Overview and Scope
A commercial vehicle is a vehicle with a license to transport goods or materials rather than people. A commercial vehicle is used for commercial or business purposes.
Sizing and Forecast
The commercial vehicle market size has grown strongly in recent years. It will grow from $877.05 billion in 2023 to $952.5 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to global trade expansion, infrastructure development, manufacturing and industrial activity, government regulations, consumer goods transportation.
The commercial vehicle market size is expected to see strong growth in the next few years. It will grow to $1333.39 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to e-commerce logistics growth, last-mile delivery solutions, sustainable and green logistics, efficiency in supply chain, efficiency in supply chain. Major trends in the forecast period include telematics integration for fleet management, integration of advanced safety systems, customization for industry-specific needs, aerodynamics for fuel efficiency, autonomous driving technology.
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Segmentation & Regional Insights
The commercial vehicle market covered in this report is segmented –
1) By Type: Light Commercial Vehicle, Heavy Trucks, Buses And Coaches
2) By Fuel Type: Gasoline, Diesel, Other Fuel Types
3) By Application: Mining & Construction, Logistics, Passenger Transportation, Other Applications
4) By Propulsion Type: IC Engine, Electric Vehicle
North America was the largest region in the commercial vehicles market in 2023. Asia-Pacific was the second-largest region in the commercial vehicle market. The regions covered in the commercial vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Advances in technology are expected to be a continued driver of market growth in the forecast period. The commercial vehicle industry has experienced many technological advances in the last decade, and this trend is expected to intensify. According to Forbes, the ten new features in 2020 include autonomous driving; driver override systems; biometric vehicle access; comprehensive vehicle tracking; active window displays; remote vehicle shutdown; active health monitoring; four-cylinder supercars; smart and personalized in-car marketing; and reconfigurable body panels. These innovations are expected to drive the commercial vehicle market during the forecast period.
Key Industry Players
Major companies operating in the commercial vehicle market report are Volkswagen AG, Toyoto Motor Corp., Ford Motor Company, General Motors Company, Bayerische Motoren Werke AG, Beijing Automotive Group Co. Ltd., Kia Motors Corp., BYD Motors Inc., Volvo AB, TRATON GROUP, PACCAR Inc., Peugeot, Scania AB, Tata Motors Ltd., Dongfeng Motor Corporation, Hino Motors Ltd., Navistar Inc., Science Applications International Corporation Inc., Trimble Inc., PTC Inc., Rivian Automotive Inc., Mack Trucks Inc., Isuzu Commercial Truck of America Inc., American Coleman, Lytx Inc., Daimler AG, Motor Co. ltd., Mercedes-Benz Group AG, Fleetmatics Pvt.Ltd, International Lonestar
The commercial vehicle market report table of contents includes:
1. Executive Summary
2. Commercial Vehicle Market Characteristics
3. Commercial Vehicle Product/Service Analysis -Product/Service Examples
4. Commercial Vehicle Market Trends And Strategies
5. Commercial Vehicle Market – Macro Economic Scenario
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68. Global Commercial Vehicle Market Competitive Benchmarking
69. Global Commercial Vehicle Market Competitive Dashboard
70. Key Mergers And Acquisitions In The Commercial Vehicle Market
71. Commercial Vehicle Market Future Outlook and Potential Analysis
72. Appendix
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