Small Commercial Vehicle Market to Cross $820 billion by 2021
Growing
demand from Small and Medium Enterprise (SMEs), e-commerce and logistics
industries coupled with favorable government initiatives to drive global small commercial
vehicle market through 2021
According to TechSci Research
report, “Global
Small Commercial Vehicle Market By
Vehicle Type, By Region, Competition Forecast & Opportunities, 2011 - 2021”, the global market of small commercial vehicle is projected to cross US$ 820
billion by 2021, owing to increasing internet penetration and growing
e-commerce industry, consumers across the globe prefer to purchase products through
online channels. Items purchased through online channels are delivered through
small commercial vehicles. Increasing
number of small and medium enterprises (SMEs) is another major factor aiding growth in global
small
commercial vehicle market. SME
industry primarily requires small commercial vehicles for intercity
transporting goods and raw materials. Demand for small commercial vehicles
across the globe can be attributed to growing demand for transportation of
products being manufactured by small and medium scale industries.
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https://www.techsciresearch.com/report/global-small-commercial-vehicle-market-by-vehicle-type-light-buses-vans-pickups-light-trucks-etc-by-region-north-america-middle-east-africa-europe-cis-asia-pacific-south-america-competition-forecast-opportunities/935.html
During 2011 – 2015,
automobile production and sales across the globe grew at a CAGR of 1.37% and
2.59%, respectively, owing to Eurozone crisis and slump in crude oil prices. Backed
by slow automobile production and sales over the last five years, global market
for small commercial vehicles grew at a slow pace during 2011 – 2015. However,
with anticipated revival of crude oil prices in coming years, the scenario is
expected to change, and the global small commercial vehicle market is forecast to
grow at a healthy pace over the next five years.
North America dominated global small commercial vehicle
market during 2011 – 2015, and the region is anticipated to maintain its
dominance over the next five years as well. Over the years, demand for small
commercial vehicles in North America has been growing at a robust pace due to
increasing infrastructure-based developments and booming construction and
logistics sectors. Moreover, small commercial vehicles are popular in North
American countries due to immense preference for pickup trucks in the region.
Vans are extensively being used for transportation of goods by e-commerce and
delivery companies as well as for personal and staff transportation purposes.
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“Constant increase in demand
for small commercial vehicles, especially pickups, across the globe are encouraging
leading industry players such as Toyota, Ford, Nissan, Mitsubishi, Mazda, etc.,
to introduce new models. Growing acceptance of pickups for transportation and
personal purposes are propelling production of pickups with advanced features
such as four-wheel drive, increased load carrying capacity, high
utilitarianism, etc., globally. On the other hand, major Chinese automobile
companies are offering stiff competition to global automobile leaders in small
commercial vehicles segment, especially light trucks and vans.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global Small Commercial Vehicle Market By Vehicle Type,
By Region, Competition Forecast & Opportunities, 2011 - 2021” has analyzed the potential of
global small commercial vehicle market,
and provides statistics and information on market sizes, shares and trends. The
report will suffice in providing intending clients with cutting-edge market
intelligence and help them in taking sound investment decisions. Besides, the
report also identifies and analyzes emerging trends along with essential
drivers and key challenges faced by the industry.
About TechSci Research
TechSci Research is a leading global market research firm publishing
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research reports. Serving 700 global
clients with more than 600 premium market research studies, TechSci Research is
serving clients across 11 different industrial verticals. TechSci Research
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