Farmington, Feb. 09, 2023 (GLOBE NEWSWIRE) -- The Global Commercial Vehicle Market Size Was Valued At USD 821.28 Billion In 2021. The Market Is Projected To Grow From USD 955.57 Billion In 2022 To USD 1,712.44 Billion By 2030, Exhibiting A CAGR Of 8.7% During The Forecast Period. The COVID-19 pandemic has been shocking and has never been seen before. When compared to levels before the pandemic, demand for commercial vehicles is lower than expected in all areas. Our research shows that the world market was 10.2% smaller in 2020 than in 2019.
Goods are moved from one place to another using four-wheeled commercial vehicles. Tons are used to measure the difference in weight between small cars and big trucks (metric tons). This limit can be anywhere from 3.5 to 7 tonnes, depending on the country and the industry. People get from one place to another on buses and coaches. They can carry more weight than light vehicles and have more than eight seats, including the driver's seat (range from 3.5 to 7 tons).
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Recent Developments:
- June 2022: Ashok Leyland announced the launch of the ecomet STAR 1115 CNG truck. Additionally, the truck's CNG cylinder capacity ranges from 360 to 480 liters, providing a maximum single fill range.
- June 2022: Volvo's Commercial Trucks division announces testing of a truck powered by a hydrogen fuel cell. The fuel cells are provided by CellCentric (a joint venture between Volvo and Daimler Trucks). Volvo claims the truck can refuel in less than 15 minutes and provide a range of 1,000 km.
Segment Overview
Vehicle Type Insights
Based on the type of vehicle, the market is divided into three groups: light commercial vehicles, heavy vehicles, and buses. Light commercial vehicles make up a big part of the global market because they are most often used for smaller logistics operations. It is expected to continue to make up most of the market everywhere. During the time frame of the forecast, the segment of heavy vehicles is also expected to grow at an exponential rate. It is expected to have the highest CAGR (11.8%) during the time frame of the forecast. The bus market is also expected to grow by a factor of ten during the time frame of the forecast. Most likely, it will have the second-highest CAGR. The number of people living in cities is growing, and so are their needs. Also, infrastructure is getting better in developing Asian countries like India and China, which helps the global market grow.
Fuel Type Insights
The market has two types of fuel: I.C. engines and electric vehicles (EV). Most of the market for commercial vehicles around the world is made up of I.C. engines. On the other hand, the electric vehicle (EV) segment is expected to grow quickly because of rising demand and strict fuel economy standards. Also, manufacturers are always working to lower the price of the battery, which is helping the global market grow and increase sales of electric vehicles. Commercial EVs don't make noise or pollute the air like traditional I.C. engines do. They can also travel farther. Also, they work better with cars that can drive themselves. So, over the next few years, the EV segment is likely to have the highest CAGR.
Regional Outlook:
In North America, the market was worth $485.31 billion USD in 2021. The biggest part of the market is in North America. This is because there is a growing need for freight vehicles in North America. This is clear because the COVID-19 pandemic caused a drop of 20.3% in the number of freight vehicles made in North America, according to the OICA. But as soon as the lockdowns were lifted, new orders came in quickly. Also, fleet management in this area kept asking for more and more long-distance operations. On the global market, people expect the area to grow well. As long as more and more people and things need to be moved, this number is likely to go up a lot in the future.
The Asia-Pacific market was worth 207.67 billion dollars in 2021. It is expected to be worth USD 433.69 billion by 2029, which is a CAGR of 8.9%. Since more cars are being made each year in the countries in the region, it is likely that the region will be the second largest automotive hub in the world. During the time frame of the forecast, the market in the region is likely to grow because more people will be using important government programmes, electric cars, and cars that drive themselves. India and China, for instance, spend a lot of money on infrastructure and helping new businesses get started. The market in this area will grow because of this. Also, the growth of businesses like mining and logistics in developing countries in this region will help the market grow.
Europe is the world's third largest market. The CAGR is expected to stay the same in the area. Fleet operators can speed up the growth of the market by switching from trucks that run on fossil fuels to trucks that run on electricity. In 2018, about 40% of fleet owners who responded to a survey said they would like to buy electric or hybrid trucks when they buy new ones. This number jumped to about 60% in 2021, and fleet operators expect that by 2025, almost half of the trucks in their fleets will be electric. Buyers think that electric freight vehicles will make up 60% of the market by 2030, making them more popular than trucks that run on fossil fuels. These things will help the global market grow because of this.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 8.7% from 2023 to 2030. |
| Revenue Forecast by 2022 | USD 955.57 Billion |
| By Vehicle Type | Buses, Light Commercial Vehicle, Heavy Vehicle, Others |
| By Fuel Type | I.C. Engine, Electric Vehicle (EV), Others |
| By Companies | Toyota Motor Corporation (Japan), 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) |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Latest Trends:
The auto industry is using cloud computing more and more. Cloud computing is an important part of making freight vehicles. Its services include running systems, designing them, and managing them. The functions of cloud computing can lower costs, which can help cut down on waste and keep costs down. With cloud computing, you can store data and talk to vehicles from far away. Telematics is also a good way to keep track of and study how vehicles work. Many companies are quickly adding telematics to their commercial fleets. Europcar, for example, will strengthen its partnership with Geotab and Telefónica in 2020 as part of its "Connect" plan to connect its entire fleet by 2023.
Driving Factors:
The pollution in the air is getting worse all over the world because of the fuel that traditional cars use. Because of this, companies that make things have had to switch to cleaner energy sources. Freight vehicles in many public transportation systems are being made electric to promote zero-emission public transportation and keep the air clean and easy to breathe for locals.
Governments have put in place strict rules to stop the rise in emissions and have taken a number of steps to encourage people to use electric vehicles. The logistics industry is also giving electric vehicles a lot of thought by building the infrastructure they need. The OEMs are also working to make batteries cheaper so that more people around the world will buy electric cars. Toyota, Daimler, and Volvo are among the big names that are moving towards electric cars to meet the growing demand. Also, electric cars are becoming more popular around the world because their batteries last longer, they can go farther, they use less energy, and their electronic systems are getting better. Also, freight vehicles are becoming more automated, which is driving the market.
Restraining Factors:
As the auto industry moves towards electric cars and more advanced technology, the high cost of production and the complicated way that advanced systems work are likely to slow the growth of the market. Freight truck companies put a lot of money into research to come up with new technologies for their trucks. The price of making a car goes up because lithium-ion batteries are expensive, software has to be installed, and a lot of money has to be spent on capital.
Sensors, cameras, radars, mapping, and other software systems make up advanced driver assistance systems like adaptive cruise control, driver monitoring, park assist, driver drowsiness detection, blind spot detection, and automatic emergency braking.
Key Segments Covered:
Top Market Players:
Toyota Motor Corporation (Japan), 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), and others.
By Vehicle Type
- Buses
- Light Commercial Vehicle
- Heavy Vehicle
- Others
By Fuel Type
- I.C. Engine
- Electric Vehicle (EV)
- Other
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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