Global Light Duty Vehicle Market at A Highest CAGR of 8.59 % With Leading Players

Global Light Duty Vehicle Market By Type (Passenger Car, Van, SUV, Pickup Truck), Fuel Type (Diesel, Gasoline, Hybrid, Electric), Transmission (FWD, RWD, 4WD, AWD)

Market Analysis: Global Light Duty Vehicle Market

Global Light Duty Vehicle Market is expected to register a substantial CAGR of 8.59% in the forecast period of 2019-2026. The report contains data from the base year of 2018 and the historic year of 2017. This rise in market value can be attributed to the growing levels of innovations and advancements autonomous vehicles, along with focus of various manufacturers to shift to electric vehicle product range.

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Competitive Analysis:

Global light duty vehicle market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of light duty vehicle market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.

Segmentation: Global Light Duty Vehicle Market

By Type

• Passenger Car
• Van
• Sports Utility Vehicle (SUV)
• Pickup Truck

By Fuel Type

• Diesel
• Gasoline
• Hybrid
• Electric

By Transmission

• Front Wheel Drive (FWD)
• Rear Wheel Drive (RWD)
• Four-Wheel Drive (4WD)
• All-Wheel Drive (AWD)

Market Definition: Global Light Duty Vehicle Market

Light Duty Vehicle Market are the vehicle category that has undergone the "Worldwide Harmonised Light Vehicle Test" procedure to test the vehicle performance for emission of pollutants, CO2, and measuring the consumption of fuel over a certain distance. This vehicle category is defined in their structure as having "Gross Vehicle Weight Rating" (GVWR) of no more than 8,500 lbs.

Market Drivers:

• Growing demand from various consumers regarding light-weight vehicles which can provide higher fuel efficiency; this factor is expected to boost the growth of the market
• High levels of demand for pick-up trucks in the different geographical regions is expected to propel the market growth
• Continued focus of vehicle manufacturers to incorporate their products with various connectivity components to enhance their features providing advanced technological services; this is expected to drive the growth of the market
• Significant expansion of logistics services especially with the boom of e-commerce industry is expected to have a positive impact on the growth of the market

Market Restraints:

• Concerns regarding the lack of spare part availability of these vehicles is expected to hinder the growth of the market
• One of the major factors restraining the growth of light duty vehicles market is the lack of ease in driving pickup trucks, with a majority of these vehicles costing higher maintenance and movement costs

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Data Bridge Market Research set forth itself as an unconventional and neoteric Market research and consulting firm with unparalleled level of resilience and integrated approaches.