Small Commercial Vehicle Global Market Report 2024

The small commercial vehicle market size has grown strongly in recent years. It will grow from $487.14 billion in 2023 to $521.13 billion in 2024 at a compound annual growth rate (CAGR) of 7%. The growth observed during the historical period can be attributed to several factors, including increasing population growth, rising demand for efficient transportation solutions for goods and services, a growing emphasis on sustainability and compliance with environmental regulations, high demand for small commercial vehicles, and increasing government initiatives aimed at improving transportation infrastructure and services.

The small commercial vehicle market size is expected to see strong growth in the next few years. It will grow to $650.35 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The anticipated growth in the forecast period can be attributed to several factors, including the rise in urbanization, increasing demand for e-commerce, growing necessity for sustainable transportation solutions, rising popularity of online shopping, and the increasing penetration of electric commercial vehicles. Major trends expected during this period include technological advancements, the emergence of electric small commercial vehicles, the adoption of autonomous vehicles, the integration of connectivity and telematics, and the utilization of lightweight materials.

The anticipated growth of the e-commerce sector is set to propel the expansion of the small commercial vehicle market in the future. E-commerce, the electronic buying and selling of goods and services over the Internet, relies heavily on small commercial vehicles to facilitate last-mile delivery and ensure prompt and efficient transportation of goods to end customers. For example, data from the Census Bureau of the Department of Commerce in November 2023 revealed that estimated U.S. retail e-commerce sales for the third quarter of 2023 amounted to $271.7 billion, marking a 0.9% increase from the second quarter of 2023. E-commerce sales in the third quarter of 2023 constituted 14.9% of total sales. Consequently, the burgeoning e-commerce sector serves as a significant driver propelling the growth of the small commercial vehicle market.

Major companies in the small commercial vehicle market are directing their efforts towards developing innovative solutions, such as electric small commercial vehicles (ESCVs), to gain a competitive advantage. An ESCV is a type of vehicle designed for commercial purposes and powered by electricity. For example, in September 2023, Tata Motors Limited, an India-based automotive company, introduced the Ace EV, a four-wheel small commercial vehicle characterized by its advanced, zero-emission, and environmentally friendly features. The Ace EV represents a green and intelligent transportation option suitable for various intra-city applications. It is equipped with an advanced battery cooling system and regenerative braking system, ensuring all-weather operation and extending the driving range. The vehicle is powered by a 21.3 kWh lithium-ion phosphate (LFP) battery pack, delivering a range of 154 kilometers on a single charge.

In April 2022, Mahindra & Mahindra Ltd., an automotive manufacturing corporation based in India, entered into a partnership with CSC Grameen eStore for an undisclosed sum. The collaboration aims to leverage CSC Grameen's digital platform to extend Mahindra's presence in rural India and expand its small commercial vehicle (SCV) portfolio. CSC Grameen eStore, based in India, specializes in manufacturing products related to small commercial vehicles.

Major companies operating in the small commercial vehicle market report are Volkswagen A.G., Toyota Motor Corporation, Ford Motor Company, General Motor Company, Hyundai Motor Company, Nissan Motor, Dongfeng Motor Corporation, Renault S.A., Tata Motors Limited, Mazda Motor Corporation, Great Wall Motor Company Limited, Chongqing Changan Automobile, Mahindra & Mahindra Limited, Navistar International, Anhui Jianghuai Automobile, Ashok Leyland, Bajaj Auto Limited, Piaggio & C SpA, Eicher Motors, Isuzu Motors Ltd, Shaanxi Automobile Group, Golden Dragon, BharatBenz, Shenyang Brilliance Jinbei Automobile Co., Atul Auto Limited, Hindustan Motors.

North America was the largest region in the small commercial vehicle market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the small commercial vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the small commercial vehicle market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A small commercial vehicle is a motor vehicle specifically crafted and intended for commercial use, distinguished by its compact size and weight compared to larger commercial trucks. These vehicles are frequently employed in the transportation of goods, tools, equipment, or passengers across various commercial and industrial settings.

The primary types of small commercial vehicles include light buses, vans, pickups, light trucks, and others. Light buses, in particular, are smaller and lighter versions of traditional buses, operating on a variety of fuels such as diesel, gasoline, electric, and others. They serve multiple purposes including transporting goods and passengers.

The small commercial vehicle market research report is one of a series of new reports that provides small commercial vehicle market statistics, including small commercial vehicle industry global market size, regional shares, competitors with a small commercial vehicle market share, detailed small commercial vehicle market segments, market trends and opportunities, and any further data you may need to thrive in the small commercial vehicle industry. This small commercial vehicle market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The small commercial vehicle market consists of sales of mini trucks, cargo vans, panel vans, pickup trucks, and light construction vehicles. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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