by According to a research report “Commercial Vehicles Market (By Product: Light Commercial Vehicles (LCVs), Buses & Coaches, and Heavy Trucks; By End-user: Mining & Construction, Industrial, Passenger Transportation, Logistics, and Others) – Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2021 – 2030″ published by Precedence Research, the commercial vehicles market is projected to grow from USD 1.81 trillion in 2022 and is forecasted to reach USD 3.07 trillion by 2030; it is expected to grow at a CAGR of 6.8% from 2021 to 2030.
The study provides an analysis of the period 2017-2030, wherein 2021 to 2030 is the forecast period and 2021 is considered as the base year.
A commercial vehicle is a vehicle that is used to convey goods or people. The vast expansion of road infrastructure networks in countries such as India, which allows for smooth transportation and travel, is driving the demand for commercial vehicles globally. Furthermore, the increasing growth of online sales channel, as well as the resulting expansion of the logistics industry, will increase the demand for commercial vehicles.
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The technological advancements in the development of electric vehicles are also expected to boost the industry growth. Due to the significant advantages that electric vehicles have over internal combustion engines, their adoption for commercial transportation is likely to grow steadily. The favorable government regulations to support the adoption of electric vehicles, particularly in the developed countries, are likely to drive the adoption of electric vehicles for commercial applications, driving the growth of commercial vehicle market during the forecast period.
Commercial Vehicles Market Estimations Y-O-Y:
- Market Size Was Valued In 2021: US$ 1.71 Trillion
- Market Size Is Projected to Grow By 2022: US$ 1.81Trillion
- Market Size Is Projected to Grow By 2023: US$ 1.93 Trillion
- Market Size Is Projected to Grow By 2024: US$ 2.06 Trillion
- Market Size Is Projected to Grow By 2025: US$ 2.2 Trillion
- Market Size Is Projected to Grow By 2026: US$ 2.34 Trillion
- Market Size Is Projected to Grow By 2027: US$ 2.50 Trillion
- Market Size Is Projected to Grow By 2028: US$ 2.68 Trillion
- Market Size Is Projected to Grow By 2029: US$ 2.87 Trillion
- Market Size Is Projected to Grow By 2030: US$ 3.07 Trillion
- Compound Annual Growth Rate (CAGR) from 2022 to 2030: 6.8 percent
Table of Contents
Report Scope of the Commercial Vehicles Market
| Report Coverage | Details |
| Base Year | 2021 |
| Forecast Period | 2021 to 2030 |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Segments Covered | Product, End User, Region |
Market Dynamics
Drivers
Development of the automotive industry
Due to the technological improvements and the introduction of automobiles with efficient fuel consumption technology, the automotive industry has grown significantly in recent years. Several key market players have been developing and introducing innovative commercial vehicles to various regions throughout the globe, contributing to the growth of the market. As a result, the development of the automotive industry is boosting the growth of the commercial vehicle market during the forecast period.
Restraints
Alternative fuel vehicles
The alternative fuel vehicles use fuel other than diesel and gasoline. The global deployment of the alternative fuel vehicles has been fueled by the rapid decline in oil reserves. Furthermore, such vehicles emit far fewer carbon-related molecules, such as nitrogen, Sulphur, carbon dioxide, making them an environmentally favorable option in the automobile industry. In addition, electric vehicles use electricity as a power source, which is stored in vehicle batteries, and can be recharged at charging stations. The alternative fuel vehicles, on the other hand, combine conventional and alternative fuels with electric propulsion. Thus, the alternative fuel vehicles are restricting the growth of commercial vehicle market.
Opportunities
Increase in government initiatives
The governments all around the world are encouraging automobile manufacturers to minimize carbon emissions caused by diesel fuel burning and to combat greenhouse gas emissions, forcing them to invest in the development of electric vehicles. The governments are offering incentives through programs and schemes for the manufacture of battery electric vehicles for this purpose, which is expected to drive the expansion of the commercial vehicle market.
Furthermore, governments all over the globe are providing tax credits and incentives to encourage the purchase of electric vehicles. Moreover, the governments of some of the regions are exempting electric vehicles from paying tolls on highways. Thus, increase in government initiatives is creating growth opportunities for the commercial vehicle market.
Challenges
Stringent government regulations
The government is taking major steps to expand the vehicle industry on a global basis. To limit the number of traffic accidents, maintain passenger and driver safety, and reduce rising fuel emissions, the government has enacted severe rules.
