Pune, India, Nov. 21, 2022 (GLOBE NEWSWIRE) -- The global commercial vehicle market size was valued at USD 821.28 billion in 2021. The market could surge from USD 955.57 billion in 2022 to USD 1,712.44 billion by 2029 at a CAGR of 8.7% during the forecast period. Fortune Business Insights™ has deep-dived these inputs in its latest research 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.
Industry Development
February 2022- Paccar revealed 18-speed automated manual transmissions for Peterbilt, Kenworth.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 8.7% |
| 2029 Value Projection | 1,712.44 billion |
| Base Year | 2021 |
| Market Size in 2022 | 955.57 billion |
| Historical Data for | 2018 - 2020 |
| No. of Pages | 200 |
| Segments covered | By Vehicle Type, By Fuel Type |
| Growth Drivers | Industrialization and Digital Transformation to Steer Growth |
| Bullish Demand for Freight Vehicles to Boost North America Market |
Market Highlights:
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.
However, as various companies, such as Europcar Mobility Group, Hertz, and Avis Budget Group are majorly dependent on air rental services for generating income, the COVID-19 pandemic has created huge losses because of strict lockdowns and travel bans. It may hinder the commercial vehicle rental and leasing market growth in the upcoming years.
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Regional Insights
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.
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Market Segments:
Light Commercial Vehicles to Remain Dominant Due to Increased Usage in Logistics Operations
In terms of vehicle type, the market is segmented into heavy vehicle, light vehicle, and buses. The light commercial vehicle segment could account for the largest share of the global market. The growth is attributed to surging demand from the logistics sector.
Electric Vehicles to Depict Highest CAGR with Rising Demand for Autonomous Driving
With respect to fuel type, the market is segregated into electric vehicle and I.C. engine. The electric vehicle segment will expand at the highest CAGR during the forecast period. The trend is mainly attributed to the demand for autonomous driving and the implementation of rigorous regulations on fuel economy standards.
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.
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List of Key Players Profiled in the Report
- 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)
Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Porter’s Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Distribution of Commercial Vehicle Market (in Value & Volume)
- Impact of COVID-19
- Global Commercial Vehicle Market Analysis, Insights and Forecast, 2018-2029
Continued…
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