Light Duty Vehicles Market SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)
Light Duty Vehicles Market is segmented By Vehicle Type (Passenger Car, Van, Sports Utility Vehicle (SUV), Pickup Truck), By Fuel Type (Diesel, Gasoli....
Light Duty Vehicles Market Size
Market Size in USD
CAGR11.1%
| Study Period | 2024 - 2031 |
| Base Year of Estimation | 2023 |
| CAGR | 11.1% |
| Market Concentration | High |
| Major Players | Ford Motor Company, Nissan Motor Company, General Motors Company, Toyota Motor Corporation, Honda Motor Company, Ltd. |
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Light Duty Vehicles Market Analysis
The Global Light Duty Vehicles Market is estimated to be valued at USD 87.2 Bn in 2024 and is expected to reach USD 188.2 Bn by 2031, growing at a compound annual growth rate (CAGR) of 11.1% from 2024 to 2031. The market has been witnessing steady growth over the years and this will continue over the forecast period owing to rising disposable incomes and increasing preference for personal mobility solutions.
The light duty vehicles market is expected to show positive trends over the next decade. Governments across major markets are promoting electric vehicles which is slated to give a push to this segment. Further, shared mobility solutions are gaining traction worldwide which will also contribute to light commercial vehicles sales. However, the ongoing semiconductor shortage can negatively impact production volumes in the short term.