Medium And Heavy Commercial Vehicles Market Outlook 2024-2033: Trends and Projections
Medium And Heavy Commercial Vehicles Market Expansion 2024-2033: Growth Drivers and Dynamics
Global Medium And Heavy Commercial Vehicles Market Analysis 2024: Size Forecast and Growth Prospects
Medium And Heavy Commercial Vehicles Market 2024-2033: Technological Advancements, Competitive Landscape and Strategies
Global Medium And Heavy Commercial Vehicles Market Overview 2024: Size, Growth Rate, and Segments
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The medium and heavy commercial vehicles global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Medium And Heavy Commercial Vehicles Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The medium and heavy commercial vehicles market size has grown strongly in recent years. It will grow from $307.80 billion in 2023 to $333.98 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to rising investments in infrastructure, growing urban areas, global trade expansion, increasing fuel efficiency regulations, and rising demand for logistics and supply chain needs.
The medium and heavy commercial vehicles market size is expected to see strong growth in the next few years. It will grow to $465.55 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to increasing demand for commercial vehicles, an increase in disposable income, rapid growth in e-commerce, rising demand from the construction sector, and increased demand for material transportation. Major trends in the forecast period include the adoption of autonomous driving technologies, the integration of telematics systems, a focus on vehicle-to-everything (V2X) communication, growth in vehicle sharing and leasing models, and the development of alternative fuel sources.
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Scope Of Medium And Heavy Commercial Vehicles Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Medium And Heavy Commercial Vehicles Market Overview
Market Drivers –
Increasing e-commerce activities are expected to propel the growth of the medium and heavy commercial vehicles market going forward. The rise in e-commerce activities is driven by increasing internet penetration, convenience, and the shift towards online shopping accelerated by technological advancements and the COVID-19 pandemic. Medium and heavy commercial vehicles facilitate e-commerce activities by enabling the efficient transportation of large volumes of goods across long distances, ensuring timely delivery and supply chain optimization. For instance, in May 2024, according to a report published by the Census Bureau of the Department of Commerce, a US-based governmental organization, e-commerce sales reached approximately $1,118.7 billion in 2023. For the first quarter of 2024, total retail sales were estimated at $1,820.0 billion. E-commerce sales during this period saw an 8.5% increase (±1.1%) from the same quarter in 2023, while total retail sales grew by 2.8% (±0.5%). Therefore, increasing e-commerce activities are driving the growth of the medium and heavy commercial vehicles market.
Market Trends –
Major companies operating in the medium and heavy commercial vehicle market are focusing on developing advanced products, such as high-payload capacity trucks, to cater to evolving market demands and enhance fuel efficiency, performance, and sustainability. High-payload capacity trucks refer to vehicles designed to carry a large amount of cargo or weight, often exceeding typical standards for their class. For instance, in October 2023, Ashok Leyland, an India-based commercial vehicle manufacturer, launched the Ecomet Star 1915 truck with a GVW of 18.49T in the ICV segment. It boasts an exceptional payload capacity of 12.91 tons, making it well-suited for heavy-duty use. Powered by a strong 110 kW (150 hp) H4 engine delivering 450 Nm of torque, the truck ensures robust performance for long-distance journeys. It also comes with a newly designed, wider 2.34-meter load body as a standard feature, improving loading efficiency.
The medium and heavy commercial vehicles market covered in this report is segmented –
1) By Vehicle Type: Trucks, Buses, Construction And Mining Equipment
2) By Gross Vehicle Weight: Medium Commercial Vehicles (MCV), Heavy Commercial Vehicles (HCV))
3) By Propulsion Type: Internal Combustion (IC) Engine, Plug-In Hybrid Electric, Battery Electric, Alternative Fuel Powered
4) By Tonnage: 3.5 – 7.5 Ton, 7.5 – 16 Ton, Above 16 Ton
5) By Application: Logistics And Transportation, Construction And Mining, Passenger Transportation, Defense And Government
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Regional Insights –
Asia-Pacific was the largest region in the medium and heavy commercial vehicles market in 2023 and it is expected to be the fastest-growing region in the forecast period. The regions covered in the medium and heavy commercial vehicles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the medium and heavy commercial vehicles market are Volkswagen AG, Toyota Motor Corporation, Ford Motor Company, Mercedes-Benz Group AG, Hyundai Motor Company, Daimler Truck AG, AB Volvo, Tata Motors Limited, PACCAR Inc., Isuzu Motors Limited, Mitsubishi Motors Corporation, Dongfeng Motor Corporation, Scania AB, Iveco S.p.A., Mahindra & Mahindra Limited, MAN SE, Beiqi Foton Motor Co. Ltd., Ashok Leyland Limited, Mack Trucks Inc., Force Motors Limited, UD Trucks Corporation, Oy Sisu Auto Ab
Table of Contents
1. Executive Summary
2. Medium And Heavy Commercial Vehicles Market Report Structure
3. Medium And Heavy Commercial Vehicles Market Trends And Strategies
4. Medium And Heavy Commercial Vehicles Market – Macro Economic Scenario
5. Medium And Heavy Commercial Vehicles Market Size And Growth
…..
27. Medium And Heavy Commercial Vehicles Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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