Commercial Vehicles Market – Global Industry Analysis and Forecast (2023-2029)

Commercial Vehicles Market is anticipated to reach US$ 1147.03 Bn by 2029 from US$ 797.65 Bn in 2022 at a CAGR of 5.33% during a forecast period.
Commercial Vehicles Market Overview
Commercial vehicles are the vehicles used for the transportation of goods or people. These vehicles include freight vehicles, company vans, minivans, pick-up trucks, and sports utility vehicles, heavy-duty trucks, buses, and coaches. Commercial vehicles are used for various applications such as passenger transportation, logistics, industrial, mining, and many more. In logistics operations, commercial vehicles are in high demand due to growing industrial activities in the developing markets. However, the demand is expected to increase due to the growing economies of developing countries during the forecast period.To know about the Research Methodology :- Request Free Sample Report
Commercial Vehicles Market Dynamics
The availability of freight and the degree of transportation and logistics operations fuel the growth of the commercial vehicle market. Growing construction activities have also boosted demand for material and commodities transportation, resulting in a rise in commercial vehicle sales globally. The government has implemented rules to properly manage the number of items being transported in commercial vehicles.

New commercial vehicles for the delivery of products are likely to be in high demand as a result of these regulations. Governments are also investing significantly in initiatives like power generation, road construction, mining, and mega and smart cities, all of which are expected to fuel the commercial vehicle market.

Other factors, including digitalization and growing infrastructure expenditure, are expected to propel the commercial vehicle market forward. Consumer demand for specialized transportation solutions, telematics integration, and the growing popularity of shared mobility are some of the key factors influencing the commercial vehicle market's growth. Several Original Equipment Manufacturers have introduced commercial vehicles with connectivity features, such as accident warnings, traffic data, weather reports, and updates on roadwork, after exploring the benefits of connectivity and telematics to transform transportation and logistics operations. This, in turn, is expected to flourish the sale of commercial vehicles during the forecast period.
Growing Production and Sales of Electric Commercial Vehicles:
The growing electric vehicles market due to the increasing freight, logistics, and construction activities is expected to drive the market during the forecast period. The implementation of strict regulations to decrease excessive emissions has pushed vehicle manufacturers to design and construct low-emission fleets to replace diesel trucks with cleaner options. Thus, Electric commercial vehicles have become a far more appealing choice due to their better range, battery life, dependability, and cost. As a result, the growing electric commercial vehicle market is expected to drive the growth of the market.
COVID-19 Impact on the Global Commercial Vehicles Market
COVID pandemic has a major impact on the market in terms of sales as more than 44% of sales of units are hampered owing to disruption in transport capabilities

of the manufacturers due to stringent norms of lockdown and increasing safety concerns. Manufacturing operations have been halted, and the supply chain has been disrupted, resulting in a drop in commercial vehicles exports in the pandemic.

Due to its flexible performance in a variety of circumstances, increasing freight, logistics, and construction activities, commercial vehicles continue to dominate the market. Sales of commercial vehicles are expected to grow in the second half of 2020, due to growing economic activity, increased road traffic, and a recovery in global production and trade. According to gathered statistics, 2.5 million commercial vehicles were registered in Europe in 2020, compared to 2.9 million in 2019. Commercial vehicle sales in the United States are also dropped by 10.3% in 2020.
Commercial Vehicles Market Segmentation Analysis
By Product, the Light Commercial Vehicles (LCVs) segment dominated the market, with a market size of US$xx Bn. in 2022.



The growth of the light commercial vehicles (LCVs) segment is being fueled by the increasing ease of access to car finance schemes, infrastructure projects, logistics, and the E-commerce industry. LCVs provide various tax benefits as well as aids in lowering emissions. These vehicles are fast and efficient, making them a suitable choice for the transportation of goods.

