Australia and New Zealand Light Commercial Vehicle Market to Cross $14 Bn and $4 Bn respectively by 2021
Increasing
youth population coupled with the growing requirement for personal
transportation is likely to instigate the sales of light commercial vehicles in
Australia and New Zealand market through 2021
According to TechSci Research report, “Australia and New
Zealand Light Commercial Vehicle Market By Vehicle Type, Competition Forecast & Opportunities, 2011 – 2021”, the
market for light commercial vehicles in Australia and New Zealand is projected
to cross $14 billion and $4 billion, respectively, by 2021, on the back of booming
demand for pickups, followed by increasing use of vans and growing
transportation through light buses. In addition, transportation and logistics
sectors are the major demand generators of light commercial vehicles across both
the oceanic countries. In 2015, the freight and logistics industry held a share
of more than 9% in the overall GDP of Australia. A major demand for vans was
observed to emanate from the indicated industry of the country during the same
year. A wide demand for pickups was witnessed to emerge from the youth
population of New Zealand, mainly, falling in the age group of 15 to 54 years.
Over 53% of New Zealand population was witnessed to be between the age of 15
years to 54 years in 2015.
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Escalating average selling price of LCVs coupled with the increase in
sales of such vehicles the market for light commercial vehicles from Australia
and New Zealand light is likely to expand during the forecast period. Light commercial
vehicle market was witnessed to be largely concentrated in three regions of
Australia, i.e. New South Wales, Queensland and Victoria in 2015. Pickups
dominated Australia and New Zealand overall LCV market, followed by vans and
light buses in 2015. Dominating presence of various multinational companies
such as Toyota, GM Holden, Ford, Nissan, Mitsubishi, Hyundai, etc., intensified
the Australia and New Zealand light commercial vehicle market during the same
year. Besides that, constant incorporation of various additional features in
the prominent models of LCV is expected to result in a moderate price hike of
such vehicles in both the countries.
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““Increasing government initiatives, growing
small and medium enterprises and steady demand arising from logistics industry
are anticipated to push light commercial vehicles sales in Australia and New
Zealand. Moreover, increasing demand for personal transportation and growing
preference among the youth population of both the oceanic countries is expected
to lead pickups segment during the forecast period. All the stated factors are
projected to drive Australia and New Zealand light commercial vehicle market
through 2022.”, said Mr. Karan Chechi, Research Director with TechSci Research,
a research based global management consulting firm.
“Australia and New Zealand
Light Commercial Vehicle Market By Vehicle Type, Competition Forecast & Opportunities, 2011 – 2021” has evaluated
the future growth potential of Australia and New Zealand light commercial
vehicle market and
provides statistics and information on market structure, size, share and future
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment evaluation. Besides, the report also
identifies and analyzes emerging trends along with essential drivers,
challenges and opportunities present in Australia and New Zealand light
commercial vehicle market.
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