Commercial Vehicles Industry Overview
The global commercial vehicles market size is expected to reach USD 1,850.31 billion by 2030, according to a new report by Grand View Research, Inc. The industry is expected to advance at a CAGR of 4.0% from 2022 to 2030. Continued infrastructure development, the growth of the construction and mining industries, and the subsequent need for the development of road infrastructure are expected to drive industry advancement. The unabated growth of the e-commerce industry, which has drastically transformed the logistics sector, is also expected to drive the demand for commercial vehicles.
The prevalence of advanced technologies and the continued integration of telematics and communication capabilities into commercial vehicles also bodes well for the growth of the market during the forecast period. Customers willing to invest in commercial vehicles are also scouting for additional services, such as financing services, rental services, and leasing services. The growing demand for individualized solutions is another trend increasingly being adopted in the market.
Large enterprises, along with medium-sized companies, are also opting for customized financial deals, especially leasing solutions. At the same time, the focus on safety in commercial vehicles is gradually shifting from reducing the impact of an accident to preventing an accident. Hence, customers are opting for vehicles equipped with new-age safety features that can potentially help prevent accidents.
The COVID-19 pandemic took its toll on the demand for commercial vehicles in 2020. The lockdowns imposed in various parts of the world, as part of the efforts to arrest the spread of coronavirus, affected several industries and industry verticals, including manufacturing, automotive, entertainment, and hospitality. The global automotive production volumes declined over the year in 2020, mainly due to the dwindling production volumes in North America and Europe, among other regions, as production facilities were shut temporarily as part of the lockdown procedures.
Commercial Vehicles Market Segmentation
Grand View Research has segmented the global commercial vehicles market on the basis of product, end-use, and region:
Based on the Product Insights, the market is segmented into Light Commercial Vehicles (LCVs), Heavy Trucks, and Buses & Coaches.
- The light commercial vehicles (LCVs) segment accounted for the largest revenue share of 77.3% in 2021. The LCVs are considered a cost-effective option for the transportation of goods and passengers. LCVs offer numerous tax benefits and also aid in reducing emissions.
- The buses & coaches segment is expected to witness a CAGR of 3.4% from 2022 to 2030. The growth of the segment can be attributed to the increased adoption of buses and coaches in the healthcare and tourism industries. Buses and coaches are the most cost-effective mode of transportation, thereby driving their sales.
Based on the End-use Insights, the market is segmented into Industrial, Mining & Construction, Logistics, Passenger Transportation, and Others.
- The logistics segment accounted for the largest share of 26.7% of the overall commercial vehicles market volume in 2021. Continued growth in global trade and the strengthening of the logistics infrastructure are some of the prime factors that are expected to drive the growth of the logistics segment during the projected period. The unabated growth of thee-commerce industry also bodes well for the growth of the logistics segment.
- The passenger transportation segment is estimated to register a revenue-based CAGR exceeding 4.6% from 2022 to 2030 The increase in the adoption of public transportation is anticipated to drive the demand for commercial vehicles. Public transportation is often well-developed in urban areas and individuals find it effective as compared to commuting by cars, in terms of time and cost.
Commercial Vehicles Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile
The key players that dominated the global market in 2020 are putting a strong emphasis on providing advanced products based on the latest technologies, as part of their efforts to enhance their respective product offerings in the market. The companies are also pursuing strategic initiatives, such as regional expansion as well as strategic acquisitions, mergers, partnerships, and collaborations to cement their position in the market.
Some of the prominent players in the global commercial vehicles market include
- Ashok Leyland
- Bosch Rexroth AG
- Volkswagen AG
- Toyota Motor Corporation
- Mahindra and Mahindra
- TATA Motors
- AB Volvo
- Golden Dragon
- General Motors
Order a free sample PDF of the Commercial Vehicles Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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