Light trucks are goods and services vehicles with a gross weight of fewer than 3.5 tonnes, and they are known as light goods vehicles (LGVs), light commercial vehicles (LCVs) or vans. With the growing automotive industry and demand for efficient lightweight vehicles, the global light truck market is increasing. However, some regulatory norms regarding fuel emission might hamper the growth. As per the study, LCVs account for 75% of commercial vehicle sales approximately.This growth is primarily driven by Demand for Lightweight Energy Efficient Vehicles and Increasing Development and Advancement in the Automotive Industry.
Globally, a noticeable market trend is evident Growing Prevalence of Hybrid Electric Vehicles is Increasing the Demand of Light Trucks
. Major Vendors, such as Fiat S.p.A. (Italy), Ford Motor Company (United States), General Motors Company (United States), Toyota Motor Corporation (Japan), Tata Motors Limited (India), Volvo Group (Sweden), Daimler AG (Germany) and Hinduja Group (Ashok Leyland)(India) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
"The Environmental Protection Agency has ruled that emissions from all light trucks and passenger cars will be regulated equally. Also, in April 2003, the Department of Transportation finalized more stringent fuel economy standards for light trucks starting in MY2005. These standards were first enacted in response to the desire to, reduce petroleum consumption and promote energy security after the Arab oil embargo. The current law sets the Corporate Average Fuel Economy (CAFE) standard for passenger cars at 27.5 miles per gallon (mpg). Furthermore, this law gives NHTSA the authority to define other classes of vehicles, and set fuel economy standards for those vehicles. Currently, the average fuel economy of and light trucks is regulated at 20.7 mpg. Fuel economy standards for light trucks were steadily tightened through the 1980s and early 1990s and were completely standardized (for all light truck sub-classes) in MY1996."
- Demand for Lightweight Energy Efficient Vehicles
- Increasing Development and Advancement in the Automotive Industry
- Growing Prevalence of Hybrid Electric Vehicles is Increasing the Demand of Light Trucks
- Increasing Middle-Class Users of Light Trucks
- High-Cost Availability of Light Trucks
- Stringent Regulatory Guidelines Regarding Fuel Emission
Continuous Research and Development in the Automotive Sector and Increasing Government investment in Automotive Industry
The entry of Many Local Players in the Market
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