Light Commercial Vehicles - LATAM

The projected unit sales in the Light Commercial Vehicles market for LATAM are expected to reach 1.81m vehicles by 2024.
This indicates a positive trend in the market.
Furthermore, it is anticipated that the unit sales will experience a compound annual rate (CAGR 2024-2030) of 2.60%, resulting in a projected market volume of 2.11m vehicles by 2030.
This growth rate showcases the potential for expansion within the Light Commercial Vehicles market in LATAM.
Additionally, it is worth noting that the production of Light Commercial Vehicles market is expected to reach 4.95m vehicles by 2030.
This significant production volume further highlights the growth potential of the market in LATAM.
When considering the international perspective, it becomes evident that the United States will dominate the sales in 2024, with an estimated figure of 13.20m vehicles.
This demonstrates the importance of the United States as a key player within the Light Commercial Vehicles market.
In LATAM, the market for Light Commercial Vehicles is witnessing a surge in demand due to the growing e-commerce sector.

Definition

Light Commercial Vehicles (LCV) is a unique market of the broader Commercial Vehicles market, which focuses solely on vehicles designed to transport goods or to provide services on a relatively small scale. LCVs include a variety of compact and medium-sized vehicles specifically engineered for commercial purposes. These versatile vehicles are utilized by businesses and individuals for tasks such as local deliveries, trade, and various commercial applications. The gross vehicle weight rating of LCVs typically does not exceed 3.5 tons, although this limit may vary depending on the vehicle models, configurations, and local regulations.

LCVs are crucial for last-mile logistics, small business operations, and urban transportation. This market is highly responsive to emerging market trends, including the rise of eCommerce, the demand for sustainable transportation solutions, and the increasing need for versatile commercial vehicles that can adapt to a wide range of applications.

Additional Information

Notable key players in the Light Commercial Vehicles (LCVs) market include companies such as Ford, Mercedes-Benz, Fiat Professional, and Renault. These manufacturers play a vital role in shaping the market by offering a diverse range of LCV models and leading technological advancements within the market.

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Vans
Small delivery trucks
Refrigerated vans
Pickup trucks used for commercial purposes
Mini trucks
Light buses and coaches
Compact utility vehicles
Chassis cabs

Recreational vehicles (RVs)
Passenger cars
Motorcycles and scooters
Heavy-duty trucks
Agricultural and construction equipment

The Light Commercial Vehicles market in LATAM has witnessed significant growth in recent years, driven by various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the LATAM region have played a crucial role in shaping the Light Commercial Vehicles market.

One of the key customer preferences in this market is the need for vehicles with high fuel efficiency. Given the rising fuel prices in many LATAM countries, customers are increasingly looking for vehicles that offer better mileage and lower operating costs. Additionally, customers in this region also prioritize vehicles with robust performance and durability, as they often need to navigate challenging terrains and carry heavy loads.

Several trends have emerged in the Light Commercial Vehicles market in LATAM. One notable trend is the increasing demand for electric and hybrid vehicles. With growing concerns about environmental sustainability and stricter emission regulations, customers in LATAM are embracing cleaner and greener technologies.

As a result, manufacturers are introducing a wide range of electric and hybrid Light Commercial Vehicles to cater to this evolving demand. Another trend in the market is the growing popularity of compact and versatile Light Commercial Vehicles. These vehicles are well-suited for urban environments, where congestion and limited parking spaces are common.

The compact size allows for easier maneuverability, while the versatile design enables customers to use the vehicles for a variety of purposes, such as cargo transportation or passenger commuting. Local special circumstances also influence the Light Commercial Vehicles market in LATAM. For instance, in countries with a large agricultural sector, there is a high demand for vehicles that can transport agricultural produce and equipment.

These vehicles need to have specific features such as robust suspension systems, large cargo capacities, and off-road capabilities to navigate rural areas effectively. Underlying macroeconomic factors also play a significant role in shaping the Light Commercial Vehicles market in LATAM. Economic growth and stability are crucial drivers of demand for these vehicles.

When the economy is thriving, businesses are more likely to invest in expanding their fleets and upgrading their vehicles. Additionally, government policies and incentives can also influence the market, such as tax breaks or subsidies for purchasing Light Commercial Vehicles. In conclusion, the Light Commercial Vehicles market in LATAM is experiencing growth due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

The demand for fuel-efficient vehicles, the rise of electric and hybrid options, the popularity of compact and versatile vehicles, and the specific needs of different industries are all contributing to the development of this market in the region.

Data coverage:

The data encompasses B2B enterprises. Figures are based on unit sales and production of light commercial vehicles.

Modeling approach:

Market sizes are determined through a combined Top-Down and bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Consumer Insights Global survey). In addition, we use relevant key market indicators and data from country-specific associations, such as consumer spending per capita on transportation and consumer price index for purchase of vehicles. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, linear regression, the S-curve function and exponential trend smoothing methods are applied.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

The motor vehicle manufacturing industry is one of the drivers of the European industry. In the European Union, this sector reported annual revenue of around 940.5 billion euros and a production value estimated at some 746 billion euros in 2020. Light commercial vehicles, typically up to 3.5 metric tons in gross vehicle weight, were the EU industry's most produced commercial vehicle type. However, the COVID-19 pandemic and global automotive chip shortage have impacted the sector's van output, dropping to under 1.7 million units in 2021. France was the largest light commercial vehicle producer in Europe, while French brands Renault and Peugeot were the second and third best-selling van brands in the European Union in 2021.