North America Van Market Size
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Study Period | 2017 - 2030 |
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Market Size (2024) | USD 13.19 Billion |
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Market Size (2030) | USD 17.7 Billion |
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Largest Share by Vehicle Body Type | Light Commercial Pick-up Trucks |
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CAGR (2024 - 2030) | 5.03 % |
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Largest Share by Country | US |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
North America Van Market Analysis
The North America Van Market size is estimated at 13.19 billion USD in 2024, and is expected to reach 17.7 billion USD by 2030, growing at a CAGR of 5.03% during the forecast period (2024-2030).
13.19 Billion
Market Size in 2024 (USD)
17.7 Billion
Market Size in 2030 (USD)
-2.00 %
CAGR (2017-2023)
5.03 %
CAGR (2024-2030)
Largest Segment by Fuel Category
53.63 %
value share, Diesel, 2023
Diesel vans dominate due to their superior fuel efficiency, higher torque for heavy loads, and longer engine lifespan, making them cost-effective for commercial use across North America.
Fastest-growing Segment by Fuel Category
36.13 %
Projected CAGR, BEV, 2024-2030
BEVs are the fastest-growing segment due to increasing environmental regulations, advancements in battery technology, and growing infrastructure for electric vehicle charging.
Largest Segment by Country
86.90 %
value share, US, 2023
The US leads the North America Van Market due to its vast commercial sector, extensive road network, and high demand for reliable and versatile vans for logistics and small businesses.
Fastest-growing Segment by Country
5.43 %
Projected CAGR, US, 2024-2030
The US is the fastest-growing segment due to substantial investments in electric vehicle infrastructure, government incentives, and a strong push towards sustainable transportation solutions.
Leading Market Player
50.27 %
market share, Ford Motor Company, 2023
Domestic Production, a variety of offerings(models) for various purposes such as cargo. Crew, passengers, etc. plus a stronghold in the US is making Ford the largest player in North American van sales.
The North American van market is witnessing significant growth, with distinct trends in each country pointing toward a rising preference for versatile and efficient transportation solutions
- Automakers are proactively exploring alternative fuel sources for their vehicles, driven by the dwindling petroleum supplies and escalating gasoline costs. The 2022 Russia-Ukraine conflict further exacerbated the already doubled petroleum prices over the past few decades, prompting a global push towards electric vehicles (EVs) for more economical everyday transportation. Tax rates also play a role in global fuel costs, with the US having the lowest fuel tax at 19% and India imposing a hefty 69% tax. These factors, combined with the rising fuel prices over the last two decades, underscore the appeal of EVs, which boast significantly lower operating costs compared to traditional internal combustion engine (ICE) vehicles.
- Electrifying their vehicle portfolios has become a paramount objective for automakers. Volvo aims for EVs to constitute 50% of its global sales by 2025. Subaru plans to introduce hybrid or electric versions for all its models by 2035. Ford is planning to invest a substantial USD 29 billion in EVs by 2025, while GM is allocating USD 27 billion, with a vision to electrify its entire light-duty vehicle lineup by 2035. Other manufacturers have set similar ambitions, albeit with varying timelines and targets, all united by their commitment to electrification.
- North America is set to witness the launch of 12 new electric vans between 2020 and 2028. Notably, the majority will be entirely new models, including the ELMS UD-1, Rivian R1A, and BrightDrop EV600. Additionally, established van lines like the Mercedes-Benz eSprinter and Ford Transit are also gearing up to introduce all-electric variants in the future.
North America Van Market Trends
Growing demand for electric vehicles in North America driven by government support and growing environmental concerns
- The CVP in Russia has experienced significant fluctuations in recent years. It climbed steadily from USD 208.2 million in 2017, peaking in 2019. However, it dipped to USD 193.9 million in 2020, largely due to the economic challenges brought on by the COVID-19 pandemic. Notably, the market rebounded sharply in 2022, reaching USD 269.8 million. This resurgence highlights both the resilience of the Russian automotive sector and the potential impact of economic stimulus measures and heightened consumer demand.
