Van Market to Surpass $ 164 Billion by 2023

Growth of e-commerce and logistics industry, rising tourism along with growing small-scale businesses to drive global van market through 2023

According to TechSci Research report, “Global Van Market By Tonnage Capacity, By Fuel Type, By End Use, By Region, Competition Forecast & Opportunities, 2013 – 2023”, the global van market is projected to cross $ 164 billion by 2023 on account of growing e-commerce and logistics sectors across developed as well as developing economies. Moreover, major automotive companies are focusing on expanding their production facilities in the coming years, which is further likely to positively influence global van market during the forecast period. Additionally, rising number of medium and small enterprises would further steer growth in the global van market during forecast period.

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In 2017, vans with up to 2 ton capacity dominated the global van market with a majority volume share, and the segment is likely to remain the largest through 2023. Up to 2 ton segment is followed by 2 to 3 ton and 3 to 5.5 ton product segments. The dominance of up to 2 ton segment is led by their major use in various sectors, including logistics, hotel and retail industry for transportation of food and other goods. Among regions, van market is largely concentrated in Asia-Pacific region owing to region’s high population and rising trade activities.

Increasing presence and focus of various major global automotive players such as FORD Motor Company, Volkswagen AG, Mercedes-Benz, FCA Italy S.p.A., Renault SA., Groupe PSA, General Motor Company, Toy, etc., on the global van market is anticipated to intensify market competition over the next five years. “Rising inclination of people towards online shopping, globally, coupled with increasing tourism and infrastructural development across major global economies is pushing demand for vans across the globe. Moreover, rising focus on vans running on alternate fuels and emergence of vans with smart features, is further anticipated to steer growth in the global van market over the coming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Van Market By Tonnage Capacity, By Fuel Type, By End Use, By Region, Competition Forecast & Opportunities, 2013 – 2023” has analyzed the potential of global van market across the world, and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by global van market.

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