by Commercial vehicles such as trucks, buses, vans are extensively used for transportation of goods and people across industries. These vehicles offer high power and payload capacity suitable for transportation of bulk items over long distances.
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 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
The steady growth of the Commercial Vehicles Market is highly driven by the increasing global transportation of goods. Goods transportation via commercial vehicles has seen a significant rise over the past few years owing to expanding trade activities between countries. Particularly countries involved in import and export of commodities rely heavily on commercial trucks and cargo ships for transportation of cargos. As international trade continues to grow driven by globalization, the demand for commercial freight vehicles for transportation of shipments is expected to rise substantially. This rising dependence on commercial vehicles for transportation of goods globally will propel the market forward in the coming years.
SWOT Analysis
Strength: Commercial vehicles such as trucks and buses are an integral part of many logistic and transportation operations. They enable efficient movement of goods and people.
Weakness: Transitioning to electric commercial vehicles will require large upfront investments in vehicles, charging infrastructure and training. High initial costs can delay widespread adoption.
Opportunity: Stringent emission regulations are driving demand for electric commercial vehicles. Growing focus on sustainability and efficiency also presents an opportunity for electric commercial vehicles to gain market share.
Threats: Uncertainties around technology evolution, charging infrastructure growth and total cost of ownership could slow down the pace of electrification of commercial vehicles. Dependency on battery technologies poses risks related to supply constraints.
Key Takeaways
The Global Commercial Vehicles Market Size is expected to witness high growth over the forecast period supported by increasing infrastructural development, rising e-commerce, and expanding logistics sector globally.
Regional analysis: Asia Pacific is projected to grow at the fastest pace during the forecast period. This can be attributed to rising vehicle ownership, expanding road infrastructure and growing transportation sector in countries such as China and India. Countries in Western Europe such as Germany, France and Italy also account for a significant share currently due to strong presence of leading commercial vehicle OEMs.
Key players: Key players operating in the commercial vehicles market are Schneider Electric SE, ABB Ltd., Siemens AG, Eaton Corporation, Honeywell International Inc., Rockwell Automation, Inc., UL LLC (Underwriters Laboratories), Emerson Electric Co., General Electric (GE), Littelfuse, Inc., DuPont de Nemours, Inc. These players are focusing on technological advancements, strategic collaborations and new product launches to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
