Light trucks are the trucks or truck-based vehicles which have a payload capacity of less than 4,000 pounds or 1,815 kg. These trucks in the U.S. are known as light-duty trucks and in the European countries similar vehicles are popularly known as light commercial vehicle.
Federal regulation of the U.S. defines light trucks as any motor vehicle which has a gross weight (curb weight and payload weight) of not more than 8,500.0 pounds or 3,855.5 kg. Light trucks are used for three purposes: for the purposes of transportation of property from one place to another, as a carrier vehicle for transportation of persons from one destination to another and to be used off-street or off-highway operation. Light trucks have lower fuel economy standards compared to cars, so these vehicles are used for utilization purposes rather than personal use purpose.
The light trucks market is bifurcated into light commercial vehicles (LCVs) and light buses and coaches (LBCs) weighing up to 3.5 tons. Light commercial vehicle holds the major market share followed by light buses and coaches segment.
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FACTS AT A GLANCE
Companies: Fiat S.p.A., Ford Motor Company, General Motors Company, Toyota Motor Corporation, Tata Motors Limited and Ashok Leyland.
Coverage: All major geographies and key segments
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Segments: Light Trucks Market Segmented By light commercial vehicles (LCVs) and Light Buses and Coaches (LBCs), Light Buses and Coaches Segment having products such as vans, Sports Utility Vehicles (SUV’s) with pick-ups types comprises of Mini pick-ups, Compact pick-ups and Mid-size pick-ups
Geographies: North America (U.S., Canada),Latin America (Mexico, Brazil, Argentina, Chile, Peru),Western Europe (Germany, Italy, France, U.K, Spain, BENELUX, Nordic, Eastern Europe),CIS and Russia,Asia-Pacific (China, India, ASEAN, South Korea),Japan,Middle East and Africa (GCC Countries, South Africa, Turkey, Iran, Israel)
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ABSTRACT-
The major products under the light trucks market include pick-ups, vans and similar vehicles. In the U.S., sports utility vehicles (SUV’s) are also included within the light truck market. Pick-ups are light motor vehicle with an open-top used for the transportation of goods and people from one destination to another, majorly within the city.
Mini pick-ups, compact pick-ups and mid-size pick-ups are some of the well known types of pick-ups used in the market. Van is a kind of vehicle with closed top, used for transporting goods or people. Vans can carry 4 tons weight and is classified as light or medium duty trucks or light commercial vehicle.
Increasing international trade coupled with better storage facilities propel the manufacturing companies to produce and store their product for future trade and fulfill the demand of the customer. This is expected to increase in the coming future and is expected to act as driver for the global light trucks market.
Additionally, increasing population is expected to increase the demand for consumer goods which, in turn, is expected to drive the demand for light trucks in the global market. Increasing fuel prices are expected to act as growth inhibitors for the market. However, its impact is expected to be very low. According to Statista (Statistics Company), average prices for crude oil increased from USD77.38 per barrel in 2010 to USD 105.87 per barrel in 2013.
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