- Government incentives and subsidies are proving to be a strong draw for customers, particularly logistics and e-commerce firms, in their adoption of electric commercial vehicles. A case in point is Canada and North America, where, in April 2022, the government unveiled federal rebates of USD 5000 for electric light- and medium-duty vehicles. These initiatives are expected to significantly bolster the demand for electric commercial vehicles in North America from 2024 to 2030.
- Government initiatives, including plans for EV deployment, attractive incentives, and foreign investment allowances, are set to propel the electric vehicle market across North American nations. In a notable move, in March 2022, Volkswagen committed a staggering USD 7 billion to establish an electric car manufacturing facility in North America. By 2030, the automaker plans to roll out 25 new EV models, catering to customers in the US, Mexico, and Canada. As a result, the demand for electric vehicles is projected to witness a notable surge across various North American countries from 2024 to 2030.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- North America's demographic story highlights steady growth and adaptability, with each nation contributing uniquely to the region's vibrant mosaic, underlining North America's continued global significance
- North America exhibits diverse trends in consumer spending for vehicle purchases (CVP), and Canada experiences a slight decrease, while the US sees an increase, and Mexico shows significant growth
- In North America, from 2017 to 2022, auto loan interest rates displayed varied trends: Canada's rates gradually increased, Mexico's showed significant volatility, and the US experienced modest fluctuations
- North America is showcasing a strong commitment to expanding its EV infrastructure, with both slow and fast charging stations seeing significant growth
- The rising demand for electric vehicles spurs new product launches and market entry in North America, driving the demand for battery packs
- In 2022, Ford led the North American light commercial van market, followed by Chevrolet, while Hyundai witnessed significant growth. Over the past five years, traditional leaders maintained dominance, but brands like Hyundai grew, and Infiniti faced a decline. The market is poised for growth, with eco-friendly vehicles gaining traction
- Despite challenges in 2020, by 2023, the US experienced growth, Mexico displayed a robust recovery, while Canada witnessed a dip
- From 2017 to 2030, North America, particularly countries like the US and Canada, navigated inflationary spikes, especially post-pandemic in 2022, but projections suggest a trend toward economic stability and controlled inflation for the region by 2030
- The North American MaaS sector is thriving and witnessing growth, with future prospects in shared mobility
- Declining prices of lithium-ion batteries drive the demand for electric vehicles in North America
- Fuel prices are fluctuating in North America
North America Van Industry Overview
The North America Van Market is fairly consolidated, with the top five companies occupying 93.82%. The major players in this market are Daimler AG (Mercedes-Benz AG), Ford Motor Company, General Motors Company, GM Motor (Chevrolet) and Ram Trucking, Inc. (sorted alphabetically).
North America Van Market Leaders
Daimler AG (Mercedes-Benz AG)
Ford Motor Company
General Motors Company
GM Motor (Chevrolet)
Ram Trucking, Inc.
Other important companies include Fiat Chrysler Automobiles N.V, Nissan Motor Co. Ltd., Peugeot S.A., Toyota Motor Corporation, Volkswagen AG.
*Disclaimer: Major Players sorted in alphabetical order.
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North America Van Market News
- June 2023: Mercedes-Benz DRIVE PILOT expands U.S. availability to California and introduce a SAE Level 3 system in a standard-production vehicle for use on public freeways in the most populous state in the U.S.
- June 2023: FORD NEXT launches New pilot program creates flexible electric solutions for drivers who use the Uber platform in select U.S. markets, allowing them to lease a vehicle for more customized time periods.
- June 2023: Stellantis adds Merchants Fleet as latest Ram ProMaster EV commercial customer and that agreement calls for 12,500 Ram ProMaster EV units over the next several years.
