Commercial Vehicle Market Size and Forecast 2024-2033|Volkswagen AG, Toyota Motor Corp., Ford Motor Company, General Motors Company, Bayerische Motoren Werke AG

The Commercial Vehicle Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Commercial Vehicle Global Market Report 2024, The commercial vehicle market size has grown strongly in recent years. It will grow from $877.05 billion in 2023 to $952.5 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. 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 $1333.39 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. 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.

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. According to Forbes, the ten new features in 2020 include autonomous driving; driver override systems; biometric vehicle access; comprehensive vehicle tracking; active window displays; remote vehicle shutdown; active health monitoring; four-cylinder supercars; smart and personalized in-car marketing; and reconfigurable body panels. These innovations are expected to drive the commercial vehicle market during the forecast period.

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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 & 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:

1. Executive Summary

2. Commercial Vehicle Market Characteristics

3. Commercial Vehicle Product/Service Analysis -Product/Service Examples

4. Commercial Vehicle Market Trends And Strategies

5. Commercial Vehicle Market – Macro Economic Scenario

26. Germany Commercial Vehicle Market

27. France Commercial Vehicle Market

28. Italy Commercial Vehicle Market

29. Spain Commercial Vehicle Market

30. Austria Commercial Vehicle Market

Top Major Players: