SCV or Small commercial vehicle is broadly used for short intra-city & inter-city delivery of goods/products. It is generally preferred by small businesses to transport the bulky loads & heavy cargos. It is either three-wheeled or four-wheeled that depend on the weight of the goods. Most vehicles are integrated with modern engine technology that makes them travel rough lands easily as smooth streets. Globalization & rising penetration of e-commerce that results in improved trade and delivery of goods. Moreover, rise in demand for small commercial vehicles from the developing economies is also propelling the growth of market.
As per analysis, “Global Small Commercial Vehicles Market Status (2015-2019) and Forecast (2020-2024) by Region, Product Type & End-Use” the renowned key companies operating in the global small commercial vehicles market are Hyundai Motor, Renault, Great Wall Motor, Nissan Motor, Toyota Motor, Volkswagen, Tata Motors, Ford Motor, Piaggio & C SpA, Dongfeng Motor, Anhui Jianghuai Automobile, Mazda Motor, Great Wall Motor, Chongqing Changan Automobile, Isuzu Motors, Atul Auto, Shenyang Brilliance Jinbei Automobile, Bajaj Auto, General Motor, Shaanxi Automobile Group and among others. Most of these players are putting a strong emphasis on offering advanced products based on the novel technologies as part of the efforts to improve their respective product offerings in the market. The players are also pursuing strategic initiatives including regional expansion as well as strategic acquisitions, partnerships, mergers, and collaborations to fortify their position in the market. Based on type, small commercial vehicles market is segmented as light trucks, light buses, vans, pickups and others. Vans and pickup holds major share in global market as they have more space for seating. In addition, based on application, market is segmented as passenger transport, freight transport and others. The passenger transport segment is likely to witness higher growth rate as a result of rise in expenditure on commutation to improve the accessibility & affordability during the forecast period.
Rise in penetration of e-commerce, followed by increase in penetration of electric commercial vehicles, advent of vehicle electrification & battery-powered engines, favorable policies by governments and advancements in the development of electric & semi-autonomous commercial vehicles are some major factors, which are responsible for growth of the small commercial vehicles market. Apart from this, issues of electric vehicles in transport activities are major hindering factor for market. Moreover, rise in demand for small commercial vehicles from the developing economies is a leading opportunity for market.
By regional analysis, the North America, followed by Asia Pacific, dominates the global small commercial vehicle market owing to increase in financing options, rise in investment in road infrastructure projects and growth in focus of government towards automotive industry across the region. The Europe region is anticipated to exhibit substantial growth rate due to increase in online shopping over the forecast period. It is predicted that future of the global small commercial vehicles market will be optimistic as a result of continued infrastructure development during the forecast period.
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Ankur Gupta, Head Marketing & Communications