Free with this Report
For the Vehicle Hub report, we provide an extensive collection of over 150 free charts, delivering detailed insights on regional and country-level dynamics within the vehicle industry. This encompasses in-depth analyses of vehicle registrations, usage patterns in both consumer and business segments, and evaluations of various vehicle configurations and body types. The report delves into critical industrial trends such as shifts in vehicle production and distribution centers, changes in vehicle ownership costs, and advancements in automotive technologies. Further, our report offers comprehensive market segmentation by vehicle type, body type, propulsion, and fuel categories, providing a nuanced understanding of the market landscape. It also explores the adoption rate of new technologies, the impact of regulatory changes, and the influence of economic factors on the vehicle market. We include a thorough examination of key industry players, regulatory frameworks, and market size in terms of both revenue and unit sales, leading to strategic projections and forecasts that account for emerging trends and potential shifts in the industry.
North America Van Market Report - Table of Contents
1. EXECUTIVE SUMMARY & KEY FINDINGS
2. REPORT OFFERS
3. INTRODUCTION
- 3.1 Study Assumptions & Market Definition
- 3.2 Scope of the Study
- 3.3 Research Methodology
4. KEY INDUSTRY TRENDS
- 4.1 Population
- 4.2 GDP Per Capita
- 4.3 Consumer Spending For Vehicle Purchase (cvp)
- 4.4 Inflation
- 4.5 Interest Rate For Auto Loans
- 4.6 Shared Rides
- 4.7 Impact Of Electrification
- 4.8 EV Charging Station
- 4.9 Battery Pack Price
- 4.10 New Xev Models Announced
- 4.11 Fuel Price
- 4.12 Oem-wise Production Statistics
- 4.13 Regulatory Framework
- 4.14 Value Chain & Distribution Channel Analysis
5. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)
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5.1 Propulsion Type
- 5.1.1 Hybrid and Electric Vehicles
- 5.1.1.1 By Fuel Category
- 5.1.1.1.1 BEV
- 5.1.1.1.2 PHEV
- 5.1.2 ICE
- 5.1.2.1 By Fuel Category
- 5.1.2.1.1 Diesel
- 5.1.2.1.2 Gasoline
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5.2 Country
- 5.2.1 Canada
- 5.2.2 Mexico
- 5.2.3 US
6. COMPETITIVE LANDSCAPE
- 6.1 Key Strategic Moves
- 6.2 Market Share Analysis
- 6.3 Company Landscape
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6.4 Company Profiles
- 6.4.1 Daimler AG (Mercedes-Benz AG)
- 6.4.2 Fiat Chrysler Automobiles N.V
- 6.4.3 Ford Motor Company
- 6.4.4 General Motors Company
- 6.4.5 GM Motor (Chevrolet)
- 6.4.6 Nissan Motor Co. Ltd.
- 6.4.7 Peugeot S.A.
- 6.4.8 Ram Trucking, Inc.