The bus and coach segment is expected to grow at a CAGR of about 5% during the forecast period. The growing usage of buses and coaches in the healthcare and tourist industries can be attributed to the segment's growth. Electric buses are becoming more popular in both developed and developing countries as a way to reduce vehicle emissions, which is expected to drive the growth of the segment during the forecast period.

By End-use, the logistics segment dominated the market, with a market share of around 26% of the global market in 2022. The growth is attributed to the increasing penetration of e-commerce & retail business, growth in global trade, and the strengthening of the logistics infrastructure. Similarly, consumer’s preference for online purchasing due to covid-19 has increased the growth of the e-commerce sector, thereby boosting the market growth for the logistics segment during the forecast period.

The passenger transportation segment is expected to grow during the forecast period with a market share of around 26%. Increased transportation spending to increase accessibility and affordability is one of the main elements which increases the segment's growth. In addition, the increasing trend towards shared mobility and standards in the field of road transport are also the important factors behind the increase in passenger transportation.
Commercial Vehicles Market Regional Insights
In the global market, the North American market now holds a 28 percent share and is expected to grow at 4.2% during the forecast period. The U.S is the largest market in the region, which is expected to hold a 10.6 Million Units market share in 2022. The highly unified supply chain network in North America efficiently connects manufacturers and consumers through a variety of modes of transport, including freight, air, express delivery, sea transport, trucking, and therefore boosts the market growth.

In terms of production, the Asia-Pacific market is evolving into a region with enormous potential. Due to the high demand for commercial vehicles and consequent increases in production in these countries, China and India are expected to hold a significant share of the commercial vehicles market. China, the world's second-biggest economy, is expected to reach a market size of 6.2 million units by 2029, representing a 6.5 percent CAGR during the forecast period.

Japan and Canada are two other significant geographic markets, with expected growth rates of 2.9 percent and 3.2 percent, respectively, throughout the forecast period. Germany is expected to develop at a CAGR of around 3.4 percent in Europe.

The objective of the report is to present a comprehensive analysis of the Global Commercial Vehicles Market to the stakeholders in the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language.

The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding Global Commercial Vehicles Market dynamics, structure by analyzing the market segments and project the Global Commercial Vehicles Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Commercial Vehicles Market make the report investor’s guide.
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Global Commercial Vehicles Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 797.65 Bn.


Forecast Period 2023 to 2029 CAGR:
5.33%
Market Size in 2029:
US $ 1147.3 Bn.


 Segments Covered:
by Product
Light Commercial Vehicles (LCVs)
Heavy Trucks
Buses & Coaches


by End-use
Industrial
Mining & Construction
Logistics
Passenger Transportation
Others


by Fuel Type
I.C. Engine
Electric Vehicle (EV)



Commercial Vehicles Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
Commercial Vehicles Market, Key Players are
1. Ashok Leyland
2. Bosch Rexroth AG
3.Daimler
4. Volkswagen AG
5. Toyota Motor Corporation
6. Mahindra and Mahindra
7. TATA Motors
8. AB Volvo
9. Golden Dragon
10. General Motors
11. Piaggio Vehicles Private Limited
12. SML Isuzu Limited
13. Force Motors Limited
14. VE Commercial Vehicles Limited
15. Scania Commercial Vehicles India Private Limited

Frequently Asked Questions:

1. Which region has the largest share in Global Commercial Vehicles Market?
Ans: North America region holds the highest share in 2022.

2. What is the growth rate of Global Commercial Vehicles Market?
Ans: The Global Commercial Vehicles Market is growing at a CAGR 5.3% during forecasting period 2023-2029.

3. What is scope of the Global Commercial Vehicles market report?
Ans: Global Commercial Vehicles Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Commercial Vehicles market?
Ans: The important key players in the Global Commercial Vehicles Market are – Ashok Leyland, Bosch Rexroth AG, Daimler, Volkswagen AG, Toyota Motor Corporation, Mahindra and Mahindra

5. What is the study period of this market?
Ans: The Global Commercial Vehicles Market is studied from 2022 to 2029.