Global Commercial Vehicle Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
8 Jul, 2021
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 purpose heavy duty motor vehicles for highway use.
Global Commercial Vehicle Market Size And Drivers:
The global commercial vehicle market is expected to grow from $719.08 billion in 2020 to $784.6 billion in 2021 at a compound annual growth rate (CAGR) of 9.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1132.57 billion in 2025 at a CAGR of 10%. Advances in technology are expected to be a continued driver of market growth in the forecast period.
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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. 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. Companies such as UPS and Amazon are testing driverless commercial vehicles to improve operational efficiencies and reduce costs.
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.
Read More On The Report For The Global Commercial Vehicle Market At:https://www.thebusinessresearchcompany.com/report/commercial-vehicle-global-market-report-2020-30-covid-19-impact-and-recovery
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.