They have also imposed tough regulations on automobile manufacturers to regulate in increasing exhaust emissions, which has resulted in a global warming and disasters. Thus, stringent government regulations are huge challenge for the growth of commercial vehicle market during the forecast period.
Report Highlights
- Based on the product, the light commercial vehicles segment is expected to have a significant revenue share 76% in 2020. The light commercial vehicles are thought to be cost-effective mode of transportation. The light commercial vehicles come with a several tax advantages and help reduce pollution.
- The buses and coaches segment is expected to grow at a CAGR of over 4.2% from 2021 to 2030 due to increased adoption of buses and coaches in the healthcare and tourism industries.
- Based on the end use, the logistics segment is accounted to garner revenue share over 25% in 2020. Some of the primary factors projected to fuel the growth of the logistics segment include growth in the global trade.
- The passenger transportation segment is expected to hit at a CAGR of 5% from 2021 to 2030 due to increase in the adoption of public transportation.
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Regional Snapshot
North America is the largest segment for commercial vehicles market in terms of region. Some of the factors that are predicted to support the expansion of the regional market include the easy availability of efficient financing choices, a strong emphasis by governments in the North America on automobile and automotive production, and huge funding and investments for the road infrastructure development.
Europe region is the fastest growing region in the commercial vehicles market. Some of the factors that are expected to contribute to the growth of the regional market include improved road infrastructure, easy availability of the labor, and an increase in the number of manufacturing facilities in the developed and developing countries.
Why should you invest in this report?
If you are aiming to enter the global commercial vehicles market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for commercial vehicles are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2022-2030 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
TABLE OF CONTENT
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
Chapter 5. Market Dynamics Analysis and Trends
5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition
Chapter 6. Competitive Landscape
6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
6.1.3.1. List of Suppliers
6.1.3.2. List of Buyers
Chapter 7. Global Commercial Vehicles Market, By Product
7.1. Commercial Vehicles Market, by Product Type, 2020-2030
7.1.1. Light Commercial Vehicles (LCVs)
7.1.1.1. Market Revenue and Forecast (2019-2030)
7.1.2. Buses & Coaches
7.1.2.1. Market Revenue and Forecast (2019-2030)
7.1.3. Heavy Trucks
7.1.3.1. Market Revenue and Forecast (2019-2030)
Chapter 8. Global Commercial Vehicles Market, By End-User
8.1. Commercial Vehicles Market, by End-User, 2020-2030
8.1.1. Mining & Construction
8.1.1.1. Market Revenue and Forecast (2019-2030)
8.1.2. Industrial
8.1.2.1. Market Revenue and Forecast (2019-2030)
8.1.3. Passenger Transportation
8.1.3.1. Market Revenue and Forecast (2019-2030)
8.1.4. Logistics
8.1.4.1. Market Revenue and Forecast (2019-2030)
8.1.5. Others
8.1.5.1. Market Revenue and Forecast (2019-2030)
Chapter 9. Global Commercial Vehicles Market, Regional Estimates and Trend Forecast
