North America Light Commercial Vehicle Market Size & Outlook
The light commercial vehicle market in North America is expected to reach a projected revenue of US$ 7,218.2 million by 2030. A compound annual growth rate of 27.4% is expected of North America light commercial vehicle market from 2024 to 2030.
Revenue, 2023 (US$M)
$1,321.9
Forecast, 2030 (US$M)
$7,218.2
CAGR, 2024 - 2030
27.4%
Report Coverage
North America
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North America light commercial vehicle market highlights
- The North America light commercial vehicle market generated a revenue of USD 1,321.9 million in 2023.
- The market is expected to grow at a CAGR of 27.4% from 2024 to 2030.
- In terms of segment, lithium nickel manganese cobalt oxide was the largest revenue generating battery type in 2023.
- Lithium Iron Phosphate is the most lucrative battery type segment registering the fastest growth during the forecast period.
- Country-wise, U.S. is expected to register the highest CAGR from 2024 to 2030.
North America data book summary
| Market revenue in 2023 | USD 1,321.9 million |
| Market revenue in 2030 | USD 7,218.2 million |
| Growth rate | 27.4% (CAGR from 2023 to 2030) |
| Largest segment | Lithium nickel manganese cobalt oxide |
| Fastest growing segment | Lithium Iron Phosphate |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Lithium Nickel Manganese Cobalt Oxide, Lithium Iron Phosphate |
| Key market players worldwide | Honeywell International Inc, BorgWarner Inc, Mitsubishi Corp, IHI, Continental AG, Bosch Mahle Turbo Systems, Cummins Inc, ABB Ltd |
Other key industry trends
- In terms of revenue, North America region accounted for 8.8% of the global light commercial vehicle market in 2023.
- Globally, Europe is projected to lead the regional market in terms of revenue in 2030.
- MEA is the fastest growing regional market and is projected to reach USD 1.0 million by 2030.
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Light Commercial Vehicle Market Scope
Light commercial vehicle market segmentation & scope
Light Commercial Vehicle Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| Bosch Mahle Turbo Systems | View profile | - | Stuttgart, Baden-Wurttemberg, Germany, Europe | http://www.bmturbosystems.com |
| IHI | View profile | - | Yokohama-shi, Kanagawa, Japan, Asia | https://www.iic-hq.co.jp |
| BorgWarner Inc | View profile | 39900 | 3850 Hamlin Road, Auburn Hills, MI, United States, 48326 | https://www.borgwarner.com |
| Cummins Inc | View profile | 75500 | 500 Jackson Street, Box 3005, Columbus, IN, United States, 47202-3005 | https://www.cummins.com |
| Continental AG | View profile | 200888 | Continental-Plaza 1, 30001, P.O. Box 1 69, Hanover, NI, Germany, 30175 | https://www.continental.com |
| Mitsubishi Corp | View profile | 105267 | Mitsubishi Shoji Building 3-1, Marunouchi 2-chome, Chiyoda-ku, Tokyo, Japan, 100-8086 | https://www.mitsubishicorp.com |
| Honeywell International Inc | View profile | 95000 | 855 South Mint Street, Charlotte, NC, United States, 28202 | https://www.honeywell.com |
| ABB Ltd | View profile | 108700 | Affolternstrasse 44, Zurich, Switzerland, 8050 | https://www.abb.com |
North America light commercial vehicle market size, by country, 2018-2030 (US$M)
North America Light Commercial Vehicle Market Outlook Share, 2023 & 2030 (US$M)
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