Commercial Vehicle Market Scientific And Technology, Assessment, Statistics And Facts And Forecast 2023-2032|Volkswagen AG, Daimler AG, Toyota Motor Corp, Peugeot, General Motors Co

The Commercial Vehicle Global Market Report 2023 by The Business Research Company, provides commercial vehicle market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Commercial Vehicle Global Market Report 2023, the market size is expected to grow from $819.24 billion in 2022 to $908.43 billion in 2023 at a compound annual growth rate (CAGR) of 10.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The commercial vehicle market is expected to grow to $1345.23 billion in 2027 at a CAGR of 10.3%.

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.

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The commercial vehicle market 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 & Construction, Logistics, Passenger Transportation, Other Applications

4) By Propulsion Type: IC Engine, Electric Vehicle

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.

The commercial vehicle market report table of contents includes: