Commercial Vehicle Global Market To Reach Value Of About $1.6 Trillion In 2030

The commercial vehicles market consists of sales of commercial vehicles and related services by entities (organizations, sole traders and partnerships) that produce complete light trucks and utility vehicles such as light-duty vans, minivans, pick-up trucks and sports utility vehicles, and complete heavy-duty trucks, buses, coaches, heavy-duty motor homes and other special purposes heavy duty motor vehicles for highway use.

Global Commercial Vehicle Market Size And Drivers:

The global commercial vehicle market reached a value of nearly $719.081 billion in 2020, having increased at a compound annual growth rate (CAGR) of 6.2% since 2015. The market is expected to grow at a CAGR of 9.5% from 2020 to reach $1,132.567 billion in 2025. The global commercial vehicle market is expected to reach $1,653.161 billion in 2030, at a CAGR of 7.9%. The increase in online shopping is expected to drive the light commercial vehicle demand, thereby contributing to the market expansion.

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Trends In The Global Commercial Vehicle Market

Major commercial vehicle manufacturers are investing in driverless car technologies to reduce traffic congestion, prevent accidents and save fuel. Automated trucks and buses will revolutionize the efficiency and mobility of logistics, which will create new opportunities for manufacturers bringing commercial vehicle automation technologies into the market. Driverless commercial vehicles are able to sense its surrounding environment and navigate through an area without the involvement of humans using radar, GPS, computer vision technology. With this technology becoming realistic many companies are expected to be part of production and design of driverless vehicles. For instance, in January 2021, TuSimple, a San Diego–based startup plans to deploy autonomous trucks that drive themselves from pickup to delivery without anybody on board. Partnering with shipping giant UPS and as well as truck manufacturer the company is conducting test operation in Arizona and Texas, including depot-to-depot autonomous runs.

Global Commercial Vehicle Market Segments:
The global commercial vehicle market is further segmented based on type, fuel type, application, propulsion type and geography.
By Type: Light Commercial Vehicle, Heavy Trucks, Buses And Coaches
By Fuel Type: Gasoline, Diesel, Others
By Application: Mining & Construction, Logistics, Passenger Transportation, Others
By Propulsion Type: IC Engine, Electric Vehicle
By Geography: The global commercial vehicle market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global commercial vehicle market, accounting for 65% of the market in 2020.

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Commercial Vehicle Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides commercial vehicle market overviews, analyzes and forecasts market size and growth for the global commercial vehicle market, commercial vehicle market share, commercial vehicle market players, commercial vehicle market segments and geographies, commercial vehicle market’s leading competitors’ revenues, profiles and market shares. The commercial vehicle market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.