Global Commercial Vehicles Market to be Led by Light Commercial Vehicles (LCVs) through 2028
The major drivers for the Global Commercial
Vehicles Market include increasing sales of light commercial vehicle are
expected to drive the market in forecast period.
According to TechSci Research report, “Global Commercial Vehicles Market– By
Region, Competition, Forecast & Opportunities, 2028,” Global
Commercial Vehicles Market has valued at USD 1,300 Billion in 2022 and is
anticipated to project robust growth in the forecast period with a CAGR of 5.4
% through 2028. Commercial vehicles are essential for driving economic growth,
boosting trade, and providing essential services around the globe. The global
commercial vehicle market is made up of a variety of vehicles that are designed
for a variety of industrial and commercial purposes. These vehicles come in all
shapes and sizes, and each one is tailored to meet the needs of the industry.
As electric and alternative fuels become more popular, the commercial vehicle
market is adapting to the changing environment, economy, and technology. As
electric, hybrid, and alternative vehicles become more popular, it's
challenging the industry to find the right balance between economic growth,
environmental sustainability, and meeting commercial needs. From trucks to
vans, buses to specialized transport, commercial vehicles are the backbone of
economies, infrastructure, and trade, and they're changing the way we transport
goods, provide services, and reduce environmental impact.
The global commercial vehicle market is at the
core of economic growth and infrastructure growth. It supports trade, logistics
and public services while embracing technological innovation to serve the needs
of an ever-changing world. As the industry moves towards sustainability, the
electric and connected commercial vehicle (CV) market is emerging as key
solutions that will redefine the manner in which goods and services are moved
and shape the future of mobility both in cities and in rural areas. As urban
populations increase, so does the demand for public transportation (PTA) and
last-mile (LMD) delivery solutions. This trend encourages investment in buses,
vans and specialized vehicles to promote urban mobility and infrastructure
initiatives. Self-driving technology continues to penetrate the commercial
vehicle market, with autonomous trucks and delivery vehicles offering
efficiency gains, reducing driver fatigue, and addressing driver shortages.
In addition, on a regional level, APAC is
experiencing rapid urbanization which is likely to contribute to the growth of
light, medium and heavy commercial vehicle demand in APAC. The rapid growth of
the e-commerce sector and logistics industry in the country is expected to
drive the demand of commercial vehicles in APAC over the next four to five
years. Many organizations are investing in expanding their dealership networks
across various regions. In December 2021, the Rivian company announced the
expansion of its manufacturing operations in the United States by setting up
its second US plant in Georgia. In September 2021, the Tata Motors company
announced its roadmap to recreate its commercial vehicle business by investing
more than USD 1 billion or an amount over Rs 7,500 crore in the next 4 to 5
years. In March 2022, the subsidiary of the TRATON group (TRATON Motors)
entered into an alliance with Volvo Group’s subsidiary Daimler trucks.
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Pages and an in-depth TOC on "Global Commercial Vehicles Market"
The Global Commercial Vehicles Market is analyzed based
on Vehicle type, application type, propulsion type, and by region. Based on the
vehicle type the market is divided into Light Commercial Vehicles (LCVs), Heavy
Trucks, Buses & Coaches. On the basis of application, market is divided
into Industrial, Mining & Construction, Logistics, Passenger Transportation,
Others. Based on the propulsion type, the market is divided into Electric
Vehicle, Hybrid Electric Vehicle, Natural Gas Vehicle, Fuel Cell Electric
Vehicle, Diesel Vehicle, Petrol Vehicle. Based on the region, the market is segmented
into Asia-Pacific, Europe & CIS, North America, South America, and Middle
East & Africa.
Key market players in the Global Commercial
Vehicles Market include:
- Ashok Leyland
- Bosch Rexroth AG
- Daimler
- Volkswagen AG
- Toyota Motor Corporation
- Mahindra and Mahindra
- TATA Motors
- AB Volvo
- Xiamen Golden Dragon Bus Co. Ltd
- General Motors
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“The increase in commercial activity around world,
combined with a growing penetration on electric commercial vehicles,
contributes significantly to the expansion of Global Commercial Vehicles Market.
Moreover, in addition technological improvements, which necessitate specialized
and customized vehicles with improved performance and reduced environmental
impact increases the demand for global commercial vehicle market. The Global
Commercial Vehicles Market is expected to grow at 5.4 % through forecast
period.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Global Commercial Vehicles Market By Vehicle Type (Light Commercial Vehicles (LCVs), Heavy
Trucks, Buses & Coaches), By Application Type (Industrial, Mining & Construction, Logistics, Passenger
Transportation, Others) By Propulsion Type (Electric Vehicle, Hybrid
Electric Vehicle, Natural Gas Vehicle, Fuel Cell Electric Vehicle, Diesel
Vehicle, Petrol Vehicle), By Region, Competition, Forecast & Opportunities,
2028” has evaluated the
future growth potential of Automotive Infotainment Systems market globally and
provides statistics and information on market structure, size, share and future
growth. The report is intended to provide cutting-edge market intelligence and
help decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities present in the Global Commercial Vehicles Market.
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