Commercial Vehicles Manufacturing Market Characteristics
The commercial vehicles manufacturing market consists of sales of commercial vehicles 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.
Competitive Landscape of the Commercial Vehicles Manufacturing Market
Major players in the global Commercial vehicles manufacturing market include Daimler AG, Volvo Group, Man Truck & Bus, Hino Motors, Scania
Commercial Vehicles Manufacturing Market Size
The commercial vehicles manufacturing market size is expected to increase by 2022, significantly growing at a CAGR of around 7.5% during the forecast period. The growth in the Commercial vehicles manufacturing market is due to increase in demand of trucks in developing countries and growing infrastructure.
However, the market for Commercial vehicles manufacturing is expected to face certain restraints from several factors such as rising cost of raw materials and rising interest rate.
Commercial Vehicles Manufacturing Segmentation
The global commercial vehicles manufacturing market is further segmented based on type and geography.
By Type - The commercial vehicles manufacturing market is segmented into light commercial vehicle, heavy trucks, buses, coaches among these segments, the light commercial vehicle market accounts for the largest share in the global Commercial vehicles manufacturing market.
By Geography - The global commercial vehicles manufacturing is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America was the largest region in the global commercial vehicle market.
Trends in the Commercial Vehicles Manufacturing Market
Truck manufacturing companies are now using alternative drive systems to produce environmentally friendly low carbon emission trucks. Alternative drive systems are hydrogen-powered, electric or hybrid vehicles. They have significantly low carbon emissions, make use of renewable fuels and lower fuel costs by up to 50%. For example, Mercedes-Benz manufactures trucks with alternative drive systems using biogas as fuel, thus making them sustainable, inexpensive and CO2 neutral. Daimler has the world’s largest truck fleet with hybrid drives. Hybrid trucks are being commercially used in North America, Europe and Japan.
Potential Opportunities in the Commercial Vehicles Manufacturing Market
With increase in growing demand of goods transportation and increase in economy the scope and potential for the global commercial vehicles manufacturing market is expected to significantly rise in the forecast period.