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The Light Advertising Vehicle (LCV) market is supported by the advancement of the automotive industry; Major companies have updated their existing diversity of light advertising vehicles, which is expected to provide the market with cost-effective opportunities.
New York, United States, March 4, 2024 (GLOBE NEWSWIRE) — A soft advertising vehicle (LCV) is a truck with at least 4 wheels designed to transport goods. National and professional definitions set this limit, which varies from 3. 5 to 7 tonnes. The demand for powerful and rugged lightweight advertising vehicles is increasing as light advertising vehicles are used in more industries. The global market has evolved favorably thanks to the arrival of products from other companies in parts of the world.
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The development of the automotive industry is driving the global market
According to Straits Research, “the length of the global light advertising vehicle (LCV) market was valued at $480. 52 billion in 2021. It is expected to reach $751. 86 billion by 2030, with a CAGR of 5. 1% in the forecast period (2022-2030). The automotive industry has grown particularly in recent years due to technological advancements and the launch of cars with fuel-efficient technology. The status quo and the distribution of complex advertising cars in various parts of the world through various companies, including Ashok Leyland and Tata Motors, have contributed to the expansion of the global market. Major brands have also modernized their existing diversity of soft advertising cars, which is expected to provide lucrative opportunities for the industry.
The incorporation of government projects for the promotion of electric mobility creates enormous opportunities
To reduce carbon emissions caused by diesel fuel and combat greenhouse gas emissions, governments around the world are pressuring automakers to invest in the development of electric cars. Governments around the world are incentivizing others to buy electric cars through tax breaks and other incentives. In addition, many countries exempt electric cars from paying tolls. These points are expected to create opportunities for market expansion during the forecasted period.
Regional Analysis
The Asia-Pacific light commercial vehicle (LCV) market share is expected to grow at a CAGR of 4. 7% during the forecast period. Advancements made by LCV producers, such as Tata Motors, Ashok Leyland, Hyundai Motor Company, Isuzu Motors, and Toyota Motors. , have driven the expansion of the market in the region. Moreover, as green mobility is increasingly adopted, these automakers are looking to introduce electric commercial vehicles to help EV infrastructure. Ashok Leyland’s first light electric commercial vehicle was expected to debut before the end. of the current fiscal year. Switch Mobility Automotive will introduce the car. A recent creation intended to advise the company’s EV strategy in India.
Europe is expected to grow at a CAGR of 5. 4% over the forecast period. The soft advertising vehicle market in Europe has prospects for massive expansion thanks to the continuous expansions made through the largest corporations operating in the region. Light commercial vehicle brands have begun to invest. in creating more efficient electric light commercial vehicles for use in various industries. Among the British companies active and likely to expand light commercial vehicles are Ford Motor Company and Daimler AG. Low emission zones (LEZs) have been created in all German cities and metropolitan areas. These points are expected to drive the market expansion during the forecast period.
Reflexes
Based on vehicle type, the global light commercial vehicle (LCV) market is divided into pickup trucks, pickup trucks, and others. The pickup truck segment is the largest contributor to the market and is expected to grow at a CAGR of 4. 5%. the forecast period.
Based on propulsion type, the global light commercial vehicle (LCV) market is divided into internal combustion engines (ICE) and electric and hybrids. The Internal Combustion Engine (ICE) segment holds the highest market share and is expected to grow at a CAGR rate of 3. 4% during the forecasted period.
Based on applications, the global Light Advertising Vehicle (LCV) market is divided into advertising and advertising applications. The advertising segment is the largest contributor to the market and is expected to grow at a CAGR of 4. 9% during the forecast period.
Asia-Pacific is the largest shareholder in the global Light Advertising Vehicles (LCV) market and is expected to grow at a CAGR of 4. 7% during the forecast period.
Competitive Players
The top 10 sensible players in the global light commercial vehicle (LCV) market are Ashok Leyland Ltd. , Ford Motor Company, Gaz International LLC, General Motors, Honda Motor Co. , Ltd. , Hyundai Motor Company, Isuzu Motors Limited, and Renault Group. , Tata Motors and Toyota Motor Corporation.
Market News
In November 2022, First Hydrogen, a London and Canadian company, said hydrogen-powered light commercial vehicles (LCVs) were being prepared for road trials.
In November 2022, Ashok Leyland of the Hinduja Group, a leading manufacturer of advertising vehicles, aims to increase its market share in the electric vehicle market. Chief Executive Dheeraj Hinduja discussed the company’s roadmap for electric vehicles, preparation for Phase 2 of BS VI and its threat. Shine Jacob Relief Plans.
Global Light Commercial Vehicle (LCV) Market: Segmentation
By Vehicle Type
Vans
Light Trucks
fro
By type of propulsion
Internal Combustion Engine (ICE)
Electric & Hybrid
By Applications
Commercial
Industrial Application
By region
North America
Europe
Pacific
LICK
Get detailed market segmentation on https://straitsresearch. com/report/light-commercial-vehicle-marketplace/segmentation
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