Cargo Vans Market Analysis

Cargo Vans Market Analysis

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Based on end use, the market is categorized into commercial and personal. The commercial segment held major industry share, over 55% in 2022. The escalating demand for last-mile delivery services is fostering substantial progress in the commercial end-use segment. With the surge in online shopping, businesses are increasingly relying on efficient and timely deliveries to meet customer expectations. Cargo vans play a pivotal role in fulfilling this need, serving as versatile and practical vehicles for local deliveries.

Based on propulsion, the cargo vans market is divided into ICE and electric. The ICE segment held around 96% market share in 2022. ICE-powered cargo vans offer significant payload capacity advantages. Their design allows for larger fuel tanks without encroaching on cargo space. This extended fuel range ensures that vans can carry substantial loads over long distances, a crucial factor for businesses requiring efficient transportation of goods. For instance, in June 2023, Mahindra & Mahindra Ltd. Launched Supro CNG Duo, its introductory dual-fuel cargo van in the commercial vehicle category. This vehicle features an exceptional payload capacity and industry-leading mileage, delivering exceptional performance & maximizing profits for customers.

Asia Pacific held a dominant cargo vans market with a revenue of USD 68.1 billion in 2022. Rapid technological advancements and a growing shift toward electric mobility are reshaping the regional industry. The integration of advanced technologies, such as telematics, route optimization software & IoT solutions, enhances operational efficiency and fleet management. Concurrently, the rising emphasis on eco-friendly transportation fuels the demand for electric cargo vans as businesses seek sustainable options.