The adoption of electric vehicles is extremely noticeable in many developing economies due to the great developments made across many industries, including logistics and the supply chain industries. A major factor in the growth of the market is also the severe emission or rule declarations in various places across the world that are forcing several sectors to electrify the automobile. The major e-commerce and logistics businesses and industries have already made the commitment to convert their whole fleet to electric. The leading participants in the market have been working with the various industries or organisations to source the automobile.
The market for Light Commercial Vehicles was estimated at USD 542.53 billion in 2021, and from 2022 to 2030, it is projected to increase at a CAGR of 8.1%.
Major Players in the Light Commercial Vehicle Industry:
1. Daimler AG: Dealer of automobiles. Customers can access a wide variety of vehicles under one roof thanks to the company's auto dealership, which is involved in the purchasing and selling of passenger cars, vans, and trucks. Head office in Sweden. Recent acquisitions include SK Gaming (Jan 2019), Habbl (Feb 2019), and Torc Robotics (Mar 2019).
2. Ford Motor Company: The business manufactures vehicles and trucks. Automotive and financial services are its two major segments. Built in 1903. United States headquarters. Recent Acquisitions: TransLoc (Jan 2018), Journey Holding (July 2019), and Electriphi (Jun 2021).
3. Renault SA: An automobile distributor situated in Johannesburg, South Africa. The business runs a car dealership, provides automobile rentals, leasing, and insurance for motorcycles, light commercial vehicles, and sport utility vehicles, allowing its customers to choose from a large selection of high-quality vehicles at affordable prices. Founded 1899.
4. Ashok Leyland Ltd: An automobile manufacturer is Ashok Leyland Ltd. The majority of the company's income comes from the sales of commercial vehicles, but it also produces engines, spare parts, and accessories. Established in 1948, with headquarters in India. The Hinduja Group's media company NxtDigital and Ashok Leyland subsidiary Hinduja Leyland Finance (HLF) merger is projected to increase value for Ashok Leyland's shareholders.
5. Commercial Vehicles Limited: The Company Commercial Vehicle Group Inc. is a provider of systems and goods for cabs. Vehicle Solutions, Industrial Automation, Electrical Systems, and Aftermarket and Accessories are its operating segments. Commercial vehicle seats and plastic components are designed, produced, and sold by the Vehicle Solutions division. Established in 2000. United States headquarters in New Albany.
6. Tata Motors Ltd: Tata Motors Ltd. is a business that manufactures cars. The segment of the business that includes Automotive and others. Tata Commercial Vehicles, Tata Passenger Vehicles, Jaguar Land Rover, and Vehicle Financing are the four reportable sub-segments that make up the automotive segment. Built in 1945. Head office in Maharashtra. Ford India's Sanand facility is now fully owned by Tata Motors.
7. SML Isuzu Limited: SML Isuzu Ltd manufactures and sells commercial vehicles, as well as the components that go into them. India serves as the main market for its commercial endeavours. Created in 1983. Chandigarh is the headquarters.
Definition: Light commercial vehicles are motor vehicles with at least 4 wheels that are utiilzied for the carriage of goods and commodities. Mass given in tons is utilized as a limit or the range in between light commercial vehicles and the heavy trucks.
