Selbyville, Delaware, March 06, 2024 (GLOBE NEWSWIRE) --
The commercial vehicles market valuation is estimated to reach USD 15.9 trillion by 2032, as reported in a research study by Global Market Insights Inc.
The market growth is fueled by the rising urbanization, increasing industrial activities, and technological advancements. The expanding global economy is pushing the demand for transportation of goods & services. With the rise of e-commerce and the need for efficient last-mile delivery solutions, particularly in urban areas, commercial vehicles sales have witnessed an uptick in the recent years. Additionally, the stringent emission regulations worldwide are pushing fleet operators to upgrade to cleaner and more fuel-efficient vehicles, contributing to industry expansion.
Moreover, advancements in driver-assistance technologies and the integration of automation are enhancing safety standards and optimizing operational efficiency of commercial vehicles, adding to their popularity. In September 2023, Amazon Web Services (AWS) disclosed that the BMW Group opted for AWS as its preferred cloud service provider for its automated driving platform. Using AWS, the BMW Group will plan its forthcoming advanced driver assistance system (ADAS) for its upcoming line of vehicles, dubbed the "Neue Klasse," scheduled for release in 2025.
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The commercial vehicles market from the construction & mining end-use segment is predicted to grow significantly through 2032, owing to the ongoing infrastructure development projects. A resurgence in mining activities across various regions is influencing the demand for robust and specialized vehicles tailored to meet the unique requirements of these sectors. Manufacturers are responding by introducing durable and high-performance vehicles equipped with advanced features to enhance productivity and reliability in challenging work environments.
The electric vehicle (EV) segment is expected to generate massive revenues in the market by 2032, due to the shift towards sustainable transportation solutions. Increasing environmental concerns and stringent emissions regulations are driving the adoption of electric commercial vehicles, particularly in urban areas. Innovations in battery technology and charging infrastructure are facilitating the transition towards electrification, offering cleaner and more efficient alternatives to traditional fuel-powered vehicles, stimulating the market demand.
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Asia Pacific commercial vehicles market will expand notably till 2032, driven by rapid urbanization, economic growth, and infrastructural development initiatives. Countries like China and India are witnessing a surge in demand for commercial vehicles, led by expanding e-commerce, burgeoning construction projects, and government investments in transportation infrastructure. The commercial vehicle manufacturers are capitalizing on these opportunities by expanding their presence in the region and forging strategic partnerships to cater to evolving consumer needs.
Some of the key players in the commercial vehicle market are AB Volvo, Toyota Motor Corporation, Scania AB, General Motors, Ford Motor Company, and BYD Motors, among others.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation.
1.4 Data Sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources.
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Commercial Vehicle Telematics market 3600 synopsis, 2018 - 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM)
2.3 Regional trends
2.4 Solution trends
2.5 Application trends
2.6 End Use trends
2.7 Vehicle Type Trends
Chapter 3 Commercial Vehicle Telematics Market Insights
3.1 Impact on COVID-19
3.2 Russia-Ukraine war impact
3.3 Industry ecosystem analysis
3.4 Vendor matrix
3.5 Profit margin analysis
3.6 Type & innovation landscape
3.7 Patent analysis
3.8 Key news and initiatives
3.9 Cost structure analysis
3.10 Regulatory landscape
3.11 Impact forces
3.11.1 Growth drivers
3.11.1.1 Rising demand for efficient fleet management
3.11.1.2 Rising popularity of cloud-based telematics systems
3.11.1.3 Rising Need to Lower Fuel Usage and Vehicle Downtime
3.11.1.4 Growing government mandate for deploying vehicle tracking in commercial vehicles
3.11.2 Industry pitfalls & challenges
3.11.2.1 Privacy and Security Concerns
3.11.2.2 High cost associated with telematic systems
3.12 Growth potential analysis
3.13 Porter’s analysis
3.14 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
