What Has Been the Progress and Growth of the Medium And Heavy Commercial Vehicles Market in Recent Years?
The medium and heavy commercial vehicles market has seen considerable growth due to a variety of factors.
• The market size of medium and heavy commercial vehicles has witnessed robust growth recently. The growth is projected to rise from $333.98 $ billion in 2024 to $363.36 $ billion in 2025, reflecting a compound annual growth rate (CAGR) of 8.8%.
The boost in the historic period can be traced back to increased infrastructure investments, expansion of urban regions, the widening of global trade, stricter fuel efficiency norms, and a surge in requirement for logistics and supply chain necessities.
How Does the Forecast Look for the Medium And Heavy Commercial Vehicles Market?
The medium and heavy commercial vehicles market is expected to maintain its strong growth trajectory in upcoming years.
• The market for medium and heavy commercial vehicles is projected to witness considerable growth in the next few years, expanding to $504.97 billion in 2029 at a Compound Annual Growth Rate (CAGR) of 8.6%.
This predicted growth over the forecast period is linked to factors such as escalating demand for commercial vehicles, rising disposable income, rapid expansion in the e-commerce sector, growing need from the construction industry, and an uptick in the demand for material transportation. The forecast period is also expected to see key trends including the adoption of self-driving technologies, the incorporation of telematics systems, increased emphasis on vehicle-to-everything (V2X) communication, expansion in vehicle sharing and leasing models, and exploration of alternative fuel sources.
What Are The Leading Drivers Of Growth In The Medium And Heavy Commercial Vehicles Market?
The surge in e-commerce operations is anticipated to fuel the expansion of the medium and heavy commercial vehicles market. This escalation in e-commerce operations is propelled by the growth in internet usage, convenience, and the transition to online purchasing, expedited by innovative technology and the COVID-19 pandemic. Medium and heavy commercial vehicles enhance e-commerce endeavors by allowing for the effective conveyance of substantial quantities of goods over extensive distances, ensuring punctual delivery and supply chain enhancement. For example, a U.S. governmental body, the Census Bureau of the Department of Commerce, reported in May 2024 that e-commerce sales hit approximately $1,118.7 billion in 2023. Initial estimates of total retail sales for the first quarter of 2024 came in at $1,820.0 billion. E-commerce sales for this timeframe witnessed an 8.5% (±1.1%) upsurge from the corresponding quarter in 2023, and total retail sales escalated 2.8% (±0.5%). Hence, the burgeoning e-commerce functions are propelling the growth of the medium and heavy commercial vehicles market.
How Are The Segments Defined Within The Global Medium And Heavy Commercial Vehicles Market?
The medium and heavy commercial vehiclesmarket covered in this report is segmented –
1) By Vehicle Type: Trucks, Buses, Construction And Mining Equipment
2) By Gross Vehicle Weight: Medium Commercial Vehicles (MCV), Heavy Commercial Vehicles (HCV))
3) By Propulsion Type: Internal Combustion (IC) Engine, Plug-In Hybrid Electric, Battery Electric, Alternative Fuel Powered
4) By Tonnage: 3.5 - 7.5 Ton, 7.5 - 16 Ton, Above 16 Ton
5) By Application: Logistics And Transportation, Construction And Mining, Passenger Transportation, Defense And Government
Subsegments:
1) By Trucks: Light Trucks, Medium Trucks, Heavy-Duty Trucks, Vocational Trucks, Refrigerated Trucks
2) By Buses: City Buses, Intercity Buses, School Buses, Tourist Buses, Electric Buses
3) By Construction And Mining Equipment: Excavators, Bulldozers, Dump Trucks, Loaders, Graders
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What New Trends Are Influencing The Medium And Heavy Commercial Vehicles Market?
Prominent firms in the medium and heavy commercial vehicle sector are prioritizing the development of innovative commodities, such as trucks with high payload capacity to meet growing market demands and improve fuel efficiency, performance, and sustainability. Trucks with high payload capacity are those vehicles specifically engineered to handle significant cargo quantities or weight, usually exceeding the normal class benchmarks. An example is of October 2023, when Ashok Leyland, a commercial vehicle manufacturing company based in India, introduced the Ecomet Star 1915 truck in the ICV segment, with a GVW of 18.49T. The truck has an impressive payload capacity of 12.91 tons, making it ideal for heavy-duty applications. Equipped with a powerful 110 kW (150 hp) H4 engine that produces 450 Nm of torque, it ensures strong performance for long-distance travel. The truck also offers a newly designed, wider 2.34-meter load body as a standard feature, enhancing load efficiency.
Who Are the Key Players In The Medium And Heavy Commercial Vehicles Market?
Major companies operating in the medium and heavy commercial vehicles market are:
• Volkswagen AG
• Toyota Motor Corporation
• Ford Motor Company
• Mercedes-Benz Group AG
• Hyundai Motor Company
• Daimler Truck AG
• AB Volvo
• Tata Motors Limited
• PACCAR Inc.
• Isuzu Motors Limited
• Mitsubishi Motors Corporation
• Dongfeng Motor Corporation
• Scania AB
• Iveco S.p.A.
• Mahindra & Mahindra Limited
• MAN SE
• Beiqi Foton Motor Co. Ltd.
• Ashok Leyland Limited
• Mack Trucks Inc.
• Force Motors Limited
• UD Trucks Corporation
• Oy Sisu Auto Ab
What Is The Most Dominant Region In The Medium And Heavy Commercial Vehicles Market?
Asia-Pacific was the largest region in the medium and heavy commercial vehicles market in 2024 and it is expected to be the fastest-growing region in the forecast period. The regions covered in the medium and heavy commercial vehicles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