- 6.4.9 Toyota Motor Corporation
- 6.4.10 Volkswagen AG
- *List Not Exhaustive
7. KEY STRATEGIC QUESTIONS FOR VEHICLES CEOS
8. APPENDIX
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8.1 Global Overview
- 8.1.1 Overview
- 8.1.2 Porter’s Five Forces Framework
- 8.1.3 Global Value Chain Analysis
- 8.1.4 Market Dynamics (DROs)
- 8.2 Sources & References
- 8.3 List of Tables & Figures
- 8.4 Primary Insights
- 8.5 Data Pack
- 8.6 Glossary of Terms
List of Tables & Figures
- Figure 1:
- NORTH AMERICA VAN MARKET, POPULATION YOY GROWTH RATE, UNITS, 2017 - 2030
- Figure 2:
- NORTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 3:
- NORTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 4:
- NORTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 5:
- NORTH AMERICA VAN MARKET, INTEREST RATE FOR AUTO LOANS YOY GROWTH RATE, PERCENTAGE, 2017 - 2022
- Figure 6:
- NORTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 7:
- NORTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 8:
- NORTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 9:
- NORTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 10:
- NORTH AMERICA VAN MARKET, NEW XEV MODELS ANNOUNCED, VOLUME, YOY GROWTH RATE, UNITS, 2023 - 2027
- Figure 11:
- NORTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 12:
- NORTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 13:
- NORTH AMERICA VAN MARKET, VOLUME IN UNITS, 2017 - 2030
- Figure 14:
- NORTH AMERICA VAN MARKET, VALUE IN USD, 2017 - 2030
- Figure 15:
- NORTH AMERICA VAN MARKET, BY PROPULSION TYPE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 16:
- NORTH AMERICA VAN MARKET, BY PROPULSION TYPE, BY VALUE IN USD, 2017 - 2030
- Figure 17:
- NORTH AMERICA VAN MARKET MARKET, SHARE(%), BY PROPULSION TYPE, 2017 - 2030
- Figure 18:
- NORTH AMERICA VAN MARKET MARKET, SHARE(%), BY PROPULSION TYPE, 2017 - 2030
- Figure 19:
- NORTH AMERICA VAN MARKET, BY FUEL CATEGORY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 20:
- NORTH AMERICA VAN MARKET, BY FUEL CATEGORY, BY VALUE IN USD, 2017 - 2030
- Figure 21:
- NORTH AMERICA VAN MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 22:
- NORTH AMERICA VAN MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 23:
- NORTH AMERICA VAN MARKET, BY BEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 24:
- NORTH AMERICA VAN MARKET, BY BEV, BY VALUE IN USD, 2017 - 2030
- Figure 25:
- NORTH AMERICA VAN MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 26:
- NORTH AMERICA VAN MARKET, BY FCEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 27:
- NORTH AMERICA VAN MARKET, BY FCEV, BY VALUE IN USD, 2017 - 2030
- Figure 28:
- NORTH AMERICA VAN MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 29:
- NORTH AMERICA VAN MARKET, BY HEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 30:
- NORTH AMERICA VAN MARKET, BY HEV, BY VALUE IN USD, 2017 - 2030
- Figure 31:
- NORTH AMERICA VAN MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 32:
- NORTH AMERICA VAN MARKET, BY PHEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 33:
- NORTH AMERICA VAN MARKET, BY PHEV, BY VALUE IN USD, 2017 - 2030
- Figure 34:
- NORTH AMERICA VAN MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 35:
- NORTH AMERICA VAN MARKET, BY FUEL CATEGORY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 36:
- NORTH AMERICA VAN MARKET, BY FUEL CATEGORY, BY VALUE IN USD, 2017 - 2030
- Figure 37:
- NORTH AMERICA VAN MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 38:
- NORTH AMERICA VAN MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 39:
- NORTH AMERICA VAN MARKET, BY CNG, BY VOLUME IN UNITS, 2017 - 2030
- Figure 40:
- NORTH AMERICA VAN MARKET, BY CNG, BY VALUE IN USD, 2017 - 2030
- Figure 41:
- NORTH AMERICA VAN MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 42:
- NORTH AMERICA VAN MARKET, BY DIESEL, BY VOLUME IN UNITS, 2017 - 2030
- Figure 43:
- NORTH AMERICA VAN MARKET, BY DIESEL, BY VALUE IN USD, 2017 - 2030
- Figure 44:
- NORTH AMERICA VAN MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 45:
- NORTH AMERICA VAN MARKET, BY GASOLINE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 46:
- NORTH AMERICA VAN MARKET, BY GASOLINE, BY VALUE IN USD, 2017 - 2030
- Figure 47:
- NORTH AMERICA VAN MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 48:
- NORTH AMERICA VAN MARKET, BY LPG, BY VOLUME IN UNITS, 2017 - 2030
- Figure 49:
- NORTH AMERICA VAN MARKET, BY LPG, BY VALUE IN USD, 2017 - 2030
- Figure 50:
- NORTH AMERICA VAN MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 51:
- NORTH AMERICA VAN MARKET, BY COUNTRY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 52:
- NORTH AMERICA VAN MARKET, BY COUNTRY, BY VALUE IN USD, 2017 - 2030
- Figure 53:
- NORTH AMERICA VAN MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 54:
- NORTH AMERICA VAN MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 55:
- NORTH AMERICA VAN MARKET, BY CANADA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 56:
- NORTH AMERICA VAN MARKET, BY CANADA, BY VALUE IN USD, 2017 - 2030
- Figure 57:
- NORTH AMERICA VAN MARKET MARKET, SHARE(%), BY PROPULSION TYPE, 2017 - 2030
- Figure 58:
- NORTH AMERICA VAN MARKET, BY MEXICO, BY VOLUME IN UNITS, 2017 - 2030
- Figure 59:
- NORTH AMERICA VAN MARKET, BY MEXICO, BY VALUE IN USD, 2017 - 2030
- Figure 60:
- NORTH AMERICA VAN MARKET MARKET, SHARE(%), BY PROPULSION TYPE, 2017 - 2030
- Figure 61:
- NORTH AMERICA VAN MARKET, BY US, BY VOLUME IN UNITS, 2017 - 2030
- Figure 62:
- NORTH AMERICA VAN MARKET, BY US, BY VALUE IN USD, 2017 - 2030
- Figure 63:
- NORTH AMERICA VAN MARKET MARKET, SHARE(%), BY PROPULSION TYPE, 2017 - 2030
- Figure 64:
- NORTH AMERICA VAN MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2017 - 2030
- Figure 65:
- NORTH AMERICA VAN MARKET, MOST ADOPTED STRATEGIES, 2017 - 2030
- Figure 66:
- NORTH AMERICA VAN MARKET SHARE(%), BY MAJOR PLAYERS, 2021
North America Van Industry Segmentation
Hybrid and Electric Vehicles, ICE are covered as segments by Propulsion Type. Canada, Mexico, US are covered as segments by Country.
| Propulsion Type | Hybrid and Electric Vehicles | By Fuel Category | BEV |
| PHEV | |||
| Propulsion Type | ICE | By Fuel Category | Diesel |
| Gasoline | |||
| Country | Canada | ||
| Mexico | |||
| US |
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Market Definition
- Vehicle Type - The category includes Light Commercial Vehicle.
- Vehicle Body Type - This include Light Commercial Vans category.
- Fuel Category - The category includes various fuel types such as Gasoline, Diesel, LPG (Liquefied Petroleum Gas), CNG (Compressed Natural Gas), HEV (Hybrid Electric Vehicles), PHEV (Plug-in Hybrid Electric Vehicles), BEV (Battery Electric Vehicles), and FCEV (Fuel Cell Electric Vehicles)
| Keyword | Definition |
|---|---|
| Electric Vehicle (EV) | A vehicle which uses one or more electric motors for propulsion. Includes cars, buses, and trucks. This term includes all-electric vehicles or battery electric vehicles and plug-in hybrid electric vehicles. |
| BEV | A BEV relies completely on a battery and a motor for propulsion. The battery in the vehicle must be charged by plugging it into an outlet or public charging station. BEVs do not have an ICE and hence are pollution-free. They have a low cost of operation and reduced engine noise as compared to conventional fuel engines. However, they have a shorter range and higher prices than their equivalent gasoline models. |
| PEV | A plug-in electric vehicle is an electric vehicle that can be externally charged and generally includes all-electric vehicles as well as plug-in hybrids. |
| Plug-in Hybrid EV | A vehicle that can be powered either by an ICE or an electric motor. In contrast to normal hybrid EVs, they can be charged externally. |
| Internal combustion engine | An engine in which the burning of fuels occurs in a confined space called a combustion chamber. Usually run with gasoline/petrol or diesel. |
| Hybrid EV | A vehicle powered by an ICE in combination with one or more electric motors that use energy stored in batteries. These are continually recharged with power from the ICE and regenerative braking. |
| Commercial Vehicles | Commercial vehicles are motorized road vehicles designed for transporting people or goods. The category includes light commercial vehicles (LCVs) and medium and heavy-duty vehicles (M&HCV). |
