How much is the commercial vehicle market worth, and how is it expected to expand?
The commercial vehicle market size has grown strongly in recent years. It will grow from $976.15 billion in 2024 to $1067.45 billion in 2025 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to global trade expansion, infrastructure development, manufacturing and industrial activity, government regulations, consumer goods transportation.
The commercial vehicle market size is expected to see strong growth in the next few years. It will grow to $1479.97 billion in 2029 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to e-commerce logistics growth, last-mile delivery solutions, sustainable and green logistics, efficiency in supply chain, efficiency in supply chain. Major trends in the forecast period include telematics integration for fleet management, integration of advanced safety systems, customization for industry-specific needs, aerodynamics for fuel efficiency, autonomous driving technology.
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What are the top drivers to the rising demand in the commercial vehicle market?
Advances in technology are expected to be a continued driver of market growth in the forecast period. The commercial vehicle industry has experienced many technological advances in the last decade, and this trend is expected to intensify. For instance, according to the International Energy Agency, a France-based intergovernmental autonomous organization, in 2022, approximately 66,000 electric buses and 60,000 medium- and heavy-duty trucks were sold globally, accounting for around 4.5% of total bus sales and 1.2% of truck sales worldwide. Electric bus and truck sales, which began rising in 2021, continued to grow in 2022. These innovations are expected to drive the commercial vehicle market during the forecast period.
How is the commercial vehicle market segmented?
The commercial vehicle market covered in this report is segmented –
1) By Type: Light Commercial Vehicle, Heavy Trucks, Buses And Coaches
2) By Fuel Type: Gasoline, Diesel, Other Fuel Types
3) By Application: Mining And Construction, Logistics, Passenger Transportation, Other Applications
4) By Propulsion Type: IC Engine, Electric Vehicle
Subsegments:
1) By Light Commercial Vehicle: Vans, Pickup Trucks, Minibuses
2) By Heavy Trucks: Dump Trucks, Flatbed Trucks, Tanker Trucks, Refrigerated Trucks
3) By Buses And Coaches: City Buses, Intercity Buses, School Buses, Luxury Coaches
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Who are the top competitors in the commercial vehicle market?
Major companies operating in the commercial vehicle market include Volkswagen AG, Toyota Motor Corp., Ford Motor Company, General Motors Company, Bayerische Motoren Werke AG, Beijing Automotive Group Co. Ltd., Kia Motors Corp., BYD Motors Inc., Volvo AB, TRATON GROUP, PACCAR Inc., Peugeot, Scania AB, Tata Motors Ltd., Dongfeng Motor Corporation, Hino Motors Ltd., Navistar Inc., Rivian Automotive Inc., Mack Trucks Inc., Isuzu Commercial Truck of America Inc., Daimler AG, Mercedes-Benz Group AG, International Lonestar
What significant trends should we anticipate in the commercial vehicle market over the forecast period?
Major commercial vehicle manufacturers are investing in driverless car technologies to reduce traffic congestion, prevent accidents and save fuel. Driverless commercial vehicles can sense their surrounding environment and navigate through an area without the involvement of humans using radar, GPS, and computer vision technology. With this technology becoming realistic, many companies are expected to be part of the production and design of driverless vehicles. Companies such as UPS and Amazon are testing driverless commercial vehicles to improve operational efficiencies and reduce costs.
Which regional trends are influencing the commercial vehicle market, and which area dominates the industry?
The countries covered in the commercial vehicle market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.
What Does The Commercial Vehicle Market Report 2025 Offer?
The commercial vehicle market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
A commercial vehicle is a vehicle with a license to transport goods or materials rather than people. A commercial vehicle is used for commercial or business purposes.
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