Spain Light Commercial Vehicles Market Size
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Study Period | 2017 - 2030 |
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Market Size (2024) | USD 9.01 Billion |
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Market Size (2030) | USD 18.59 Billion |
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Largest Share by Vehicle Body Type | Light Commercial Pick-up Trucks |
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CAGR (2024 - 2030) | 12.83 % |
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Fastest Growing by Vehicle Body Type | Light Commercial Vans |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Spain Light Commercial Vehicles Market Analysis
The Spain Light Commercial Vehicles Market size is estimated at 9.01 billion USD in 2024, and is expected to reach 18.59 billion USD by 2030, growing at a CAGR of 12.83% during the forecast period (2024-2030).
9.01 Billion
Market Size in 2024 (USD)
18.59 Billion
Market Size in 2030 (USD)
-6.17 %
CAGR (2017-2023)
12.83 %
CAGR (2024-2030)
Largest Segment by Fuel Category
87.55 %
value share, Diesel, 2023
Diesel leads due to its efficiency for long-haul transportation and established infrastructure supporting diesel engines, making it a preferred choice for commercial operations in Spain.
Largest Segment by Vehicle Body Type
90.52 %
value share, Light Commercial Pick-up Trucks, 2023
Light Commercial Pick-Up Trucks dominate due to their versatility, high demand from small businesses, and suitability for various commercial applications, making them essential in the market.
Fastest-growing Segment by Fuel Category
61.31 %
Projected CAGR, FCEV, 2024-2030
FCEVs are the fastest-growing due to advancements in hydrogen fuel cell technology, expanding hydrogen refueling infrastructure, and a push for zero-emission commercial vehicles.
Leading Market Player
19.84 %
market share, Groupe Renault, 2023
Groupe Renault is the largest player due to its reliable and versatile light commercial vehicles, strong market presence, and commitment to sustainability in Spain.
Second leading Market Player
12.76 %
market share, Ford Motor Company, 2023
Ford Motor Company holds a significant position due to its robust lineup of light commercial vehicles, strong brand reputation, and extensive dealership network in Spain.
Spain's strategic focus on diversifying light commercial vehicle types will boost efficiency and meet the specific needs of businesses in transitioning to a more sustainable economy
- The Spanish light commercial vehicles (LCV) market boasts a diverse range of vehicle types tailored to meet the specific needs of different sectors. These include panel vans, pickup trucks, and small trucks. Panel vans reign supreme in the Spanish LCV market, owing to their adaptability and versatility across a wide range of commercial activities. Their maneuverability in narrow urban streets and ability to securely transport goods, especially for deliveries and service providers, make them highly sought-after. The growth in e-commerce has further fueled the demand for panel vans, highlighting the need for efficient urban logistics solutions.
- Pickup trucks, though occupying a niche, play a crucial role in the market. They find favor among businesses in agriculture, construction, and utilities, owing to their durability and ability to handle diverse terrains. Their versatility, coupled with off-road capabilities, makes them indispensable for businesses operating in rural areas or those requiring transportation to less accessible sites.
- Small trucks, offering higher payload capacities and more space than panel vans or pickups, are a lifeline for logistics, construction, and trade-focused small and medium-sized enterprises (SMEs). While sustainability is gaining traction across segments, the introduction of electric and hybrid small trucks is still limited. Factors like cost and charging infrastructure pose challenges to their wider adoption.
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Spain Light Commercial Vehicles Market Trends
Increasing demand for electric vehicles in Spain is driven by government subsidies and initiatives
- The Spanish automobile industry has been growing continuously over the past few years, and the demand for electric vehicles has grown significantly in recent years, especially after 2020. Various government practices in terms of rebates, such as in March 2021, the government of Spain expanded the budget for the Moves II subsidy program from EUR 100 million to EUR 120 million. Under the program, the light commercial vehicle will be subsidized by EUR 3,630, and heavy commercial vehicle buyers are eligible for a subsidy of EUR 6,000. As a result, electric commercial vehicles witnessed an annual growth of 51.06% in 2021 compared to 2020 across Spain.
- The electric car industry in Spain has also grown tremendously in recent years. In 2020, the government of Spain announced a target of having at least 5 million electric vehicles by 2030. The impact of government norms and subsidies offered has contributed to the growth in the sales of electric cars. Such factors have encouraged consumers to opt for EVs. As a result, the country witnessed a growth in the sale of electric cars by 17.90% in 2022 over 2021.
