According to data analysis from Frost & Sullivan, disruptions are expected to impact sales across all regions due to COVID-19.
Global sales of light commercial vehicles (LCV) are expected to decline by 19.0% in 2020 reaching 9.49M units, with pickups contributing to 4.62M units. In 2019, the share of North America (NA) in the overall LCV market stood at 35%, while China held a 25% share.
All regions are impacted, 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. Renault-Nissan, Volkswagen, Daimler, Ford, and Fiat have plans to come out with new eLCV models this year.