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Vans Market Analysis

  • Report ID: GMI11790
  • Published Date: Oct 2024
  • Report Format: PDF

Vans Market Analysis

Based on vehicle, the market is segmented light commercial vans, passenger vans, and cargo vans. In 2023, the light commercial vans segment accounted for over 50% of the market share and is expected to exceed USD 230 billion by 2032. Light commercial vans constitute a significant portion of the global van market's vehicle type segment. This prominence stems from their ability to meet diverse business and consumer needs.
 

These vehicles offer versatility, serving various purposes from urban goods delivery to passenger transport for small businesses like shuttle services or catering. Their adaptability makes them suitable for multiple industries, including retail, construction, and services. This flexibility allows businesses to fulfill different operational needs without investing in specialized vehicle fleets.
 

The ongoing trend of urbanization significantly contributes to the growing importance of light commercial vans. As cities expand and become more densely populated, there is an increased need for vehicles that can efficiently operate in congested urban environments. Light commercial vans offer an optimal combination of size and cargo capacity, making them well-suited for urban logistics operations.
 

Vans Market Share, By Propulsion, 2023

Based on the propulsion, the vans market is divided into ICE, electric, and hybrid. The ICE segment held around 81% of the market share in 2023 due to several key factors. These vehicles benefit from a well-established infrastructure, including widespread fueling stations and extensive service networks, making them convenient and reliable for users. ICE vans have long been the preferred choice for commercial applications, particularly in logistics, transportation, and delivery services, due to their robust performance and ability to handle heavy loads efficiently.
 

Many businesses have invested in ICE van fleets over the years, creating a strong preference for these vehicles. This established position in the market persists even as alternative propulsion technologies emerge, contributing to the continued dominance of ICE vans in the global market.
 

China Vans Market Size, 2021- 2032  (USD Billion)

Asia Pacific accounted for a vans market share of over 45% in 2023 and is expected to exceed USD 200 billion by 2032. Urbanization has increased the need for efficient transportation in cities for both people and goods. Vans are popular because they can be used for both business and personal purposes. The growth of e-commerce has also boosted van demand, as companies need vehicles for quick deliveries to meet customer expectations. Many businesses across China are using vans for last-mile deliveries, which has increased their popularity. Additionally, small and medium-sized enterprises often choose vans for their logistics needs because they are cost-effective and versatile.
 

For instance, in July 2024., Maxus introduced the eDeliver 7, a medium-sized electric van that aims to compete directly with established models like Volkswagen's e-Transporter. This new offering from Maxus is part of its strategy to penetrate the growing electric commercial vehicle market. The van includes modern amenities such as air conditioning, smartphone connectivity (Android Auto and Apple CarPlay), and a minimalist dashboard design that enhances usability.
 

The European van market is growing significantly due to several related factors. The expansion of e-commerce has changed logistics and delivery services, with companies now relying more on vans for final-stage deliveries. As online shopping becomes more popular, the need for efficient and adaptable transportation options has become essential. Furthermore, the increasing urbanization in many European cities is leading to population growth and a higher demand for passenger vans, particularly for family and group transportation needs.
 

The North American van market is experiencing substantial growth due to several key factors. E-commerce expansion has significantly altered the logistics sector, with businesses increasingly using vans for final-stage deliveries. This change is a response to consumer demands for rapid and efficient shipping, leading companies to enlarge their delivery fleets.

Vans are particularly suitable for this purpose due to their adaptable designs and cargo capacities, making them valuable for both goods transport and passenger carriage. Furthermore, the rise in remote work and changing lifestyles have boosted the demand for passenger vans, especially among families and groups seeking flexible transportation options.

Authors: Preeti Wadhwani, Aishwarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of vans reached USD 290.5 billion in 2023 and is set to grow at a 6.7% CAGR from 2024 to 2032, driven by increasing sustainability initiatives promoting environmentally friendly transportation solutions.

The light commercial vans accounted for over 50% of the market share in 2023 and are expected to exceed USD 230 billion by 2032, owing to their ability to meet diverse business and consumer needs.

The ICE segment held around 81% of the market share in 2023, benefiting from a well-established infrastructure, including widespread fueling stations and extensive service networks.

The Asia Pacific market, which accounted for over 45% of the market share in 2023, is expected to exceed USD 200 billion by 2032, driven by urbanization and the growth of e-commerce.

Major players in the industry include Ashok Leyland, Changan Automobile, Ford Motor Company, General Motors, Hyundai Motor Company, Isuzu, Iveco, Mahindra & Mahindra, Mercedes, and Mitsubishi.

Vans Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 20
  • Tables & Figures: 190
  • Countries covered: 21
  • Pages: 201
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