9.1. North America
9.1.1. Market Revenue and Forecast, by Product (2019-2030)
9.1.2. Market Revenue and Forecast, by End-User (2019-2030)
9.1.3. U.S.
9.1.3.1. Market Revenue and Forecast, by Product (2019-2030)
9.1.3.2. Market Revenue and Forecast, by End-User (2019-2030)
9.1.4. Rest of North America
9.1.4.1. Market Revenue and Forecast, by Product (2019-2030)
9.1.4.2. Market Revenue and Forecast, by End-User (2019-2030)
9.2. Europe
9.2.1. Market Revenue and Forecast, by Product (2019-2030)
9.2.2. Market Revenue and Forecast, by End-User (2019-2030)
9.2.3. UK
9.2.3.1. Market Revenue and Forecast, by Product (2019-2030)
9.2.3.2. Market Revenue and Forecast, by End-User (2019-2030)
9.2.4. Germany
9.2.4.1. Market Revenue and Forecast, by Product (2019-2030)
9.2.4.2. Market Revenue and Forecast, by End-User (2019-2030)
9.2.5. France
9.2.5.1. Market Revenue and Forecast, by Product (2019-2030)
9.2.5.2. Market Revenue and Forecast, by End-User (2019-2030)
9.2.6. Rest of Europe
9.2.6.1. Market Revenue and Forecast, by Product (2019-2030)
9.2.6.2. Market Revenue and Forecast, by End-User (2019-2030)
9.3. APAC
9.3.1. Market Revenue and Forecast, by Product (2019-2030)
9.3.2. Market Revenue and Forecast, by End-User (2019-2030)
9.3.3. India
9.3.3.1. Market Revenue and Forecast, by Product (2019-2030)
9.3.3.2. Market Revenue and Forecast, by End-User (2019-2030)
9.3.4. China
9.3.4.1. Market Revenue and Forecast, by Product (2019-2030)
9.3.4.2. Market Revenue and Forecast, by End-User (2019-2030)
9.3.5. Japan
9.3.5.1. Market Revenue and Forecast, by Product (2019-2030)
9.3.5.2. Market Revenue and Forecast, by End-User (2019-2030)
9.3.6. Rest of APAC
9.3.6.1. Market Revenue and Forecast, by Product (2019-2030)
9.3.6.2. Market Revenue and Forecast, by End-User (2019-2030)
9.4. MEA
9.4.1. Market Revenue and Forecast, by Product (2019-2030)
9.4.2. Market Revenue and Forecast, by End-User (2019-2030)
9.4.3. GCC
9.4.3.1. Market Revenue and Forecast, by Product (2019-2030)
9.4.3.2. Market Revenue and Forecast, by End-User (2019-2030)
9.4.4. North Africa
9.4.4.1. Market Revenue and Forecast, by Product (2019-2030)
9.4.4.2. Market Revenue and Forecast, by End-User (2019-2030)
9.4.5. South Africa
9.4.5.1. Market Revenue and Forecast, by Product (2019-2030)
9.4.5.2. Market Revenue and Forecast, by End-User (2019-2030)
9.4.6. Rest of MEA
9.4.6.1. Market Revenue and Forecast, by Product (2019-2030)
9.4.6.2. Market Revenue and Forecast, by End-User (2019-2030)
9.5. Latin America
9.5.1. Market Revenue and Forecast, by Product (2019-2030)
9.5.2. Market Revenue and Forecast, by End-User (2019-2030)
9.5.3. Brazil
9.5.3.1. Market Revenue and Forecast, by Product (2019-2030)
9.5.3.2. Market Revenue and Forecast, by End-User (2019-2030)
9.5.4. Rest of LATAM
9.5.4.1. Market Revenue and Forecast, by Product (2019-2030)
9.5.4.2. Market Revenue and Forecast, by End-User (2019-2030)
Chapter 10. Company Profiles
10.1. Bosch Rexroth AG
10.1.1. Company Overview
10.1.2. Product Offerings
10.1.3. Financial Performance
10.1.4. Recent Initiatives
10.2. Ashok Leyland
10.2.1. Company Overview
10.2.2. Product Offerings
10.2.3. Financial Performance
10.2.4. Recent Initiatives
10.3. Daimler
10.3.1. Company Overview
10.3.2. Product Offerings
10.3.3. Financial Performance
10.3.4. Recent Initiatives
10.4. Toyota Motor Corporation
10.4.1. Company Overview
10.4.2. Product Offerings
10.4.3. Financial Performance
10.4.4. Recent Initiatives
10.5. Volkswagen AG
10.5.1. Company Overview
10.5.2. Product Offerings
10.5.3. Financial Performance
10.5.4. Recent Initiatives
10.6. Mahindra and Mahindra
10.6.1. Company Overview
10.6.2. Product Offerings
10.6.3. Financial Performance
10.6.4. Recent Initiatives
10.7. VOLVO
10.7.1. Company Overview
10.7.2. Product Offerings
10.7.3. Financial Performance
10.7.4. Recent Initiatives
10.8. TATA Motors
10.8.1. Company Overview
10.8.2. Product Offerings
10.8.3. Financial Performance
10.8.4. Recent Initiatives
10.9. General Motors
10.9.1. Company Overview
10.9.2. Product Offerings
10.9.3. Financial Performance
10.9.4. Recent Initiatives
10.10. Golden Dragon
10.10.1. Company Overview
10.10.2. Product Offerings
10.10.3. Financial Performance
10.10.4. Recent Initiatives
Chapter 11. Research Methodology
11.1. Primary Research
11.2. Secondary Research
11.3. Assumptions
Chapter 12. Appendix
12.1. About Us
12.2. Glossary of Terms
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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