Pune, India, Oct. 27, 2021 (GLOBE NEWSWIRE) -- According to the report, Commercial Vehicle market size is expected to reach USD 990.5 billion by 2028, exhibiting a CAGR of 6.5% during the forecast period. The increasing IT sector and rapid industrialization across the globe will boost the market growth in the forthcoming years. According to a report published by Fortune Business Insights, titled “Global Commercial Vehicle Market, 2021-2028,” the market size stood at USD 654.9 Billion in 2020.
COVID-19 Impact:
Declined Product Sales to Severely Impact Market amid COVID-19 Pandemic
The recent coronavirus outbreak has had a negative impact on several businesses across the world. With unified efforts taken to curb the spread of the disease, businesses across the world have been compelled to shut down.
The measures taken to minimize the impact of the disease will ultimately affect several manufacturing units, with strict measures forcing people to stay indoors. The Commercial Vehicle (CV) sector is among the few industries that have been hit the most among all industries during the Covid-19 pandemic. With social distancing practices implemented across the world, CV businesses have dramatically gone down, and it will be a while until we may see newer variants at a similar pace to that in the past few years.
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Market Segments:
Based on vehicle type, the market is classified into light commercial vehicles, heavy commercial vehicles, and buses & coaches. The light vehicles are expected to hold the largest market share during the forecast period. Based on the power source level, the market is divided into gasoline, diesel, HEV/PHEV, Battery Electric Vehicles (BEV), and fuel cell vehicles. Geographically, the market is classified into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.
Driving Factor:
Booming Industrialization and Infrastructure Development to Aid Growth
The major drivers of worldwide CV growth are fast population increase, urbanization industrial expansion, and infrastructural development. The expansion of the industrial sector, particularly in developing nations, has resulted in a huge number of employment openings in a variety of industries, including construction, mining, and tourism. As a result, as work possibilities grow, so does the number of commuters, which significantly influences public transportation demand.
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Regional Insights:
North America to Emerge Dominant; Increasing Production of Commercial Vehicles Will Bode well for Market
The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is projected to emerge dominant in the coming years. The presence of several large-scale companies in this region will have a direct impact on the growth of the market in North America.
The commercial vehicle market share in Asia Pacific is expected to experience an outstanding growth during the forecast period due to the increasing adoption of electric and autonomous vehicles. As of 2020, the APAC market stood at USD 296.3 billion, and this value is projected to rise at a CAGR of 6.7% during the forecast period. The market in Asia Pacific will derive growth from the of businesses such as mining and logistics in developing countries.
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Competitive Landscape:
Company Mergers among Prominent Companies to Consolidate Market
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of company mergers and acquisitions and collaborations have made the highest impact on the growth of the market. Accounting to increasing market competition, it is observed that major companies are benefiting from collaborations and joint ventures.
In July 2019, Daimler announced that it has entered into a strategic partnership with BMW to develop a new technology for automatic parking and driver assistance system on highways. This partnership will also help the companies to achieve a higher level of automation in urban centres. The increasing number of company mergers and acquisitions will have a massive impact on the growth of the global commercial vehicle market in the forthcoming years.
- Daimler AG (Stuttgart, Germany)
- PACCAR Inc. (Washington, United States)
- Hino (Tokyo, Japan)
- SCANIA (Södertälje, Sweden)
- Tata Motors (Mumbai, India)
- Navistar International Corp (Illinois, United States)
- BYD Auto Co., Ltd. (Shenzhen, China)
- AB Volvo (Gothenburg, Sweden)
- Toyota Motor Corporation (Toyota, Aichi, Japan)
- Proterra, Inc. (California, United States)
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| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021-2028 CAGR | 6.5% |
| 2028 Value Projection | USD 990.5 billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 634.3 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 200 |
| Segments covered | Vehicle Type, Power Source, and Geography |
| Growth Drivers | Booming Industrialization and Infrastructure Development to Aid Growth |
| North America to Emerge Dominant; Increasing Production of Commercial Vehicles will Bode well for Market |
Global Commercial Vehicle Market Segmentation:
By Vehicle Type:
- Light Commercial Vehicle,
- Heavy Commercial Vehicle,
- Buses & Coaches
By Power Source Type:
- Gasoline,
- Diesel,
- HEV / PHEV,
- Battery Electric Vehicle
- Fuel Cell Vehicle
By Geography
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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