Commercial Vehicle Market
Report ID: SQMIG20V2002
Commercial Vehicle Market Size, Share, Growth Analysis, By Product (Light Commercial Vehicles, Heavy Trucks), By Propulsion Type (Hybrid & electric vehicles, ICE), By End Use (Industrial, Mining & Construction), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG20V2002 |
Region:
Global |
Published Date: November, 2024
Pages:
230
|Tables:
67
|Figures:
75
Commercial Vehicle Market Insights
Commercial Vehicle Market size was valued at USD 1.4 Billion in 2023 and is poised to grow from USD 1.45 Billion in 2024 to USD 1.94 Billion by 2032, growing at a CAGR of 3.7% during the forecast period (2025-2032).
A commercial vehicle is a type of motor vehicle which is used for the transport of goods and products. The growth of commercial vehicles is mainly inclined by the increase in e-commerce activity and the increasing adoption of commercial vehicles for transportation. It is used in various industries including transportation & logistics, mining & amp; construction, manufacturing industries, agriculture, and many more. The major products covered by the commercial vehicle market are light commercial vehicles, buses & buses, and trucks. Industrial growth and rising penetration of electric-powered vehicles in commercial vehicles are some of the main factors that trigger the pace of the commercial vehicle market during forecasts.
The local market's rising logistic services are expected to drive up demand for small commercial vehicles, leading to expected growth in the Indian small commercial vehicle market. In the next five years, government initiatives, financial assistance, and rising manufacturing company investments will all contribute to the expansion of the Indian small commercial vehicle market.
US Commercial Vehicle Market is poised to grow at a sustainable CAGR for the next forecast year.
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Commercial Vehicle Market Segmental Analysis
Global Commercial Vehicle Market is segmented by product, propulsion type, end use and region. Based on product, the market is segmented into light commercial vehicles (LCVs), heavy trucks, and buses & coaches. Based on propulsion type, the market is segmented into hybrid & electric vehicles, and ICE (internal combustion engine). Based on end use, the market is segmented into industrial, mining & construction, logistics, passenger transportation, and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Commercial Vehicle Market Analysis by Product
Based on the Product, in 2021, the segment for light commercial vehicles (LCVs) had the highest revenue share. LCVs are regarded as a financially advantageous solution for the transportation of both goods and people. LCVs reduce emissions and have a number of tax advantages. These vehicles are also quite active and adaptable for carrying both passengers and cargo. They are also economic, which is anticipated to favors the segment's expansion.
Commercial Vehicle Market Analysis by End User
Global Commercial Vehicle Market has been segmented on the basis of Industrial, Mining, Construction, Logistics, and Passenger Transportation. Passenger transportation had a sizable market value share in 2021 and was expected to increase at a profitable rate of around 8% throughout the projected period. One of the main elements driving the segment's rise is the increase in commuting costs to increase accessibility and affordability. Additional factors that will contribute to the rise of passenger transportation in the years to come include the increasing trend of shared mobility and regulations governing the movement of vehicles on the road.
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Commercial Vehicle Market Regional Insights
Asia Pacific is expected to witness the fastest growth rate. Rapid urbanization, industrialization, a sizable population, and strong government investments in the construction of cutting-edge infrastructure are all evident in the Asia Pacific. Due to a large number of industries in the area, there is now a much higher demand for commercial vehicles to transport goods both domestically and internationally. Additionally, China is a major global producer and consumer of electric vehicles. The region's demand for electric commercial vehicles has been greatly increased by the growing government attempts to reduce carbon emissions from cars.
North America holds the second-largest position in the market owing to the growing demand for commercial vehicles in North America. The reason is the increasing demand for long-distance operations from fleet management in this region. It is estimated that Europe has shown good growth in this market. As the demand for personnel and cargo transportation continues to increase, it is expected that this demand will significantly increase in the future.
