LCVs: Key market research findings
- Growing demand for natural gas LCVs
- Installation of turbochargers
Technavio has released a new market research report on the LCV market in Europe, which is expected to grow at a CAGR of 3% between 2016 and 2020. Higher preference for pick-up trucks and small vans over heavy-duty trucks and trains, for logistics is a major factor boosting the demand for light commercial vehicles (LCVs) in Europe. France, UK and Germany are the major revenue contributors to the LCV market in Europe.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Surge in population, increased investments in infrastructure, and growing mining activities are boosting the demand for LCVs. To counter the surge in emissions and oil consumption by these vehicles, the regulatory bodies are encouraging the use of engines powered by natural gas. This has led to rise in the adoption of natural gas engines that use CNG, liquefied petroleum gas, and H2 gas. Natural gas’s sufficient supply, lower impact on the environment, lower operating costs, clean-burning qualities, and improved refueling infrastructure are key in driving the use of natural gas engines in LCVs,” says Siddarth Jaiswal, Lead Analyst, Automotive, Technavio Research
The increased demand for LCVs encourages manufacturers to install turbochargers in their new products. Turbochargers provide enhanced power and fuel efficiency and an improved driving experience. Turbochargers compress the exhaust gases produced by the engine into air, which is recirculated back to the engine, creating a better air-to-fuel ratio. An improved fuel economy and reduced emissions are trending across the entire European automotive industry and are fueling the adoption of turbochargers across all vehicle segments in the region.
The key vendors in the LCV market in Europe are Ford, Peugeot Citroen, Renault, Toyota and Volkswagen. The market is highly fragmented and fiercely competitive. The market consists of both international and domestic firms. The use of LCVs in this region is rising, slowly taking over the commercial vehicle market. In terms of sales volume, LCVs present direct competition to passenger vehicles.
A more detailed analysis is available in the Technavio report, LCV Market in Europe 2016-2020.
We can customize reports by other regions and specific segments upon request.
Other related reports:
