New York, March 13, 2024 (GLOBE NEWSWIRE) -- The global commercial vehicle market size is slated to expand at ~8% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 50 trillion by the end of 2035, up from a revenue of ~USD 2 trillion in the year 2022.The increasing number of commercial vehicles across the world is predicted to hike the market size. Further, the growing disposable income of people along with the demand for commercial purpose vehicles for business or other works is proliferating the market growth. The average commercial vehicle sales in 2022 among 55 countries was nearly 420,000 units.
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In addition, enhancing industrialization worldwide with urbanization and the development of rural areas into smart cities is driving the market trends in the coming years. The adoption of e-mobility in the commercial vertical, and the advancement of infrastructure in the automobile sector are propagating the market size. Each day more than 39 million e-hailing trips are booked on the two largest e-mobility websites.
Increasing Generation of Heavy-Duty Vehicles is Fueling the Growth of the Commercial Vehicle Market
The production of heavy-duty vehicles for various industries to load and unload heavy machinery and goods is reckoned to boost the market size. Besides, heavy-duty vehicles are in demand for transport and in the commercial sector for different applications such as exports, imports, and e-commerce deliveries which is assessed to shoot up the market growth. Over 65,000 electric buses and over 58,000 medium and heavy-duty trucks were supplied across the world in 2022.
Commercial Vehicle Market: Regional Overview
Increasing Commercial Vehicle Demand and the Need for Heavy Transportation Works is Intensifying the Market Growth in the North America Region
The North America commercial vehicle market is outlined to register a market share of 34% in the coming years owing to the rising demand for commercial vehicles. Additionally, the need for heavy transport works in the end-user sectors for the transfer of goods is fostering the market size. Furthermore, the growth of the market is attributed to the government policies and regulatory bodies that support the prominent players of the business to expand their portfolio in the region to create fuel-efficient vehicles in transport is soaring the market size. As per the U.S. Department of Transportation the High Priority Commercial Motor Vehicle (HP-CMV) program granted USD 5000 to USD 2 million in 2021 for 44 awards which account for USD 21.7 million in total. Further, in 2022, HP-CMV provided USD 42.9 million in funds for a complete 51 awards. These funds are issued to improve commercial safety and to apply innovative national-level projects that enhance the safety of CMVs.
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Rise in the Production Facilities and Improved Road Network is Amplifying the Market Expansion in Asia Pacific Region
The Asia Pacific region market is projected to secure a sustainable market share in the coming years. The enhancement in the road networks of the region is driving the market size. Also, the affordability and lower material costs are strengthening the market growth in the region during the forecast period. Besides, all this increase the production warehouses, especially in China and India is likely to propel the market trends. The Road Network to Shenzhen was launched in 2023 and was spread to Hong Kong and Indonesia linking through an inter-modal road-sea service done by the GEODIS Road Network.
Commercial Vehicle, Segmentation by Fuel Type
- Internal Combustion Engine
- Electric Vehicles
The commercial vehicle segment from the electric vehicles is estimated to set a significant market share of 60% in the forecast period. The market segment size is expanding on account of the multiplying number of electric vehicles across the world. Moreover, the government initiatives to reduce carbon emissions through electric vehicle production are increasing the demand for the market segment. Nearly 89% of the medium or heavy-duty truck models in the market are battery electric and more than 10 models were fuel cell heavy-duty trucks in 2022.
Commercial Vehicle, Segmentation by Vehicle Type
- Light Commercial
- Heavy Commercial
- Buses
The light commercial segment in the commercial vehicle market is evaluated to secure the second-largest market share by the end of 2035. The growth of the market segment is credited to the properties of lightweight vehicles to reduce fuel costs and production expenditure as compared to other vehicles. The demand for lightweight vehicles is escalating day by day across the world which is spreading the market segment size. The electric light commercial vehicles sold across the world in 2021 reached over 68% as per the reports.
A few of the well-known industry leaders in the commercial vehicle market that are profiled by Research Nester are Volvo Group, Tata Motors Limited, Daimler Truck ag, Mahindra & Mahindra Limited, Paccat Inc., Hino Motors Ltd., Volkswagen AG, Scania CV AB, Robert Bosch GmbH, Ashok Leyland, and others.
Recent Development in the Market
- Volvo Group introduced a Volvo battery electric truck expanding its collection into a fully electric rear axle built with more space for batteries.
- Tata Motors Ltd launched a new series of 21 commercial vehicles that adds to the company’s establishment of the Power of 6 benefit proposition. This focuses on lower cost, high productivity, and application and was developed to meet the advancing needs of cargo and people transport across the segment and applications.
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