Global Light Commercial Vehicle Market Outlook, 2020

LCV Sales to Decline by 19.0% in 2020 Impacted by Global Recession Caused by the COVID-19 Outbreak at the Start of the Year

Global sales of light commercial vehicle (LCV) are expected to reach 9.49 million units in 2020, with pickups contributing to 4.62 million units. The share of North America (NA) in the overall LCV market stood at 35%, while China held a 25% share, in 2019. Impending disruptions due to Coronavirus 2019 (COVID-19) are expected to impact sales across all regions, with Europe taking the biggest hit due to the severity of the virus. The Renault-Nissan-Mitsubishi (RNM) group retained its global leadership in the light-duty (LD) trucks and vans segment, while Ford continued to lead the pickups segment globally in 2019. Electric LCVs (eLCVs) will continue to gain importance going forward with a slew of launches expected until 2023, with quite a few of them, especially in medium-sized vans, expected in 2020. Renault-Nissan, Volkswagen, Daimler, Ford, and Fiat have plans to come out with new eLCV models this year.

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