Light Duty Vehicles Market Share, Revenue And Growth Rate Report by 2025

Felton, California , USA, Dec 31, 2020 — /EPR Network/ — 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.

Get Free PDF Sample Copy of the Report (Including Full TOC, List of Tables & Figures, Chart and Covid-19 Impact Analysis):https://www.millioninsights.com/industry-reports/global-light-duty-vehicles-market/request-sample

Impact of COVID-19

The outbreak of COVID-19 has led to a sudden fall in the production of the automobile including light duty vehicles. Manufacturers of light-duty vehicles rely heavily on raw materials. Owing to the outbreak of COVID-19, the supply chain disrupted severely, this halted the production of new light-duty vehicles. In addition, the demand for passenger vehicles has also gone down as public spending reduced significantly.

Indian commercial vehicles sales are projected to contract by 8 to 10% in the financial year 2021. The United States is also estimated to witness a similar trend. On the other hand, China witnessing v-shaped growth trajectory as the country controlled the spread of COVID-19 to great extent. However, the COVID-19 impact would be for the short to mid-term only and the demand for light-duty vehicles would pick pace once the situation gets normal. To address the current crisis, companies can focus on merger and acquisition. In addition, they can increase their spending in research and development to manufacturer cost-effective light duty vehicles.

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.

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.

Global Light Duty Vehicles Market: Key Players

General Motors Company, Subaru Corporation, Toyota Motor, BMW AG, Ford Motor and Nissan Motor 

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