What Has Been The Historical And Current Growth Of The Commercial Vehicle Market?
The commercial vehicle market has seen considerable growth due to a variety of factors.
• The business vehicle industry has been witnessing robust expansion in recent times. The market's forecasted growth will rise from $976.15 billion in 2024 to $1067.45 billion in 2025, with a compound annual growth rate (CAGR) of 9.4%.
The historical growth can be traced back to an increase in global trading, infrastructural improvements, manufacturing, industrial activities, regulations put in place by the government, and the transportation of consumer goods.
What Is The Expected Growth In The Commercial Vehicle Market Size?
The commercial vehicle market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the commercial vehicle market is projected to experience substantial expansion in the coming years, with an anticipated growth to $1479.97 billion in 2029 at a Compound Annual Growth Rate (CAGR) of 8.5%.
Factors contributing to this surge during the forecasted period include the expansion of e-commerce logistics, the development of last-mile delivery strategies, green and sustainable logistics practices, and enhanced supply chain efficiencies. Significant trends during this time are expected to consist of the inclusion of telematics for fleet control, the integration of high-end safety systems, customization to meet industry-specific requirements, aerodynamics for better fuel economy, and the advancement of autonomous driving technology.
Which Factors Are Boosting Growth In The Commercial Vehicle Market?
The technological progression is anticipated to persist as a significant factor propelling market expansion over the projection timeframe. The commercial vehicle sector has witnessed numerous technological breakthroughs in the past ten years, a trend likely to escalate. For example, as per the International Energy Agency, an autonomous intergovernmental organization based in France, 66,000 electric buses and 60,000 medium- to heavy-duty trucks were globally retailed in 2022, making up about 4.5% of total bus sales and 1.2% of total truck sales worldwide. Electric bus and truck sales, which started soaring in 2021, continued to flourish in 2022. These technological advancements are foreseen to stimulate the commercial vehicle industry during the predicted timeframe.
What Are The Primary Segments In The Global Commercial Vehicle Market?
The commercial vehicle market covered in this report is segmented –
1) By Type: Light Commercial Vehicle, Heavy Trucks, Buses And Coaches
2) By Fuel Type: Gasoline, Diesel, Other Fuel Types
3) By Application: Mining And Construction, Logistics, Passenger Transportation, Other Applications
4) By Propulsion Type: IC Engine, Electric Vehicle
Subsegments:
1) By Light Commercial Vehicle: Vans, Pickup Trucks, Minibuses
2) By Heavy Trucks: Dump Trucks, Flatbed Trucks, Tanker Trucks, Refrigerated Trucks
3) By Buses And Coaches: City Buses, Intercity Buses, School Buses, Luxury Coaches
Pre-Book The Commercial Vehicle Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
Which Key Trends Are Driving Changes In The Commercial Vehicle Market?
Significant manufacturers of commercial vehicles are pouring investments into autonomous driving technologies with the aim to minimize traffic problems, prevent incidents, and conserve fuel. Autonomous commercial vehicles have the capacity to comprehend their surrounding and maneuver around an area without human intervention, utilizing tools like radar, GPS, and computer vision technology. As this technology starts to appear more feasible, many companies are projected to join in the creation and design of these autonomous vehicles. Businesses such as UPS and Amazon are in trials of using these driverless commercial vehicles to enhance operational productivity and lower expenses.
Who Are the Key Players in the Commercial Vehicle Market?
Major companies operating in the commercial vehicle market include:
• Volkswagen AG
• Toyota Motor Corp.
• Ford Motor Company
• General Motors Company
• Bayerische Motoren Werke AG
• Beijing Automotive Group Co. Ltd.
• Kia Motors Corp.
• BYD Motors Inc.
• Volvo AB
• TRATON GROUP
• PACCAR Inc.
• Peugeot
• Scania AB
• Tata Motors Ltd.
• Dongfeng Motor Corporation
• Hino Motors Ltd.
• Navistar Inc.
• Rivian Automotive Inc.
• Mack Trucks Inc.
• Isuzu Commercial Truck of America Inc.
• Daimler AG
• Mercedes-Benz Group AG
• International Lonestar
What Is The Most Dominant Region In The Commercial Vehicle Market?
North America was the largest region in the commercial vehicles market in 2024. Asia-Pacific was the second-largest region in the commercial vehicle market. The regions covered in the commercial vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