| Passenger Vehicles | Passenger cars are electric motor– or engine-driven vehicles with at least four wheels. These vehicles are used for the transport of passengers and comprise no more than eight seats in addition to the driver’s seat. |
| Light Commercial Vehicles | Commercial vehicles that weigh less than 6,000 lb (Class 1) and in the range of 6,001–10,000 lb (Class 2) are covered under this category. |
| M&HDT | Commercial vehicles that weigh in the range of 10,001–14,000 lb (Class 3), 14,001–16,000 lb (Class 4), 16,001–19,500 lb (Class 5), 19,501–26,000 lb (Class 6), 26,001–33,000 lb (Class 7) and above 33,001 lb (Class 8) are covered under this category. |
| Bus | A mode of transportation that typically refers to a large vehicle designed to carry passengers over long distances. This includes transit bus, school bus, shuttle bus, and trolleybuses. |
| Diesel | It includes vehicles that use diesel as their primary fuel. A diesel engine vehicle have a compression-ignited injection system rather than the spark-ignited system used by most gasoline vehicles. In such vehicles, fuel is injected into the combustion chamber and ignited by the high temperature achieved when gas is greatly compressed. |
| Gasoline | It includes vehicles that use gas/petrol as their primary fuel. A gasoline car typically uses a spark-ignited internal combustion engine. In such vehicles, fuel is injected into either the intake manifold or the combustion chamber, where it is combined with air, and the air/fuel mixture is ignited by the spark from a spark plug. |
| LPG | It includes vehicles that use LPG as their primary fuel. Both dedicated and bi-fuel LPG vehicles are considered under the scope of the study. |
| CNG | It includes vehicles that use CNG as their primary fuel. These are vehicles that operate like gasoline-powered vehicles with spark-ignited internal combustion engines. |
| HEV | All the electric vehicles that use batteries and an internal combustion engine (ICE) as their primary source for propulsion are considered under this category. HEVs generally use a diesel-electric powertrain and are also known as hybrid diesel-electric vehicles. An HEV converts the vehicle momentum (kinetic energy) into electricity that recharges the battery when the vehicle slows down or stops. The battery of HEV cannot be charged using plug-in devices. |
| PHEV | PHEVs are powered by a battery as well as an ICE. The battery can be charged through either regenerative breaking using the ICE or by plugging into some external charging source. PHEVs have a better range than BEVs but are comparatively less eco-friendly. |
| Hatchback | These are compact-sized cars with a hatch-type door provided at the rear end. |
| Sedan | These are usually two- or four-door passenger cars, with a separate area provided at the rear end for luggage. |
| SUV | Popularly known as SUVs, these cars come with four-wheel drive, and usually have high ground clearance. These cars can also be used as off-road vehicles. |
| MPV | These are multi-purpose vehicles (also called minivans) designed to carry a larger number of passengers. They carry between five and seven people and have room for luggage too. They are usually taller than the average family saloon car, to provide greater headroom and ease of access, and they are usually front-wheel drive. |
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Research Methodology
Mordor Intelligence follows a four-step methodology in all its reports.
- Step-1: Identify Key Variables: To build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built based on these variables.
- Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. Market revenue is calculated by multiplying the sales volume with their respective average selling price (ASP). While estimating ASP factors like average inflation, market demand shift, manufacturing cost, technological advancement, and varying consumer preference, among others have been taken into account.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables, and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms.
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