Europe Light Commercial Vehicle Market Volume Forecast and Growth Opportunities, 2023-2024 & 2032: Stellantis Group Leads, Followed by Ford, Renault-Nissan, VW and Mercedes Benz - ResearchAndMarkets.com

The "Europe Light Commercial Vehicle Market, Volume Forecast and Growth Opportunities, 2024 - 2032" report has been added to ResearchAndMarkets.com's offering.

The overall light commercial vehicle (LCV) market size is forecast to reach 2.4 million units by 2032. The European LCV market is on track to achieve a compound annual growth rate (CAGR) of 2.9% between 2023 and 2032. Electric vehicle (EV) penetration will increase to reach 60% during this period, up from 6.9% in 2023.

The overall size of the LCV market in Europe in 2023 was 1.9 million units. Vans held the largest volume at 1.7 million units and contributed 92.4% of the total LCV volumes. The less than 3.5t segment held 99.1% of the overall volume, and the greater than 3.5t segment made up the remaining share.

One out of every 3 LCVs sold in Europe belongs to the Stellantis Group. Next comes Ford at a distant second, with a market share of 18.0%, followed closely by Renault-Nissan Group at 15.0%. German manufacturers Volkswagen and Mercedes-Benz with a combined share of 21.5% complete the top five players.

Diesel is the primary powertrain technology for LCVs, powering 86.0% of them. Diesel powers 86.1% of the vehicles in the less than 3.5t segment, and even less in the higher-weight class of the greater than 3.5t segment, with a 75.0% share, due to the significant presence of EVs.

Pickups in Europe are almost entirely used for personal applications. Meanwhile, 32.9% of vans are used for parcel and delivery applications. Utilities, mobile services, and construction applications make up 37.0% of van sales, with personal and passenger applications holding a combined share of 30.2%.

The study period for this European LCV research service is 2023 to 2032.

Key Issues Addressed

• What is the size of the Europe LCV market in 2023? What are the market's future growth prospects?
• Who are the key OEMs, and what are the major applications in the LCV segment?
• What are the prospects for electrification in the market, and who are the key players driving it?
• How does the total cost of ownership for eLCVs compare with that of ICE LCV?
• What is the volume of the eLCV market expected to be in the future? What are the drivers for the growth of this market?

Growth Opportunity Universe in Light Commercial Vehicle Sector

• Challenging Macro-economic Conditions
• Pick-ups to Compensate for Decline in Cab-over-Engine (COE) Trucks
• Growing Electric Vehicle (EV) Ecosystem

LCV Market Segmentation

GVWR < 6 tons LCV:

• Pickups: Compact, Mid-size, Full-size, and Heavy-Duty (HD)
• Vans: Small, Medium, and Large
• Cab-over-engine (COE) Trucks: Mini, Small, and Light

Powertrain Types:

• Gasoline
• Diesel
• Natural Gas
• Electric Vehicle (represented as both EV and xEV in this study)

Top 3 Strategic Imperatives impacting the European LCV Market

Industry Convergence

Why:

• Collaborations among automotive original equipment manufacturers (OEMs), Tier I suppliers, and tech companies will likely address common challenges in emissions, safety, and connectivity.
• Synergies will allow stakeholders to develop innovative solutions faster, cut costs, and mitigate risks.

Analyst Perspective:

• Partnerships between automotive and tech companies are already happening and will become more common.
• The confluence of ideas from diverse area and expertise is expected to transform the next decade.

Internal Challenges

Why:

• The trucking industry, dominated by legacy companies with old ideas and resistance to change, has attracted interest from tech-savvy start-ups in recent years.
• These young companies are rewriting the rules of the game through high-level technology and artificial intelligence (AI).

Analyst Perspective:

• The following 2 to 5 years will see many new participants entering the market, especially in electrification.
• Numerous technology companies want a piece of the trucking pie and are working on connectivity, freight brokerage, and autonomous driving.

Transformative Megatrends

Why:

• The Mobility Revolution Megatrend considers how autonomous mobility, green transportation, and new mobility models will shape the future.
• In the trucking industry, the keywords are connected, autonomous, shared, and electric (CASE).
• Each will contribute to a cleaner, safer, and more sustainable environment.

Analyst Perspective:

• Connected and shared technologies in the form of telematics and digital freight brokerage are in the nascent stage but already in deployment.
• A proliferation of electric trucks are expected in this decade.
• Depending on the level, autonomous driving is still 5 to 10 years away.

Key Topics Covered:

Growth Environment - Transformation in European Light Commercial Vehicle Sector

• Why is it Increasingly Difficult to Grow?
• The Strategic Imperative
• The Impact of the Top Three Strategic Imperatives on the Light Commercial Vehicle (LCV) Industry

Growth Environment

• Key Findings
• LCV Sales Volume and Application Share
• LCV Powertrain Split
• Volume Forecast and EV Penetration

Ecosystem

• Research Scope
• LCV Market Segmentation

LCV Market Outlook

• Europe - Regional Outlook
• LCV Volumes
• LCV Powertrain Split
• LCV OEM Market Share
• Major LCV Applications
• Key LCV Applications Share

Key Country Insight

• Country Insight - Germany
• Country Insight - France
• Country Insight - Italy
• Country Insight - Spain
• Country Insight - United Kingdom

LCV Electrification

• Electrification Use Cases - Pickups
• Electrification Use Cases - Vans
• eLCV Technology Roadmap
• Drivetrain Architecture Mapping - OEMs
• eLCV Models by Vehicle Size
• Electric Platforms of Key OEMs
• Key Metrics for Electric Pickups
• Mileage Range of Electric Vans
• Price Range of Electric Vans
• Volume Forecast and EV Penetration
• Small Electric Vans - Battery Capacity and Motor Power
• Medium Electric Vans - Battery Capacity and Motor Power
• Large Electric Vans - Battery Capacity and Motor Power
• Key eLCV Launches
• EV Incentives - Select Countries

Volumes Forecast

• Volume Forecast by Segment
• Powertrain Share Forecast
• Electric Powertrain Share Forecast
• Pickup Volume Forecast and EV Penetration
• Van Volume Forecast and EV Penetration
• COE Truck Volume Forecast and EV Penetration
• LCV Future Outlook by Body Style

TCO Analysis

• TCO Analysis - Key Assumptions
• Large Vans - TCO Share and per Mile Cost
• Large Vans - Payback Period
• Large Vans - TCO Components
• Small Vans - TCO Share and per Mile Cost
• Small Vans - Payback Period
• Small Vans - TCO Components

Best Practices Recognition

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