- The government and various companies are making efforts through various projects that are going to accelerate electric mobility in Spain. In March 2023, the government introduced the Moves 3 plan in Europe, including Spain. The government offered subsidies of EUR 4,500 (without scrapping) and EUR 7,000 (with scrapping) for electric vehicles; the plan was offered until December 31, 2023. Such offerings are expected to accelerate the demand for electric cars in Spain between 2024 and 2030.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Spain's population growth trend indicates a promising future trajectory requiring proactive infrastructure and healthcare planning for sustained development
- Spain's CVP is projected to increase in 2024, indicating a gradual recovery in the automotive market and consumer confidence, possibly driven by government incentives and sustainability trends
- Spain's auto interest rates have been steadily declining, mirroring the broader monetary policies of the European Central Bank and reflecting a trend toward economic stability and growth in the country
- The demand for EVs is on the rise because of falling battery prices and rising domestic production in Spain
- Spain's strategic location and maritime strength have cemented its role in European logistics. Achieving an LPI score of 3.9 in 2023, Spain's emphasis on timeliness and ongoing infrastructure investments highlight its commitment to logistics excellence and future sustainability in the industry
- In 2022, Mercedes-Benz led Spain's light commercial vehicle market, with Fiat making a notable entry. The future may favor eco-friendly vehicles, with emerging brands challenging established leaders
- Spain's GDP per capita experienced fluctuations but is expected to rebound, reaching USD 37,651.90 by 2030
- Spain's inflation, tied to global economic shifts, is expected to stabilize for economic confidence
- Spain's EV charging network surges to 12,200 stations, fueled by government initiatives and green mobility push
- The growing electrification in Spain drives the launch of new electric vehicle models and partnerships for electric bus production
- Owing to high fuel prices, a discount of USD 0.2 per liter was applied to the retail price as a subsidy by the Spanish government in 2022
Spain Light Commercial Vehicles Industry Overview
The Spain Light Commercial Vehicles Market is moderately consolidated, with the top five companies occupying 60.77%. The major players in this market are Fiat Chrysler Automobiles N.V, Ford Motor Company, Groupe Renault, Peugeot S.A. and Volkswagen AG (sorted alphabetically).
Spain Light Commercial Vehicles Market Leaders
Fiat Chrysler Automobiles N.V
Ford Motor Company
Groupe Renault
Peugeot S.A.
Volkswagen AG
Other important companies include IVECO S.p.A, Mercedes-Benz, Toyota Motor Corporation.
*Disclaimer: Major Players sorted in alphabetical order.
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Spain Light Commercial Vehicles 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.
- May 2023: Mercedes Benz Vans is launching its electric small van for innercity deliveries and servicing operations. eCitan is a vehicle panel with 2 options such as the compact version of 4498 mm and 5922 mm.
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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.
Spain Light Commercial Vehicles 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 Impact Of Electrification
- 4.7 EV Charging Station
- 4.8 Battery Pack Price
- 4.9 New Xev Models Announced
- 4.10 Logistics Performance Index
- 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 Vehicle Type
- 5.1.1 Commercial Vehicles
- 5.1.1.1 Light Commercial Pick-up Trucks
- 5.1.1.2 Light Commercial Vans
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5.2 Propulsion Type
- 5.2.1 Hybrid and Electric Vehicles
- 5.2.1.1 By Fuel Category
- 5.2.1.1.1 BEV
- 5.2.1.1.2 FCEV
- 5.2.1.1.3 HEV
- 5.2.1.1.4 PHEV
- 5.2.2 ICE
- 5.2.2.1 By Fuel Category
- 5.2.2.1.1 CNG
- 5.2.2.1.2 Diesel
- 5.2.2.1.3 Gasoline
- 5.2.2.1.4 LPG
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 Fiat Chrysler Automobiles N.V
- 6.4.2 Ford Motor Company
- 6.4.3 Groupe Renault
- 6.4.4 IVECO S.p.A
- 6.4.5 Mercedes-Benz
- 6.4.6 Peugeot S.A.
