Rising Popularity of Electric LCVs (light commercial vehicles) For Improving Last-Mile Connectivity Is Trending In The Small Commercial Vehicle Market

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. Mini trucks and mini-van segment is expected to lead the market due to increase in demand form the industries and small businesses.

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In terms of end use, small commercial vehicle market is divided into passenger transportation, logistics, industrial, mining & construction, and others. Logistics segment is predicted to hold larger share of the market in the coming years due to increased trade activities on the global scale.

By fuel type, market is divided into alternative fuel vehicle and conventional fuel vehicle. Conventional fuel vehicle segment leads the market due to rise in demand for fuel efficient vehicles by smaller businesses. These conventional fuel vehicles operate on diesel and gasoline that make them ideal for carrying large number of goods.

Geographically, market is segmented as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America is expected to dominate the market in the forecast period owing to the presence of larger number of market players and high production of small vehicles due to increased transportation of goods. Furthermore, Asia Pacific also leads the market due to remarkable improvements in transportation and trade in the region. Similarly, Middle East and Africa and European market account for significant share of the market due to reduced weight and emission of the vehicles.

The key players profiled in small commercial vehicle market include Hyundai Motor, Bosch Rexroth AG, Daimler, Ashok Leyland, Volkswagen AG, Toyota Motor Corporation, TATA Motors, Mahindra and Mahindra, Golden Dragon, Navistar International, General Motors, Ford Motor, Volvo Group., Kenworth, and Mack Trucks.

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