Light Duty Vehicles Market To Reach $1,394.24 Billion By 2030

Light Duty Vehicles Market Growth & Trends

The global light duty vehicles market size is expected to reach USD 1,394.24 billion by 2030, registering a CAGR of 8.6% from 2025 to 2030, 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.

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Light Duty Vehicles Market Report Highlights

• sia Pacific is projected to emerge as the fastest-growing regional market over the forecast period owing to the increasing adoption of light duty vehicles by the incumbents of the e-commerce and tourism industries in the region

• The electric segment is expected to register the highest CAGR over the forecast period owing to the initiatives being pursued aggressively all over the world to encourage the development and adoption of EVs

• The all-wheel drive segment is expected to emerge as the fastest-growing segment over the forecast period owing to the growing use of all-wheel drivetrains in sports utility vehicles (SUVs) and trucks

• The automatic segment is expected to register the highest CAGR over the forecast period owing to the convenience automatic transmission vehicles can offer in heavy traffic conditions

Light Duty Vehicles Market Segmentation

Grand View Research has segmented the global light duty vehicle industry report based on vehicle, fuel type, transmission, drivetrain, and region: 

Light Duty Vehicles Outlook (Revenue, USD Billion, 2018 - 2030) 

• Passenger Car

• Vans

• Sports Utility Vehicle (SUV)

• Pickup Truck

Light Duty Vehicles Fuel Type Outlook (Revenue, USD Billion, 2018 - 2030)

• Diesel

• Gasoline

• Hybrid

• Electric

Light Duty Vehicles Transmission Outlook (Revenue, USD Billion, 2018 - 2030)

• Manual

• Automatic

Light Duty Vehicles Drivetrain Outlook (Revenue, USD Billion, 2018 - 2030) 

• Front Wheel Drive (FWD)

• Rear Wheel Drive (RWD)

• Four Wheel Drive (4WD)

• All Wheel Drive (AWD)

Light Duty Vehicles Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

• Latin America

  • Brazil

• Middle East and Africa (MEA)

  • KSA

  • UAE

  • South Africa

List of Key Players in the Light Duty Vehicles Market

• BMW AG

• Daimler AG

• Stellantis N.V.

• Ford Motor Company

• General Motors Company

• Honda Motor Company, Ltd.

• Hyundai Motor Company

• Nissan Motor Company, Ltd.

• Subaru Corporation

• Toyota Motor Corporation