According to TechSci Research report, “Global Commercial Vehicles Market– By Region, Competition, Forecast & Opportunities, 2028,” the Global Commercial Vehicles Market has valued at USD 1,300 Billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 5.4 % through 2028. Commercial vehicles are essential for driving economic growth, boosting trade, and providing essential services around the globe.
The global commercial vehicle market is made up of a variety of vehicles that are designed for a variety of industrial and commercial purposes. These vehicles come in all shapes and sizes, and each one is tailored to meet the needs of the industry. As electric and alternative fuels become more popular, the commercial vehicle market is adapting to the changing environment, economy, and technology.
As electric, hybrid, and alternative vehicles become more popular, it's challenging the industry to find the right balance between economic growth, environmental sustainability, and meeting commercial needs. From trucks to vans, buses to specialized transport, commercial vehicles are the backbone of economies, infrastructure, and trade, and they're changing the way we transport goods, provide services, and reduce environmental impact.
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The global commercial vehicle market is at the core of economic growth and infrastructure growth. It supports trade, logistics, and public services while embracing technological innovation to serve the needs of an ever-changing world.
As the industry moves towards sustainability, the electric and connected commercial vehicle (CV) market is emerging as key solutions that will redefine the manner in which goods and services are moved and shape the future of mobility both in cities and in rural areas. As urban populations increase, so does the demand for public transportation (PTA) and last-mile (LMD) delivery solutions. This trend encourages investment in buses, vans, and specialized vehicles to promote urban mobility and infrastructure initiatives. Self-driving technology continues to penetrate the commercial vehicle market, with autonomous trucks and delivery vehicles offering efficiency gains, reducing driver fatigue, and addressing driver shortages.
In addition, on a regional level, APAC is experiencing rapid urbanization which is likely to contribute to the growth of light, medium, and heavy commercial vehicle demand in APAC. The rapid growth of the e-commerce sector and logistics industry in the country is expected to drive the demand of commercial vehicles in APAC over the next four to five years.
Many organizations are investing in expanding their dealership networks across various regions. In December 2021, the Rivian company announced the expansion of its manufacturing operations in the United States by setting up its second US plant in Georgia. In September 2021, the Tata Motors company announced its roadmap to recreate its commercial vehicle business by investing more than USD 1 billion or an amount over Rs 7,500 crore in the next 4 to 5 years. In March 2022, the subsidiary of the TRATON group (TRATON Motors) entered into an alliance with Volvo Group’s subsidiary Daimler Trucks.
The Global Commercial Vehicles Market is analyzed based on Vehicle type, application type, propulsion type, and region. Based on the vehicle type the market is divided into Light Commercial Vehicles (LCVs), Heavy Trucks, Buses & Coaches. On the basis of application, the market is divided into Industrial, Mining & Construction, Logistics, Passenger Transportation, and Others. Based on the propulsion type, the market is divided into Electric Vehicles, Hybrid Electric Vehicles, Natural Gas Vehicle, Fuel Cell Electric Vehicle, Diesel Vehicle, and Petrol Vehicle. Based on the region, the market is segmented into Asia-Pacific, Europe & CIS, North America, South America, and Middle East & Africa.
Key market players in the Global Commercial Vehicles Market include:
- Ashok Leyland
- Bosch Rexroth AG
- Daimler
- Volkswagen AG
- Toyota Motor Corporation
- Mahindra and Mahindra
- TATA Motors
- AB Volvo
- Xiamen Golden Dragon Bus Co. Ltd
- General Motors
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“The increase in commercial activity around the world, combined with a growing penetration of electric commercial vehicles, contributes significantly to the expansion of the Global Commercial Vehicles Market. Moreover, in addition, technological improvements, which necessitate specialized and customized vehicles with improved performance and reduced environmental impact increase the demand for the global commercial vehicle market. The Global Commercial Vehicles Market is expected to grow at 5.4 % through the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Commercial Vehicles Market By Vehicle Type (Light Commercial Vehicles (LCVs), Heavy Trucks, Buses & Coaches), By Application Type (Industrial, Mining & Construction, Logistics, Passenger Transportation, Others) By Propulsion Type (Electric Vehicle, Hybrid Electric Vehicle, Natural Gas Vehicle, Fuel Cell Electric Vehicle, Diesel Vehicle, Petrol Vehicle), By Region, Competition, Forecast & Opportunities, 2028” has evaluated the future growth potential of Automotive Infotainment Systems market globally and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Global Commercial Vehicles Market.
Table of Content-Commercial Vehicles Market
- Introduction
1.1. Product Overview
1.2. Key Highlights of the Report
1.3. Market Coverage
1.4. Market Segments Covered
1.5. Research Tenure Considered
- Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
- Executive Summary
3.1. Market Overview
3.2. Market Forecast
3.3. Key Regions
3.4. Key Segments
- Impact of COVID-19 on Global Commercial Vehicles Market
- Global Commercial Vehicles Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.1.2. By Volume
5.2. Market Share & Forecast
5.2.1. By Vehicle Type Market Share Analysis (Light Commercial Vehicles (LCVs), Heavy Trucks, Buses & Coaches)
5.2.2. By Application Type (Industrial, Mining & Construction, Logistics, Passenger Transportation, Others)
5.2.3. By Propulsion Type (Electric Vehicle, Hybrid Electric Vehicle, Natural Gas Vehicle, Fuel Cell Electric Vehicle, Diesel Vehicle, Petrol Vehicle)
5.2.4. By Regional Market Share Analysis
5.2.4.1. Asia-Pacific Market Share Analysis
5.2.4.2. Europe & CIS Market Share Analysis
5.2.4.3. North America Market Share Analysis
5.2.4.4. South America Market Share Analysis
5.2.4.5. Middle East & Africa Market Share Analysis
5.2.5. By Company Market Share Analysis (Top 5 Companies, Others - By Value, 2022)
5.3. Global Commercial Vehicles Market Mapping & Opportunity Assessment
5.3.1. By Vehicle Type Market Mapping & Opportunity Assessment
5.3.2. By Application Type Market Mapping & Opportunity Assessment
5.3.3. By Propulsion Type Market Mapping & Opportunity Assessment
5.3.4. By Regional Market Mapping & Opportunity Assessment
- Asia-Pacific Commercial Vehicle Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.1.2. By Volume
6.2. Market Share & Forecast
6.2.1. By Vehicle Type Market Share Analysis
6.2.2. By Application Type Market Share Analysis
6.2.3. By Propulsion Type Market Share Analysis
6.2.4. By Country Market Share Analysis
6.3. Asia-Pacific: Country Analysis
6.3.1. China Commercial Vehicle Market Outlook
6.3.1.1. Market Size & Forecast
6.3.1.1.1. By Value
6.3.1.1.2. By Volume
6.3.1.2. Market Share & Forecast
6.3.1.2.1. By Vehicle Type Market Share Analysis
6.3.1.2.2. By Application Type Market Share Analysis
6.3.1.2.3. By Propulsion Type Market Share Analysis