Growing Logistics Industry to Boost the Demand for Global Commercial Vehicles Market Worldwide

In 2021, the global commercial vehicles market was estimated at US$ 1.18 Tn and is expected to grow at a CAGR of 6.2% throughout the forecast period from 2023 to 2030. Development of the global economy, expansion of logistics industry, and improved road infrastructure globally are the major key factors for global commercial vehicles market growth. As per OICA, around 5% more vehicles were sold in 2020 as compared to 2019. Penetration of e-commerce and rising infrastructural development worldwide are some of the key factors driving the growth of the global commercial vehicles market. As a result of the above-mentioned factors, the global commercial vehicles market will show significant growth during the forecast period.    

Buses Segment to be the Fastest Growing Segment

Based on product type, the global commercial vehicles market is segmented into light commercial vehicles, heavy commercial vehicles, and buses. The global commercial vehicles market was led by light commercial vehicles segment with a revenue contribution of around 70% in 2020. Light commercial vehicles segment has its dominance owing to its benefits such as dynamic nature, cost-effectiveness and reduced emissions. On the other flip, buses segment will be the fastest growing segment during the forecast period. Growth in tourism industry and cost-effectiveness are the major reasons for growth for the segment. Thus, we expect that buses segment will be the fastest growing segment across the forecast period.

Asia Pacific will be the Fastest Growing Region throughout the Forecast Period

North America was the largest market by value and by volume for global commercial vehicles in 2021. The region accounted for more than 1/3rd of the global revenue and around 1/2 of the volume share in the same year. The dominance is owing to infrastructure development and expansion of e-commerce industry. Furthermore, we expect that Asia Pacific will be the fastest-growing region during the forecast period. Asia Pacific will show fastest growth owing to significant growth in logistics industry, manufacturing industry and increased infrastructure spending by the government. As per OICA, in 2020, Asia Pacific registered nearly 4% increase in the commercial vehicle sales as compared to 2019. Thus, we expect that Asia Pacific region will be the fastest growing region throughout the forecast period.

Some of the prominent players operating in the global commercial vehicles market 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.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Commercial Vehicles market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Commercial Vehicles market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Commercial Vehicles market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Commercial Vehicles market?
• Which is the largest regional market for Commercial Vehicles market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Commercial Vehicles market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Commercial Vehicles market worldwide?