by The global Commercial Vehicles Market is estimated to be valued at US$ 1264.58 Bn in 2023 and is expected to exhibit a CAGR of 18.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Commercial vehicles are used to transport goods and passengers through various modes such as roads, rails, airways and waterways. They cater to the logistic and transportation needs of various industries. These vehicles offer advantages such as high load capacity, durability and fuel efficiency.
Market key trends:
One of the key trends witnessed in the commercial vehicles market is the increasing adoption of electric vehicles. Strict emission norms globally have necessitated reduced emission from vehicles. Commercial vehicle manufacturers are developing electric light commercial vehicles such as cargo vans and pickup trucks to cater to last-mile delivery needs. Government incentives and subsidies on purchase of electric commercial vehicles along with growing charging infrastructure are fueling their adoption. Manufacturers are focusing on improving battery capacity and reduction in charging time of electric commercial vehicles.
Segment Analysis
The Global Commercial Vehicles Market Size is segmented by type into light commercial vehicles, heavy trucks, buses & coaches. Within light commercial vehicles, the pickup trucks segment holds the largest share owing to growing trade and logistics activities worldwide. Pickup trucks offer utilities of cargo transportation along with passenger mobility, hence are widely used for delivery and transportation services.
Key Takeaways
The global commercial vehicles market is expected to witness high growth, exhibiting a CAGR of 18% over the forecast period, due to increasing trade volumes globally. North America dominates the commercial vehicles market currently due to strong presence of leading commercial vehicle manufacturers and rapid growth of e-commerce industry in the US and Canada. However, Asia Pacific is expected to grow at the highest CAGR owing to rising infrastructural development and growing logistics sector in China and India.
Key players operating in the commercial vehicles market are Ashok Leyland, General Motors Company, Bosch Rexroth AG, Xiamen Golden Dragon Bus Co., Ltd., Daimler AG, Volvo Group, Volkswagen AG, Mahindra and Mahindra Ltd., Toyota Motor Corporation, and Tata Motors Ltd. The market is competitive with presence of global as well as regional players. Market leaders are focusing on adopting alternative fuel technologies such as CNG, hydrogen, and electric to cater to rising demand for low emission vehicles.
The commercial vehicles market size for 2023 is US$ 1264.58 Bn. Regionally, Asia Pacific dominates the global commercial vehicles market and is estimated to grow at a CAGR of 19% during the forecast period owing to rising investments in logistics and transportation infrastructure by China and India. Major commercial vehicle manufacturers are also shifting their production bases to Asia to leverage lower costs and cater to growing regional demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
