Pune, India, July 20, 2022 (GLOBE NEWSWIRE) -- Commercial Vehicle Market size is projected to reach USD 1,712.44 billion in 2029, at a CAGR of 8.7% during the forecast period. The global Commercial Vehicle market size was USD 821.28 billion in 2021. Commercial Vehicle market is projected to rise during the forecast period due to Trend for EVs to Bolster Investments. This information is published by Fortune Business Insights™ in a report, titled, “Commercial Vehicle Market, 2022-2029.”
According to the analysis, freight vehicles, including heavy and light vehicles have become sought-after to streamline business operations. Governments have triggered investments to utilize and develop freight vehicles. To illustrate, the European Union has reportedly regulated automakers to install Advanced Driver Assistance Systems (ADAS), Lane Departure Warning (LDW), and AEB in all heavy vehicles with a weight of almost 15,400 pounds.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 8.7% |
| 2029 Value Projection | USD1,712.44 billion |
| Base Year | 2021 |
| Market Size in 2022 | USD 955.57 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 200 |
| Segments covered | Light Commercial Vehicles to Remain Dominant Due to Increased Usage in Logistics Operations |
| Growth Drivers | Industrialization and Digital Transformation to Steer Growth |
| Bullish Demand for Freight Vehicles to Boost North America Market |
Market Growth Drivers:
Industrialization and Digital Transformation to Steer Growth
The expansion of e-commerce could foster the commercial vehicle market share during the forecast period. Burgeoning industrialization will drive technological advancements and innovations globally. The growth of the e-commerce sector has encouraged automakers and OEMs to emphasize the production of light & heavy vehicles. Moreover, the tourism sector has become one of the major recipients of automobile, largely due to the trend for destination weddings boosting the penetration of rental vehicles. Stakeholders also expect infrastructure developments, including smart city and residential projects and the need for bridges and flyovers to trigger the vehicle demand. However, high manufacturing costs and complexity in operating advanced systems could impede the growth prospect.
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Highlights of the Report:
The report offers a comprehensive perspective of the market size, share, revenue, and volume. It has deep-dived into SWOT analysis. Quantitative and qualitative assessments have provided a holistic view of the market. The primary interviews validate assumptions, findings, and the prevailing business scenarios. The report also includes secondary resources such as annual reports, press releases, white papers, and journals.
Regional Segmentation:
Bullish Demand for Freight Vehicles to Boost North America Market
North America market forecast will be strong due to surging demand for freight vehicles across the U.S. and Canada. Soaring demand for fleet management’s long-distance operations could underpin the penetration of commercial vehicles. For instance, the rising footfall of cargo and personnel transportation will augur well for the regional growth.
Industry participants expect the Asia Pacific commercial vehicle market growth to gain traction following the rising automotive production and sales. Prominently, expanding penetration of autonomous vehicles and electric vehicles will drive innovations across the region. Moreover, bullish investments in logistics and mining are expected to encourage leading companies to emphasize China and India.
Europe could account for a significant share of the global market, largely due to the trend for EV-powered vehicles. Fleet operators could inject funds into electric trucks to tap into regional markets. The expansion of EVs will bode well for the Europe market. The increasing footprint of advanced technologies will propel the market over the next few years.
Competitive Landscape:
Stakeholders Invest in Organic and Inorganic Strategies to Tap into Markets
Prominent players could inject funds into mergers & acquisitions, product rollouts, technological advancements, and R&D activities. Besides, major companies could invest in innovations and product offerings in the ensuing period.
Key Industry Development:
February 2022- Paccar revealed 18-speed automated manual transmissions for Peterbilt, Kenworth.
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List of Players Operating in the Commercial Vehicle Market are as follows:
- Daimler AG (Germany)
- PACCAR Inc. (U.S.)
- Hino (Japan)
- Scania (Sweden)
- Tata Motors (India)
- Navistar International Corp (U.S.)
- BYD Auto Co., Ltd. (China)
- AB Volvo (Sweden)
- Toyota Motor Corporation (Japan)
Commercial Vehicle Market Segmentation:
By Vehicle Type:
- Light Commercial Vehicle
- Heavy Vehicle
- Buses
By Fuel Type:
- I.C. Engine
- EV
Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2. Porter’s Five Forces Analysis
4.3. SWOT Analysis
4.4. Technological Developments
4.5. Value Chain Analysis
4.6. Impact of COVID-19 on Commercial Vehicle Market
5. Global Commercial Vehicle Market Analysis, Insights and Forecast, 2017-2028
5.1. Key Findings / Summary
Continued…
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