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Gasoline Turbocharged Light Duty Vehicles Are Estimated To Be The Largest Market In North America
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The report "Light Duty Vehicle Market for North America by Key OEM & Model, Engine Capacity, Fuel, Turbocharger, Transmission, Aftertreatment Devices, Steering & Safety System, RVD, ADAS and Country, & Vehicle Type (Passenger Car, Light Trucks & AFV) - Forecast to 2021", The light duty vehicle market for North America is projected to grow at a CAGR of 5.65% from 2016 to 2021, to reach a market size of to reach 24540.0 thousand units.
Browse 57 market data tables and 39 figures spread through 222 pages and in-depth TOC on “Light Duty Vehicle Market for North America by Key OEM & Model, Engine Capacity, Fuel, Turbocharger, Transmission, Aftertreatment Devices, Steering & Safety System, RVD, ADAS and Country, & Vehicle Type (Passenger Car, Light Trucks & AFV) - Forecast to 2021”
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The major factors behind the growth of the North American light duty vehicle market are the increasing demand for light duty vehicles coupled with the stringent emission norms leading to light weighting/downsizing of auto components.
Light duty vehicles with 3.5 liter engines are estimated to be the largest market in North America
Engine capacity helps in determining engine output such as power, torque, and mileage. The 3.5-liter engine segment, which is used in SUVs, sports cars and high end luxury cars, holds the largest market share mainly due to preference for powerful vehicles in the region. The 1.5 to 1.8 liter engine segment gives moderate mileage in petrol vehicles and is generally used in mid-size cars and small wagons.
Automatic transmission is projected to hold the largest market share in the North American light duty vehicle market
The North American market is inclined towards automatic transmission owing to customer’s preference for automatic transmission systems and stringent emission norms. As a manual transmission’s fuel efficiency depends on driver proficiency, the automatic transmission’s performance results in a better fuel efficiency and lower emissions. Stringent fuel efficiency norms, namely the Corporate Average Fuel Economy (CAFE) standards, have increased the demand for fuel efficient transmission systems like CVT.
The light duty vehicle market for North America is projected to grow at a CAGR of 5.65% during the forecast period, to reach 24540.0 thousand units by 2021, from an estimated 18647.1 thousand units in 2016. The base year for the report is 2015 and the forecast year is 2021.
The increasing demand for light duty vehicles in North America, stringent emission regulations leading to light weighting/engine downsizing, and infrastructure growth has led to an increase in passenger car production in North America.
The North American passenger car production market is dominated by the two major domestic players: The Ford Motor Company and Chevrolet, a division of General Motors (GM). The Japanese player such as Toyota and Honda also hold a considerable market share. The Ford F-series, Chevrolet Silverado, GM Sierra and the Honda CR-V are the best-selling models of their respective companies
The turbocharged vehicle segment is estimated be the fastest growing during the forecast period. With the increased focus on fuel efficiency and emission norms, a majority of the car OEMs are focusing on small sized vehicles along with downsizing larger engines with the help of turbocharger technology in order to provide better fuel efficiency.
The North American passenger car market is favorable for gasoline vehicles, but it has started moving towards diesel and hybrid vehicles. The U.S. government is taking steps to promote electric vehicles (EVs), and plans to introduce 48 electric charging corridors which will cover 25,000 miles of highways.
The CVT transmission segment is the fastest growing transmission type used in passenger cars. This escalated growth can be attributed to the elevated demand for fuel efficient vehicles and as an alternative to automatic transmissions which increase costs.
Advancement in technology has led to improved fuel economy of vehicles which has prompted customers to purchase light duty vehicles. Electric pick-up trucks are also becoming a key trend in this region. The light truck segment is estimated to dominate the Mexican light duty vehicle production market in terms of growth rate
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Increasing trend of gasoline turbocharged engine in North America
The North American light duty vehicle market is shifting toward the gasoline turbocharged engines. Gasoline turbocharged vehicles are more fuel efficient and powerful than non-turbocharged ones.
U.S. to be the largest market
By 2021, the U.S., being the largest manufacturer in this region, is projected to maintain its leading position in the light duty vehicle segment due to growing demand from nearby countries such as Mexico and Canada as well as in other regions. Infrastructure growth along with the increasing demand for light duty vehicles is also set to drive the domestic market for light duty vehicles.
The major players such as General Motors (U.S.), Ford Motor Company (U.S.), Toyota Motor Corporation (Japan), Fiat Chrysler Automobiles (U.K.) are global vehicle manufacturers who have been covered in this study.
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