Commercial Vehicle Market which delivers detailed overview of the global commercial vehicle market in terms of market segmentation by fuel type, vehicle type and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
Commercial Vehicle Market Statistics –
- USD 2 Trillion revenue in 2033
- The market size is projected to record a valuation of over USD 2 Trillion by 2033
- The Commercial Vehicle Market is slated to observe 8% growth rate through 2023-2033
The global commercial vehicle market is anticipated to grow with a CAGR of ~8% during the forecast period, i.e., 2023-2033. The market is segmented by fuel type segment into internal combustion engines (ICE) and electric vehicle. Out of these segments, the electric vehicle segment is anticipated to garner the largest market share over the forecast period, owing to the increasing pollution caused by ICEs. In addition, rising demand of electric vehicles among consumers is also expected to boost the growth of the segment in the coming years.
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The global commercial vehicle market is estimated to garner a revenue of 2 trillion by the end of 2033, backed by the increasing demand of light commercial vehicles worldwide. Various features provided by commercial vehicle, including mobilization of manufactured goods & industrial raw material are also projected to boost sales of these vehicles in the coming years. Moreover, surge in the number of commercial drivers as well as increasing production of heavy trucks is also projected to propel the growth of the market during the forecast period.
Geographically, the global commercial vehicle market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in North America is estimated to garner the largest market share over the forecast period, owing to the rising penetration of commercial vehicles. Apart from this, the market in Asia Pacific is anticipated to register significant growth in the coming years.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Increasing Production of Commercial Vehicles to Drive the Market Growth
According to the data, around 23 million light commercial vehicles, heavy buses, and trucks were produced around the globe in 2021.
The rising demand of commercial vehicles is expected to accelerate the market growth in the coming years, as besides human mobilization, commercial vehicles facilitate the transportation of light & heavy equipment which further improves performance across diverse industries. Moreover, the increasing technological advancements as well as the increasing growth of the urbanization are also expected to drive the growth of the global commercial vehicle market during the forecast period.
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However, the requirement of huge initial investment along with high cost of maintenance later are expected to operate as key restraints to the growth of global commercial vehicle market over the forecast period.
Major players include in the global Commercial Vehicle Market market:
- Tata Motors Limited
- Daimler Truck AG
- Toyota Motor Corporation
- Mahindra & Mahindra Limited
- Paccar Inc.
- Hino Motors, Ltd.
- Volkswagen AG
- Scania CV AB
- Robert Bosch GmbH
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