate buyers, as well as the rising use of these vehicles to distribute e-commerce goods.
Segments
The Europe light commercial vehicle (LCV) market has been segmented on the basis of
Vehicle Types
Drive Types
End-Users
- Commercial Fleet
- Government Fleet
Regions
- Germany
- The UK
- Italy
- France
- Spain
- Rest of Europe
Key Players
Competitive Landscape
Key players competing in the Europe light commercial vehicle market are Groupe PSA; Volkswagen; Ford; Daimler AG; and Groupe Renault. The Europe light commercial vehicle (LCV) market is relatively concentrated, with a small number of active participants due to of the presence of large commercial vehicle manufacturers in the region.
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