Global Commercial Vehicle Market

Commercial Vehicle Market Size, Share, Growth Analysis, By Product(Light Commercial Vehicles (LCVs), Heavy Trucks, Buses, Coaches.), By End User(Industrial, Mining, Construction, Logistics), By Region - Industry Forecast 2024-2031


Report ID: SQMIG20V2002 | Region: Global | Published Date: July, 2036
Pages: 230 | Tables: 67 | Figures: 75

Commercial Vehicle Market Dynamics

Commercial Vehicle Market Driver

  • Commercial vehicle manufacturers have been designed to make carbon-emission-reducing cars to the rise in public awareness of the need for an environmentally friendly solution. Manufacturers are developing cutting-edge vehicle designs, minimizing size and load considerations, and modifying vehicles in accordance with weight restrictions.
  • Additionally encouraging for the market's expansion throughout the projection period is the presence of cutting-edge technologies and the ongoing integration of telematics and communication capabilities into commercial vehicles. Customers looking to purchase commercial vehicles are often looking for ancillary services including finance, rental, and leasing options. Another trend that is progressively being adopted in the market is the growing need for customized solutions.

Commercial Vehicle Market Restraint

  • Strict regulations and high prices for heavy vehicles will restrain market expansion:

The government is making major efforts to grow the vehicle industry on a global basis. To lower the frequency of traffic accidents, guarantee the safety of passengers and drivers, and minimize rising fuel emissions, the government has put rigorous restrictions, in order to limit escalating exhaust emissions, which have caused a global environmental crisis and global warming, they have also imposed tight rules on auto manufacturing businesses.

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FAQs

Commercial Vehicle Market size was valued at USD 821.28 billion in 2019 and is poised to grow from USD 892.73 billion in 2023 to USD 1891.41 billion by 2031, growing at a CAGR of 8.7% in the forecast period (2024-2031).

Commercial Vehicle Market is relatively competitive. As part of their attempts to improve their respective product offerings in the industry, the major players who controlled the market in 2020 are placing heavy importance on supplying modern items built on the most recent technology. To strengthen their position in the market, the corporations are also pursuing strategic initiatives such as geographical expansion and strategic acquisitions, mergers, partnerships, and collaborations. 'Daimler AG', 'Volvo AB', 'Volkswagen AG', 'Toyota Motor Corporation', 'General Motors Company', 'Ford Motor Company', 'Tata Motors Limited', 'Scania AB (a part of Volkswagen AG)', 'PACCAR Inc.', 'Navistar International Corporation', 'MAN SE (a part of Volkswagen AG)', 'Isuzu Motors Limited', 'Hino Motors, Ltd. (a part of Toyota Motor Corporation)', 'Hyundai Motor Company', 'Dongfeng Motor Corporation', 'FAW Group Corporation', 'Sinotruk (Hong Kong) Limited', 'IVECO S.p.A. (a part of CNH Industrial NV)', 'Mitsubishi Fuso Truck and Bus Corporation (a part of Daimler AG)', 'Ashok Leyland Limited'

Commercial vehicle manufacturers have been designed to make carbon-emission-reducing cars to the rise in public awareness of the need for an environmentally friendly solution. Manufacturers are developing cutting-edge vehicle designs, minimizing size and load considerations, and modifying vehicles in accordance with weight restrictions.

Demand for specific transport solutions by consumers, integration of telematics services, and the rising popularity of shared mobility are some of the major trends that are shaping the commercial vehicle market growth.

Asia Pacific is expected to witness the fastest growth rate. Rapid urbanization, industrialization, a sizable population, and strong government investments in the construction of cutting-edge infrastructure are all evident in the Asia Pacific. Due to a large number of industries in the area, there is now a much higher demand for commercial vehicles to transport goods both domestically and internationally. Additionally, China is a major producer and consumer of electric vehicles. The region's demand for electric commercial vehicles has been greatly increased by the growing government attempts to reduce carbon emissions from cars.

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Global Commercial Vehicle Market

Product ID: SQMIG20V2002

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