- 6.4.7 Toyota Motor Corporation
- 6.4.8 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:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET, POPULATION YOY GROWTH RATE, UNITS, 2017 - 2030
- Figure 2:
- SPAIN MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 3:
- SPAIN MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 4:
- SPAIN MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 5:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET, INTEREST RATE FOR AUTO LOANS YOY GROWTH RATE, PERCENTAGE, 2017 - 2022
- Figure 6:
- SPAIN MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 7:
- SPAIN MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 8:
- SPAIN MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 9:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET, NEW XEV MODELS ANNOUNCED, VOLUME, YOY GROWTH RATE, UNITS, 2023 - 2027
- Figure 10:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET, LPI YOY GROWTH RATE, 2017 - 2030
- Figure 11:
- SPAIN MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 12:
- SPAIN MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 13:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET, VOLUME IN UNITS, 2017 - 2030
- Figure 14:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET, VALUE IN USD, 2017 - 2030
- Figure 15:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET, BY VEHICLE BODY TYPE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 16:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET, BY VEHICLE BODY TYPE, BY VALUE IN USD, 2017 - 2030
- Figure 17:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 18:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 19:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET, BY LIGHT COMMERCIAL PICK-UP TRUCKS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 20:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET, BY LIGHT COMMERCIAL PICK-UP TRUCKS, BY VALUE IN USD, 2017 - 2030
- Figure 21:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET, BY LIGHT COMMERCIAL VANS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 22:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET, BY LIGHT COMMERCIAL VANS, BY VALUE IN USD, 2017 - 2030
- Figure 23:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET, BY PROPULSION TYPE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 24:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET, BY PROPULSION TYPE, BY VALUE IN USD, 2017 - 2030
- Figure 25:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY PROPULSION TYPE, 2017 - 2030
- Figure 26:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY PROPULSION TYPE, 2017 - 2030
- Figure 27:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET, BY FUEL CATEGORY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 28:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET, BY FUEL CATEGORY, BY VALUE IN USD, 2017 - 2030
- Figure 29:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 30:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 31:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET, BY BEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 32:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET, BY BEV, BY VALUE IN USD, 2017 - 2030
- Figure 33:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 34:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET, BY FCEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 35:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET, BY FCEV, BY VALUE IN USD, 2017 - 2030
- Figure 36:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 37:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET, BY HEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 38:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET, BY HEV, BY VALUE IN USD, 2017 - 2030
- Figure 39:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 40:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET, BY PHEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 41:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET, BY PHEV, BY VALUE IN USD, 2017 - 2030
- Figure 42:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 43:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET, BY FUEL CATEGORY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 44:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET, BY FUEL CATEGORY, BY VALUE IN USD, 2017 - 2030
- Figure 45:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 46:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 47:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET, BY CNG, BY VOLUME IN UNITS, 2017 - 2030
- Figure 48:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET, BY CNG, BY VALUE IN USD, 2017 - 2030
- Figure 49:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 50:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET, BY DIESEL, BY VOLUME IN UNITS, 2017 - 2030
- Figure 51:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET, BY DIESEL, BY VALUE IN USD, 2017 - 2030
- Figure 52:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 53:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET, BY GASOLINE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 54:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET, BY GASOLINE, BY VALUE IN USD, 2017 - 2030
- Figure 55:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 56:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET, BY LPG, BY VOLUME IN UNITS, 2017 - 2030
- Figure 57:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET, BY LPG, BY VALUE IN USD, 2017 - 2030
- Figure 58:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 59:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2017 - 2030
- Figure 60:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET, MOST ADOPTED STRATEGIES, 2017 - 2030
- Figure 61:
- SPAIN LIGHT COMMERCIAL VEHICLES MARKET SHARE(%), BY MAJOR PLAYERS, 2021
Spain Light Commercial Vehicles Industry Segmentation
Commercial Vehicles are covered as segments by Vehicle Type. Hybrid and Electric Vehicles, ICE are covered as segments by Propulsion Type.
- The Spanish light commercial vehicles (LCV) market boasts a diverse range of vehicle types tailored to meet the specific needs of different sectors. These include panel vans, pickup trucks, and small trucks. Panel vans reign supreme in the Spanish LCV market, owing to their adaptability and versatility across a wide range of commercial activities. Their maneuverability in narrow urban streets and ability to securely transport goods, especially for deliveries and service providers, make them highly sought-after. The growth in e-commerce has further fueled the demand for panel vans, highlighting the need for efficient urban logistics solutions.
- Pickup trucks, though occupying a niche, play a crucial role in the market. They find favor among businesses in agriculture, construction, and utilities, owing to their durability and ability to handle diverse terrains. Their versatility, coupled with off-road capabilities, makes them indispensable for businesses operating in rural areas or those requiring transportation to less accessible sites.
- Small trucks, offering higher payload capacities and more space than panel vans or pickups, are a lifeline for logistics, construction, and trade-focused small and medium-sized enterprises (SMEs). While sustainability is gaining traction across segments, the introduction of electric and hybrid small trucks is still limited. Factors like cost and charging infrastructure pose challenges to their wider adoption.
| Vehicle Type | Commercial Vehicles | Light Commercial Pick-up Trucks | |
| Light Commercial Vans | |||
| Propulsion Type | Hybrid and Electric Vehicles | By Fuel Category | BEV |
| FCEV | |||
| HEV | |||
| PHEV | |||
| Propulsion Type | ICE | By Fuel Category | CNG |
| Diesel | |||
| Gasoline | |||
| LPG |
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Market Definition
- Vehicle Type - The category covers light commercial vehicle.
- Vehicle Body Type - This includes Light Commercial Pick-up Trucks and Light Commercial Vans.
- 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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