Light vehicles are those vehicles which usually have manufacturer’s rated capacity of 1 ton or less. It is a vehicle designed to carry freight or a small number of passengers up to the official weight. Such vehicles consist of lighter materials and lower engine strength, which have a major impact on the overall vehicle weight. Some of the common types of the light vehicles are van, sport utility vehicles, scooter, and others. They are also fuel efficient and have the ability to offer maximum efficiency.
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Some of factors responsible for the growth of Light Vehicles Market :
- Increased concerns regarding the environment and demand for fuel-efficient and durable vehicles: There is increasing demand for fuel efficient and durable vehicles among population because of the benefits offered by them. They are very beneficial for the environment and these low emission car have the ability to save large amount of money. These cars also require less maintenance cost as compared to the normal cars, and fuel-efficient cars qualify for lower taxes and charges. Cars that are fuel efficient tend to be better off because they are not high-powered vehicles
- Growing advancements in the technology used resulting in innovative product launches that are highly fuel-efficient without compensating on the designated carry load: Today many manufacturers are producing fuel efficient vehicles because of the benefits offered by them. Many development and modern technologies are integrated into them so they can provide more comfort and convenience to the customer. On the road, the next generation of cars will use multiple technologies to increase the vehicle's miles per gallon
The light vehicle market is segmented on the basis of type as passenger vehicles and commercial vehicles.
Some of the launches and acquisition in the Light Vehicles Market are:
- In October 2019, General Motors have partnered with SAIC Motor Corporation Limited and launched its two-seat full electric vehicle the Baojun-badged E200. Nearly 43% of the vehicle is made of ultra-high-strength steel. The Baojun E200 is the enhanced version of the SAIC-GM-Wuling's first EV, the Baojun E100
- In June 2019, Tata Motors announced the launch of their new Ultra Business Utility Vehicles (BUV) which is specially designed so they can meet the meet the requirement of the customer in light commercial vehicle segment. This will offer the luxury of a SUV with a truck like a light commercial vehicle's quality and profitability. The Ultra BUVs will handle payloads of 4 to 11 tons with engine capacity from 85 HP to 180 HP
“According to Data Bridge Market Research, Global Light Vehicle Market is set to witness steady CAGR in the forecast period of 2019- 2026”
Few of the major competitors currently working in the light vehicles market are Toyota Motor Corporation; Volkswagen AG; HYUNDAI MOTOR GROUP; Fiat Chrysler Automobiles; Honda Motor Co., Ltd.; Groupe Renault; Nissan; Groupe PSA; Zhejiang Geely Holding Group; ASHOK LEYLAND; suzuki motor corporation; Tata Motors, MITSUBISHI MOTORS CORPORATION among others.
Technological advancement and development in automotive industry is expected to enhance the market growth. Increasing popularity for vehicles worldwide due to the comfort and convenience offered by them is another factor which is affecting the market positively. Manufacturers are also developing different light vehicles at an affordable range and as per the need and requirement of the customer is further accelerating the market growth. These are some of factors which are affecting the market growth.
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