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Light Duty Truck Market Analysis

Report ID: GMI6595
Published Date: Aug 2023
Report Format: PDF

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Light Duty Truck Market Analysis

Light Duty Truck Market Size, By Fuel Type, 2021-2032, (USD Trillion)

The diesel segment held over 65% of light duty truck market share in 2022. The latest launch of diesel-powered light duty trucks featuring enhanced fuel efficiency is bolstering the market appeal. For instance, in February 2023, in the UAE & the Middle East, Eicher Trucks and Buses introduced the latest Pro 2000 series of light duty trucks incorporated with advanced features designed to notably enhance owners' profitability.

The new series achieves this through industry-leading fuel efficiency and exceptional uptime, providing economic benefits for truck owners. By offering improved mileage and reduced environmental impacts, these trucks are garnering the attention of consumers and businesses seeking economical & eco-friendly options, thereby revitalizing interest in diesel as a viable fuel choice.

Global Light Duty Truck Revenue Market Share, By Application, 2022

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The commercial segment accounted for 63% of light duty truck market share in 2022, due to the rising demand for efficient last-mile delivery solutions. Beyond e-commerce, various other sectors including pharmaceuticals, grocery, and local services also require prompt delivery to consumers' doorsteps. Light Duty trucks, with their maneuverability & adaptability in navigating urban areas, have become essential tools for meeting this demand. Businesses prioritize these vehicles to optimize their delivery processes, resulting in increased adoption and expansion of the market.

China Light Duty Truck Market Size, 2021-2032 ( USD Trillion)

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Asia Pacific light duty truck market recorded 65% of revenue share in 2022. The new trucks are equipped with advanced features, improved efficiency, and modern designs, catering to the region's diverse commercial & personal transportation needs. For instance, in September 2021, Mahindra's Truck and Bus Division (MTB) introduced the latest addition to its lineup, the Mahindra FURIO 7, representing a contemporary series of Light Commercial Vehicles (LCVs). This comprehensive range encompasses three distinct product platforms: 4-Tyre Cargo, 6-Tyre Cargo HD, and 6-Tyre Tipper.

Furthermore, the demand for light commercial vehicles is increasing in the Asia Pacific region due to their compact designs, powerful engines, and fuel efficiency. Truck manufacturers are meeting this demand by launching new light duty truck series.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of light duty truck reached USD 7.2 trillion in 2022 and is set to witness 9.2% CAGR from 2023 to 2032, due to the growing number of businesses focusing on efficient last-mile delivery and urban logistics worldwide.

The diesel fuel type segment recorded over 65% of the market share in 2022, on account of benefits, such as fuel efficiency and exceptional uptime.

Asia-Pacific was valued at 65% of the market share in 2022, owing to the growing adoption of trucks equipped with advanced features, improved efficiency, and modern designs in the region.

Scania, Daimler Cars, TuSimple, Inc., Hino Carss, Waymo (Alphabet Inc.), Tesla, AB Volvo, PACCAR Inc., Navistar, Inc., Embark Carss, Inc., PlusAI, Inc., and Kodiak Robotics are some of the major light duty truck companies worldwide.