How has the medium and heavy commercial vehicles market evolved, and where is it heading next?
The medium and heavy commercial vehicles market size has grown strongly in recent years. It will grow from $333.98 $ billion in 2024 to $363.36 $ billion in 2025 at a compound annual growth rate (CAGR) of 8.8%. 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 $504.97 $ billion in 2029 at a compound annual growth rate (CAGR) of 8.6%. 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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What are the key drivers behind the rapid expansion of the medium and heavy commercial vehicles market?
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.
What is the segmentation for the medium and heavy commercial vehicles market?
The medium and heavy commercial vehiclesmarket 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
Subsegments:
1) By Trucks: Light Trucks, Medium Trucks, Heavy-Duty Trucks, Vocational Trucks, Refrigerated Trucks
2) By Buses: City Buses, Intercity Buses, School Buses, Tourist Buses, Electric Buses
3) By Construction And Mining Equipment: Excavators, Bulldozers, Dump Trucks, Loaders, Graders
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Who are the most influential companies in the medium and heavy commercial vehicles market?
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
What are the most influential trends expected to drive the medium and heavy commercial vehicles market forward?
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.
What are the major regional insights for the medium and heavy commercial vehicles market, and which region holds the top position?
Asia-Pacific was the largest region in the medium and heavy commercial vehicles market in 2024 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.
What Does The Medium And Heavy Commercial Vehicles Market Report 2025 Offer?
The medium and heavy commercial vehicles market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Medium and heavy commercial vehicles (MHCVs) refer to trucks and buses with a gross vehicle weight (GVW) typically ranging from 6 to over 16 tons. These vehicles are primarily used for the transportation of goods or passengers over long distances and in industrial or commercial applications.
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