New York, United States , July 19, 2024 (GLOBE NEWSWIRE) -- The Global Commercial Vehicle Market Size is to Grow from USD 1,072.84 Billion in 2023 to USD 2,164.45 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 7.27% during the projected period.
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A commercial vehicle is any type of motor vehicle that is primarily used for the transportation of products or individuals who are prepared to pay for their travels. This broad category includes a wide range of vehicles, from the standard delivery vans that drive through cities to the massive tractor-trailers that travel across massive roads. The precise classification of a commercial vehicle varies depending on limits on weight and local regulations. Commercial vehicle transportation of people and products enables global economic activity and infrastructure development. The expansion of economies, particularly in developing countries, is the primary driver of demand for commercial vehicles. Commercial vehicle needs grew as a result of the quick development of infrastructure, urbanization, and industry, all of which raised the demand for the transportation of products. Due to the increase in e-commerce and the shift in consumer preferences toward online shopping, efficient last-mile delivery solutions are needed. Technology has led to an increase in demand for commercial vehicles intended for city distribution. However, as the automobile industry shifts to electrification and the usage of new technology in vehicles, it is expected that the high production costs and complicated mechanics of advanced systems will restrict market growth.
Browse key industry insights spread across 235 pages with 110 Market data tables and figures & charts from the report on the "Global Commercial Vehicle Market Size, Share, and COVID-19 Impact Analysis, By Vehicle Type (Light Commercial Vehicle, Heavy Vehicle, and Buses), By Fuel Type (I.C. Engine, Electric Vehicle (EV)), By End User (Industrial, Mining, Construction, Logistics), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033. "
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The light commercial vehicle segment is anticipated to hold the greatest share of the global commercial vehicle market during the projected timeframe.
On the basis of vehicle type, the global commercial vehicle market is divided into light commercial vehicles, heavy vehicles, and buses. Among these, the light commercial vehicle segment is anticipated to hold the greatest share of the global commercial vehicle market during the projected timeframe. LCVs produce fewer emissions and offer several tax advantages. These vehicles used to transport individuals as well as products because of their flexibility. Additionally, they should be financially stable, which will support the expansion of the market.
The electric vehicle (EV) segment is anticipated to hold the largest share of the global commercial vehicle market during the projected timeframe.
On the basis of fuel type, the global commercial vehicle market is divided into I.C. engine and electric vehicle (EV. Among these, the electric vehicle (EV) segment is anticipated to hold the largest share of the global commercial vehicle market during the projected timeframe. The market for electric vehicles (EVs) is anticipated to expand at a promising rate due to rising fuel economy compliance standards and increased demand. In addition, producers are constantly focused on reducing the cost of batteries to increase EV sales, which is propelling the expansion of the market.
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North America is expected to hold the largest share of the global commercial vehicle market over the forecast period.
North America is expected to hold the largest share of the global commercial vehicle market over the forecast period. The North American market is driven by a highly integrated supply chain network that efficiently connects producers and consumers such as air, freight rail, express delivery services, shipping, and truck transport, and other modes of transportation.
Asia Pacific is predicted to grow at the fastest pace in the global commercial vehicle market during the projected timeframe. The increasing number of manufacturing facilities, especially in developing economies like China and India, easy access to inexpensive labor and raw materials, and improving road infrastructure are some factors that are expected to contribute to the growth of the regional market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global commercial vehicle market include Daimler AG, PACCAR Inc., Hino, VE Commercial Vehicles Ltd, Scania, Tata Motors, Navistar International Corp, BYD Auto Co., Ltd., AB Volvo, Toyota Motor Corporation, Ashok Leyland, Bosch Rexroth AG, Volkswagen AG, Mahindra and Mahindra, and Others.
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Recent Developments
- In February 2024, In South Africa, Tata Motors and Tata Africa Holdings Limited, its authorized distributor, launched the Ultra T.9 and Ultra T.14, a successful line of multipurpose smart heavy-duty vehicles.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global commercial vehicle market based on the below-mentioned segments:
Global Commercial Vehicle Market, By Vehicle Type
- Light Commercial Vehicle
- Heavy Vehicle
- Buses
Global Commercial Vehicle Market, By Fuel Type
- I.C. Engine
- Electric Vehicle (EV)
Global Commercial Vehicle Market, By End User
- Industrial
- Mining
- Construction
- Logistics
Global Commercial Vehicle Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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