Global Light Duty Vehicle Market By Type (Аutоmаtіс Тrаnѕmіѕѕіоn, Маnuаl Тrаnѕmіѕѕіоn, Соntіnuоuѕ Vаrіаblе Тrаnѕmіѕѕіоn), By Application (Fuel Car and Electric Cars), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032

Light-Duty Vehicle Market Overview:

In 2021, the global market for light-duty vehicles was worth USD 635.82 million. It is projected to grow at 9.5% between 2023 and 2032.

A light-duty vehicle is a truck or car that has a GVWR, of less than 8,500 intelligent battery sensors (IBS). Because of the smaller volume of air pollutants that it emits, light-duty vehicles are expected to be in demand. Stringent regulations that aim to reduce vehicular emissions will encourage electric light-duty trucks and drive market growth during the forecast period.

Global Light-Duty Vehicle Market Scope:

Type Analysis

The market for light-duty vehicles has been further divided into a manual, continuous variable, and automated transmissions based on their transmission. In 2021, the market was dominated by the manual segment and accounts for 46.3% of revenue in the global share. The manual transmission is more fuel-efficient and uses 5%-10% less fuel than an automatic transmission. Also, manual transmission-based vehicles are typically cheaper than their automatic counterparts. There has been an increase in demand for a vehicle that has a clutch-less manual transmission. This eliminates the need to push the clutch pedal before shifting gears.

Due to increasing end-user preference for automatic transmission systems, the automatic segment will see the greatest CAGR during the forecast period. The driver’s ability to drive a manual transmission will affect the vehicle’s fuel efficiency. Automatic transmission, on the other hand, improves the vehicle’s performance regardless of the driver’s proficiency. This reduces emissions and delivers better fuel economy. Continuously Variable Transmission (CVT) is a type of fuel-efficient transmission system that has been demanded by the launch of strict fuel efficiency standards such as Corporate Average Fuel Economy (CAFE).

Application Analysis:

The market for light-duty vehicles has been further divided into fuel cars and electric cars. In 2021, the fuel car segment was dominant accounting for 72.1% of revenue in global share. The electric segment will see the greatest CAGR during the forecast period due to the growing demand for emission-free and high-performance vehicles. The growth of the electric segment is being driven by technological advances and proactive government initiatives to reduce vehicle emissions.

Manufacturers of light-duty electric vehicle offer incentives to customers who buy an electric vehicle. In North America, for example, buyers of electric cars are offered bonuses and insurance discounts. While countries like France, China, and Norway have established strict rules and regulations to reduce vehicular emissions, countries such as the U.K. and the Netherlands have created low-emission zones in some areas. These initiatives will also drive growth in the electric segment.

Кеу Маrkеt Ѕеgmеntѕ:

By Type

• Аutоmаtіс Тrаnѕmіѕѕіоn
• Маnuаl Тrаnѕmіѕѕіоn
• Соntіnuоuѕ Vаrіаblе Тrаnѕmіѕѕіоn

By Application

• Fuel Car
• Electric Cars

Market Dynamics:

Automobile OEMs are increasing the number of light-duty vehicle that have navigation, safety features, fleet tracking, and other advanced technologies. The future of automated light duty vehicle is possible thanks to the advancements in location-based services and sensors. The growth of IoT has made it possible to include telematics systems like fleet telematics for tracking light duty vehicle into cars. As a result, driverless taxis and passenger vehicle have been developed. The tendency to include dynamic shuttles in on-demand passenger services is a significant factor in the rising demand for light duty vehicle.

Supply chain complexity is increasing in the transportation and logistics industry Delivery within the last mile adapts dynamically to accommodate shifting customer preferences. Last-mile delivery innovations and passenger transport are expected to increase the number of the light-duty vehicle that can be used. Over the course of the forecast period, the market is anticipated to increase in line with the expanding e-commerce industry and the increasing range of applications for light-duty cars.

Regional Analysis:

The market was dominated by North America in 2021 accounting for 38.6% of revenue in global share, due to the increasing adoption of electric cars and government initiatives supporting the development and adoption. The U.S. is also the largest producer of light duty vehicle. The e-commerce industry is changing and the Asia Pacific will be the fastest growing region market. This is due to the rapid growth of Japan, India, and China. The Asia Pacific is expected to see a rise in demand for the electric vehicle due to strict regulations that aim at reducing vehicular emissions.

Europe held a significant market share in 2021, thanks to the growing use of light duty trucks for inland cargo transportation throughout Europe. Most of Europe’s cargo transports are via roads. Eurostat estimates that 75% of all inland cargo transports within Europe, or approximately 1,760 billion metric tons-kilometers (tkm), are by road. However, regional automotive manufacturers are pursuing initiatives to create fresh ride-sharing platforms. This is driving passenger car demand. Daimler, for example, established into a joint venture partnership with Via to provide on-demand shared rides throughout Europe. Via is a startup that focuses on creating scalable, on-demand ride-sharing solutions.

Key Regions and Countries covered іn thе rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis:

Daimler AG, BMW AG, Fiat Chrysler Automobiles N.V., Nissan Motor Company, Ltd., Fiat Chrysler Automobiles N.V., General Motors Company, Honda Motor Company, Ltd., Ford Motor Company, Hyundai Motor Company, and others are key players in light-duty vehicle market. These players are all trying to establish a strong foothold in this market. Market players have been focusing on the launch of light duty vehicle that are based on innovative platforms. As part of their efforts to cut down on development costs and reduce lead times, some OEMs like Renault-Nissan and Volkswagen are also building common platforms for passenger and light-duty vehicles.

For light duty vehicle, OEMs must source at least 50% of their components from suppliers. To ensure a steady supply of components, OEMs prefer to establish strong partnerships with suppliers. To be able to develop innovative technologies and compete with their competitors, market leaders are investing heavily in research and development. They also partner with government agencies to develop EV charging infrastructure.

Маrkеt Кеу Рlауеrѕ:

• BMW AG
• Fiat Chrysler Automobiles N.V.
• Ford Motor Company
• Daimler AG
• General Motors Company
• Hyundai Motor Company
• Honda Motor Company
• Nissan Motor Company Ltd.
• Other Key Players

For the Light Duty Vehicle Market research study, the following years have been considered to estimate the market size: