Pune, India., May 15, 2023 (GLOBE NEWSWIRE) -- The global commercial vehicle market size was valued at USD 821.28 billion in 2021. The market could surge from USD 955.57 billion in 2022 to USD 1,712.44 billion by 2029 at a CAGR of 8.7% during the forecast period. Fortune Business Insights™ has deep-dived these inputs in its latest research report titled, “Commercial Vehicle Market, 2022-2029.”
According to the analysis, freight vehicles, including heavy and light vehicles have become sought-after to streamline business operations. Governments have triggered investments to utilize and develop freight vehicles. To illustrate, the European Union has reportedly regulated automakers to install Advanced Driver Assistance Systems (ADAS), Lane Departure Warning (LDW), and AEB in all heavy vehicles with a weight of almost 15,400 pounds.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 8.7% |
| 2029 Value Projection | USD 1,712.44 billion |
| Base Year | 2021 |
| Market Size in 2022 | USD 955.57 billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 200 |
Drivers & Restraints-
Industrialization and Digital Transformation to Steer Growth
The expansion of e-commerce could foster the commercial vehicle market share during the forecast period. Burgeoning industrialization will drive technological advancements and innovations globally. The growth of the e-commerce sector has encouraged automakers and OEMs to emphasize the production of light & heavy vehicles. Moreover, the tourism sector has become one of the major recipients of automobile, largely due to the trend for destination weddings boosting the penetration of rental vehicles. Stakeholders also expect infrastructure developments, including smart city and residential projects and the need for bridges and flyovers to trigger the vehicle demand. However, high manufacturing costs and complexity in operating advanced systems could impede the growth prospect.
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COVID-19 Impact
Shortage of Semiconductors Prompted Demand-Supply Gap
The automobile market grappled with the demand-supply gap largely due to a shortage of semiconductors. To illustrate, Ford reportedly reduced the F-150 truck production in Q2 2020 while Toyota decided to cut annual production by 40% in 2021, mainly due to a semiconductor shortage. Robust government policies could provide impetus to the industry outlook. Notably, the U.S. government passed the CHIPS Act in 2021 and Europe came up with the European Chips Act to propel the domestic chip production.
Segments-
Light Commercial Vehicles to Remain Dominant Due to Increased Usage in Logistics Operations
In terms of vehicle type, the market is segmented into heavy vehicle, light vehicle, and buses. The light commercial vehicle segment could account for the largest share of the global market. The growth is attributed to surging demand from the logistics sector.
Electric Vehicles to Depict Highest CAGR with Rising Demand for Autonomous Driving
With respect to fuel type, the market is segregated into electric vehicle and I.C. engine. The electric vehicle segment will expand at the highest CAGR during the forecast period. The trend is mainly attributed to the demand for autonomous driving and the implementation of rigorous regulations on fuel economy standards.
By Vehicle Type
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By Fuel Type
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Competitive Landscape-
Stakeholders Invest in Organic and Inorganic Strategies to Tap into Markets
Prominent players could inject funds into mergers & acquisitions, product rollouts, technological advancements, and R&D activities. Besides, major companies could invest in innovations and product offerings in the ensuing period.
Regional Insights-
Bullish Demand for Freight Vehicles to Boost North America Market
North America market forecast will be strong due to surging demand for freight vehicles across the U.S. and Canada. Soaring demand for fleet management’s long-distance operations could underpin the penetration of commercial vehicles. For instance, the rising footfall of cargo and personnel transportation will augur well for the regional growth.
Industry participants expect the Asia Pacific commercial vehicle market growth to gain traction following the rising automotive production and sales. Prominently, expanding penetration of autonomous vehicles and electric vehicles will drive innovations across the region. Moreover, bullish investments in logistics and mining are expected to encourage leading companies to emphasize China and India.
Europe could account for a significant share of the global market, largely due to the trend for EV-powered vehicles. Fleet operators could inject funds into electric trucks to tap into regional markets. The expansion of EVs will bode well for the Europe market. The increasing footprint of advanced technologies will propel the market over the next few years.
Report Coverage:
The report offers a comprehensive perspective of the market size, share, revenue, and volume. It has deep-dived into SWOT analysis. Quantitative and qualitative assessments have provided a holistic view of the market. The primary interviews validate assumptions, findings, and the prevailing business scenarios. The report also includes secondary resources such as annual reports, press releases, white papers, and journals.
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A list of prominent Commercial Vehicle manufacturers operating in the global market:
- Daimler AG (Germany)
- PACCAR Inc. (U.S.)
- Hino (Japan)
- Scania (Sweden)
- Tata Motors (India)
- Navistar International Corp (U.S.)
- BYD Auto Co., Ltd. (China)
- AB Volvo (Sweden)
- Toyota Motor Corporation (Japan)
Notable Industry Development:
- February 2022- Paccar revealed 18-speed automated manual transmissions for Peterbilt, Kenworth.
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Table Of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Porter’s Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Distribution of Commercial Vehicle Market (in Value & Volume)
- Impact of COVID-19
- Global Commercial Vehicle Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Fuel Type
- I.C. Engine
- Electric Vehicles
- Market Analysis, Insights and Forecast – By Vehicle Type
- LCV
- HCV
- Buses
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- North America Commercial Vehicle Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Fuel Type
- I.C. Engine
- Electric Vehicle (E.V.)
- Market Analysis, Insights and Forecast – By Vehicle Type
- LCV
- HCV
- Buses
- Market Analysis – By Country (Value & Volume)
- U.S.
- By Vehicle Type
- Canada
- By Vehicle Type
- Mexico
- By Vehicle Type
- Europe Commercial Vehicle Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Fuel Type
- I.C. Engine
- Electric Vehicles
- Market Analysis, Insights and Forecast – By Vehicle Type
- LCV
- HCV
- Buses
- Market Analysis – By Country (Value & Volume)
- U.K.
- By Vehicle Type
- Germany
- By Vehicle Type
- France
- By Vehicle Type
- Rest of Europe
- By Vehicle Type
- Asia Pacific Commercial Vehicle Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Fuel Type
- I.C. Engine
- Electric Vehicles
- Market Analysis, Insights and Forecast – By Vehicle Type
- LCV
- HCV
- Buses
- Market Analysis – By Country (Value & Volume)
- China
- By Vehicle Type
- Japan
- By Vehicle Type
- India
- By Vehicle Type
- South Korea
- By Vehicle Type
- Rest of Asia Pacific
- By Vehicle Type
- Rest of The World Commercial Vehicle Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Fuel Type
- I.C. Engine
- Electric Vehicles
- Market Analysis, Insights and Forecast – By Vehicle Type
- LCV
- HCV
- Buses
- Competitive Analysis
- Key Industry Developments
- Global Market Share Analysis (2021)
- Competition Dashboard
- Comparative Analysis – Major Players
- Company Profiles (Overview, Products & services, SWOT analysis, Recent developments, strategies, financials (based on availability))
- Paccar Inc. (Washington, U.S.)
- Daimler AG (Stuttgart, Germany)
- Scania (Södertälje, Sweden)
- Tata Motors (Mumbai, India)
- AB Volvo (Gothenburg, Sweden)
- Hino Motors (Tokyo, Japan)
- Navistar International Corporation (Illinois, U.S.)
- Toyota Motor Corporation (Aichi, Japan)
- BYD (Shenzhen, China)
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