Global Light Commercial Vehicle Market Size & Outlook
The light commercial vehicle industry worldwide is expected to reach a projected revenue of US$ 210,174.5 million by 2030. A compound annual growth rate of 45.7% is expected of the worldwide light commercial vehicle industry 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)
Related Markets
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 |
|---|
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)
| Battery type | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | CAGR |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Latin America | 3.3 | 3.6 | 2.9 | 4.3 | 8.0 | 13.7 | 22.7 | 37.7 | 63.1 | 79.0 | 104.5 | 147.8 | 217.4 | 48.5% |
| Europe | 724.4 | 925.5 | 1,279.6 | 2,187.2 | 5,253.7 | 8,703.5 | 12,523.9 | 16,972.9 | 32,542.0 | 49,760.6 | 74,931.0 | 107,665.6 | 145,907.8 | 49.7% |
| North America | 235.9 | 319.7 | 397.4 | 830.5 | 1,026.5 | 1,321.9 | 1,763.7 | 2,497.0 | 3,065.6 | 3,777.2 | 4,670.6 | 5,796.1 | 7,218.2 | 27.5% |
| MEA | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.2 | 0.3 | 0.5 | 1.0 | 85.5% |
| Asia Pacific | 1,884.0 | 1,971.3 | 1,169.3 | 1,796.6 | 3,017.2 | 5,037.3 | 8,372.2 | 13,789.7 | 21,628.1 | 29,473.9 | 37,485.0 | 46,346.7 | 56,830.1 | 41.5% |
| Overall | 2,847.5 | 3,220.1 | 2,849.2 | 4,818.6 | 9,305.4 | 15,076.3 | 22,682.5 | 33,297.4 | 57,298.9 | 83,090.8 | 117,191.4 | 159,956.6 | 210,174.5 | 45.7% |
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