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Commercial Vehicle Market Dynamics
Commercial Vehicle Market Driver
- Commercial vehicle manufacturers have been designed to make carbon-emission-reducing cars to the rise in public awareness of the need for an environmentally friendly solution. Manufacturers are developing cutting-edge vehicle designs, minimizing size and load considerations, and modifying vehicles in accordance with weight restrictions.
- Additionally encouraging for the market's expansion throughout the projection period is the presence of cutting-edge technologies and the ongoing integration of telematics and communication capabilities into commercial vehicles. Customers looking to purchase commercial vehicles are often looking for ancillary services including finance, rental, and leasing options. Another trend that is progressively being adopted in the market is the growing need for customized solutions.
Commercial Vehicle Market Restraint
- Strict regulations and high prices for heavy vehicles will restrain market expansion:
The government is making major efforts to grow the vehicle industry on a global basis. To lower the frequency of traffic accidents, guarantee the safety of passengers and drivers, and minimize rising fuel emissions, the government has put rigorous restrictions, in order to limit escalating exhaust emissions, which have caused a global environmental crisis and global warming, they have also imposed tight rules on auto manufacturing businesses.
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Commercial Vehicle Market Competitive Landscape
Global Commercial Vehicle Market is relatively competitive. As part of their attempts to improve their respective product offerings in the industry, the major players who controlled the global market in 2020 are placing heavy importance on supplying modern items built on the most recent technology. To strengthen their position in the market, the corporations are also pursuing strategic initiatives such as geographical expansion and strategic acquisitions, mergers, partnerships, and collaborations.
Commercial Vehicle Market Top Player's Company Profiles
- Ashok Leyland (India)
- Bosch Rexroth AG (Germany)
- Daimler AG (Germany)
- Volkswagen AG (Germany)
- Toyota Motor Corporation (Japan)
- Mahindra & Mahindra Limited (India)
- Tata Motors Limited (India)
- AB Volvo (Volvo Group) (Sweden)
- Golden Dragon (China)
- General Motors (US)
- Paccar Inc. (US)
- Scania CV AB (Sweden)
- Hino Motors Ltd. (Japan)
- Navistar International Corporation (US)
- BYD (China)
- Robert Bosch GmbH (Germany)
- Ford Motor Company (US)
- Isuzu Motors Limited (Japan)
- FAW Group Corporation (China)
- Sinotruk (Hong Kong) Limited (China)
Commercial Vehicle Market Recent Developments
- In January 2022, PACCAR exhibited three-vehicle of these innovative technologies at CES. The three vehicles include a battery-electric Kenworth T680E along with its PACCAR battery charger; the DAF XG+, which recently was honored as International Truck of the Year 2022, featuring state-of-the-art connected services; and a Peterbilt Model 579 equipped with the Aurora self-driving system.
- On June 2022, Tata Motors announced launching its range of GenVoltz generators in Nepal. The generators are powered by Tata Motors' diesel engines and are suited to power a wide variety of applications. The generators will be available from 25kVA to 125kVA* configurations, in both manual and automatic modes, and they will be retailed by Tata Motors'
Commercial Vehicle Key Market Trends
- Demand for specific transport solutions by consumers, integration of telematics services, and the rising popularity of shared mobility are some of the major trends that are shaping the commercial vehicle market growth.
- Green transportation is rapidly growing worldwide, due to which the goods transportation companies are also converting their existing fleet into electric propulsion-based vehicles. As the demand for electric trucks is growing, vehicle manufacturers are planning to launch more electric trucks.
Commercial Vehicle Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Commercial Vehicle Market Analysis, light commercial vehicles (LCVs) had the highest revenue share (77.3%). Passenger transportation had a sizable market value share in 2021 and was expected to increase at a profitable rate of around 8% throughout the projected period. Among the regions, Asia Pacific has seen significant growth due to rapid urbanization, industrialization, a sizable population, and strong government investments in that region.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 1.35 billion |
| Market size value in 2031 | USD 1.87 billion |
| Growth Rate | 3.7% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Commercial Vehicle Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Commercial Vehicle Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Commercial Vehicle Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Commercial Vehicle Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Commercial Vehicle Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Commercial Vehicle Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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