According to a new market research report published by Acute Market Reports “Global Commercial Vehicles Market (By Product Type- Light Commercial Vehicles, Heavy Commercial Vehicles and Buses), (By End-use – Industrial, Logistics, Passenger Transport and Mining & Construction), (By Engine Type- Gasoline, Diesel, Electric, Natural Gas and Hybrid (Diesel + Electric, Diesel + CNG, Gasoline + CNG)), (By Geography - North America, Europe, Asia Pacific, and Rest of the World)), Market – Growth, Future Prospects and Competitive Analysis, 2023 - 2030”, the overall global commercial vehicles market worldwide was valued at US$ 1.18 Tn in 2021 and is set to grow with 6.2% CAGR during the forecast period.

Market Insights

Enhancement of logistics industry and increased infrastructural spending worldwide are driving the global commercial vehicles market growth. E-commerce sector growth, improved road infrastructure and growing demand of commercial vehicles worldwide are other major factors for global commercial vehicles market growth. As per OICA, 26,365,470 commercial vehicles were sold in 2021 as compared to 24,965,772 in 2020. Nowadays, original equipment manufacturers (OEMs) are launching products with telematics and connectivity features which includes traffic data, accident warnings, roadwork updates, navigation, weather reports and others. These features provide extra safety to the vehicles, which in turn helping the market to grow. Thus, we expect that the global commercial vehicles market will show substantial growth during the forecast period.

Based on end-use, the global commercial vehicles market was led by logistics segment in 2021. The logistics segment contributes around 30% of the revenue share in the same year. In 2021, the global logistics industry was projected around US$ 8.5 Tn and is expected to grow at a CAGR of nearly 4.5% in years to come. Logistics segment has its dominance due to growing e-commerce industry and trade activities worldwide. Consequent need for multi-channel distribution and rising globalization are helping the logistics segment to grow. Development of road infrastructure is the other major factor for the segment growth. As a result, we expect that the segment will continue its dominance throughout the forecast period.

Based on geography, in 2021, North America was the largest region by value and by volume. North America contributed to around 40% of the overall market revenue and nearly 50% of the overall volume in the same year. North America has its dominance due to continuous infrastructure development and easy finance options. On the other hand, we expect that Asia Pacific will be the fastest growing region in terms of both value and volume. Asia Pacific will show highest growth owing to growing road infrastructure, rising manufacturing and growing logistics industry in the region. Developing economies of Asia Pacific such as China and India will be the largest contributor in the growth of Asia Pacific commercial vehicle market.  Therefore, we expect that Asia Pacific will be the fastest growing region during the forecast period.

Some of the major players profiled in the report include Daimler AG, Tata Motors, Volkswagen AG, Ashok Leyland, Volvo Car Corporation, General Motors, Fiat Chrysler Automobiles N.V., China National Heavy Duty Truck Group Co., Ltd., PACCAR Inc, IZUSU Motors Ltd., Ford Motor Company, JAC Motors, Toyota Motor Corporation, among others.

Browse the full report at https://www.acutemarketreports.com/report/commercial-vehicles-market

The Global Commercial Vehicles Market is Segmented into:

*Complete segmentation list is on report page