Global Light Commercial Vehicle Market Size & Outlook
The global light commercial vehicle market size was estimated at USD 15,076.3 million in 2023 and is projected to reach USD 210,174.5 million by 2030, growing at a CAGR of 45.7% from 2024 to 2030.
Revenue, 2023 (US$M)
$15,076.3
Forecast, 2030 (US$M)
$210,174.5
CAGR, 2024 - 2030
45.7%
Report Coverage
Worldwide
Global light commercial vehicle market, 2018-2030 (US$M)
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Global light commercial vehicle market highlights
- The global light commercial vehicle market generated a revenue of USD 15,076.3 million in 2023 and is expected to reach USD 210,174.5 million by 2030.
- The market is expected to grow at a CAGR (2024 - 2030) of 45.7% by 2030.
- In terms of segment, lithium iron phosphate accounted for a revenue of USD 7,961.6 million in 2023.
- Lithium Nickel Manganese Cobalt Oxide is the most lucrative battery type segment registering the fastest growth during the forecast period.
- In terms of region, Europe was the largest revenue generating market in 2023.
- Country-wise, Canada is expected to register the highest CAGR from 2024 to 2030.
Global data book summary
| Market revenue in 2023 | USD 15,076.3 million |
| Market revenue in 2030 | USD 210,174.5 million |
| Growth rate | 45.7% (CAGR from 2023 to 2030) |
| Largest segment | Lithium iron phosphate |
| Fastest growing segment | Lithium Nickel Manganese Cobalt Oxide |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Lithium Nickel Manganese Cobalt Oxide, Lithium Iron Phosphate |
Other key industry trends
- In terms of revenue, the North America accounted for 8.8% of the global light commercial vehicle market in 2023.
- By country, the Germany is projected to lead the global market in terms of revenue in 2030.
- By country, Canada is the fastest growing regional market and is projected to reach USD 3,400.5 million by 2030.
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Light Commercial Vehicle Market Scope
Light commercial vehicle market segmentation & scope
Light Commercial Vehicle Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| Bosch Mahle Turbo Systems | View profile | - | Stuttgart, Baden-Wurttemberg, Germany, Europe | http://www.bmturbosystems.com |
| IHI | View profile | - | Yokohama-shi, Kanagawa, Japan, Asia | https://www.iic-hq.co.jp |
| BorgWarner Inc | View profile | 39900 | 3850 Hamlin Road, Auburn Hills, MI, United States, 48326 | https://www.borgwarner.com |
| Cummins Inc | View profile | 75500 | 500 Jackson Street, Box 3005, Columbus, IN, United States, 47202-3005 | https://www.cummins.com |
| Continental AG | View profile | 200888 | Continental-Plaza 1, 30001, P.O. Box 1 69, Hanover, NI, Germany, 30175 | https://www.continental.com |
| Mitsubishi Corp | View profile | 105267 | Mitsubishi Shoji Building 3-1, Marunouchi 2-chome, Chiyoda-ku, Tokyo, Japan, 100-8086 | https://www.mitsubishicorp.com |
| Honeywell International Inc | View profile | 95000 | 855 South Mint Street, Charlotte, NC, United States, 28202 | https://www.honeywell.com |
| ABB Ltd | View profile | 108700 | Affolternstrasse 44, Zurich, Switzerland, 8050 | https://www.abb.com |
Global light commercial vehicle market size, by region, 2018-2030 (US$M)
Top 10 countries: Light commercial vehicle market size, 2023 (US$M)
Global light commercial vehicle market share, by battery type, 2023 & 2030 (%, US$M)
Light commercial vehicle market: Opportunity assessment by country
Global light commercial vehicle market, by region, 2023 (US$M)
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