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 2024-2031

Global Commercial Vehicle Market size was valued at USD 1.35 billion in 2022 and is poised to grow from USD 1.40 billion in 2023 to USD 1.87 billion by 2031, growing at a CAGR of 3.7% during the forecast period (2024-2031).

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.