Light Commercial Vehicle Market, Volume Forecast and Growth Opportunities, Europe, 2024 - 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? 

Research Highlights

LCV Market: Volume and xEV Penetration Forecast, Europe, 2023–2032

Research Scope

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.

Frost 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).

Frost 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:

• Frost & Sullivan’s 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.

Frost Perspective:

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