Light Duty Vehicles Market Global Industry Outlook And Growing Opportunities
Posted by Neha Bora on January 8th, 2020
San Francisco, 8 January 2020: The Report Light Duty Vehicles Market Size, Share & Trends Analysis Report By Vehicle Type, By Fuel Type (Diesel, Gasoline, Hybrid, Electric), By Transmission (Manual, Automatic), By Drivetrain, By Region, And Segment Forecasts, 2019 – 2025
The global light duty vehicles market size is expected to reach USD 922.21 billion by 2025, registering a CAGR of 8.5% from 2019 to 2025, according to a new report by Grand View Research, Inc., The increasing demand for passenger cars for shared mobility services is expected to emerge as one of the major drivers of growth. The continued development of driverless electric cars is also expected to drive the market growth over the forecast period.
The continued development of Electric Vehicles (EVs) and semi-autonomous commercial cars/trucks bodes well for the growth of the market. Several governments are already pursuing initiatives to facilitate the development of EVs. For instance, the Government of India’s National Electric Mobility Mission Plan (NEMMP) targets unit sales of 6-7 million hybrid vehicles and EVs by 2026. As such, the continued adoption of EVs for commercial transportation, owing to the numerous benefits EVs can offer over conventional vehicles, is expected to drive the market growth over the forecast period.
The growing trend of offering shared mobility is expected to drive the growth of the light duty vehicles marketover the forecast period. Online transportation network companies, such as Ola Cabs and Uber Technologies Inc., are increasingly deploying light duty passenger cars to offer shared mobility services that allow passengers to share a ride with people heading towards the same destination. The development of other mobility services, such as micro transit and courier network services, is also expected to drive the market growth over the forecast period.
The e-commerce industry has witnessed noticeable growth in developed as well as developing economies. The unabating growth of the e-commerce industry is prompting logistics & transportation companies to rollout efficient logistics services, thereby driving the market growth. The demand for light duty vehicles is growing, particularly in emerging economies, where the industrial sector is expanding gradually, and the need to transport raw materials and finished products efficiently is increasing subsequently.
Access Research Report of Light Duty Vehicles Market @ https://www.grandviewresearch.com/industry-analysis/light-duty-vehicles-market
Further key findings from the study suggest:
Grand View Research has segmented the global light duty vehicles market on the basis of vehicle type, fuel type, transmission, drivetrain, and region:
Light Duty Vehicles Type Outlook (Volume, Million Units; Revenue, USD Billion, 2014 - 2025)
Light Duty Vehicles Fuel Type Outlook (Volume, Million Units; Revenue, USD Billion, 2014 - 2025)
Light Duty Vehicles Transmission Outlook (Volume, Million Units; Revenue, USD Billion, 2014 - 2025)
Light Duty Vehicles Drivetrain Outlook (Volume, Million Units; Revenue, USD Billion, 2014 - 2025)
Light Duty Vehicles Regional Outlook (Volume, Million Units; Revenue, USD Billion, 2014 - 2025)
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About the AuthorNeha Bora
Joined: September 16th, 2019
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