The global commercial vehicles market size is expected to reach USD 2.27 trillion by 2025, according to a study conducted by Grand View Research, Inc. The market is projected to expand at a CAGR of 7.1% during the forecast period. Increased urbanization, coupled with rising spending on infrastructure development in emerging economies such as China, India, and Turkey, are expected to drive the market over the forecast period. Several suppliers are shifting their focus on improving R&D capabilities while enhancing operational efficiency, which is also projected to play a pivotal role in boosting market growth.
In addition, increasing penetration of electric commercial vehicles is also anticipated to contribute toward market expansion over the coming years. Adoption of electric vehicles (EVs) is primarily driven by need to meet emission reduction standards and regulations enforced by government bodies worldwide. Commercial vehicle telematics is another trend that is gaining traction and is anticipated to have a positive impact on the market over the forecast period.
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To meet changing market needs, original equipment manufacturers (OEMs) across the globe are focusing on integrating innovative technologies, such as keyless entry/ignition, engine diagnostics, mobile connectivity, and an array of novel applications that assist in vehicle control. All these efforts by OEMs are expected to significantly contribute to global market growth over the coming years.
Commercial Vehicles Market Report Highlights
• Expanding e-commerce industry and availability of easy finance options are anticipated to play a key role in boosting the commercial vehicles market growth
• Increasing spending on infrastructural development and efforts taken by OEMs to provide value-added services focused on enhancing in-vehicle experience are projected to drive market demand
• The global market is expected to register a volume-based CAGR of over 6.0% from 2018 to 2025, primarily as a result of sustained economic activity in emerging markets
• The light commercial vehicles (LCVs) segment recorded consistent growth from 2014 to 2017 and this trend is expected to continue over the forecast period due to expansion into newer markets such as Africa and Southeast Asia
• The logistics segment is anticipated to witness high demand for commercial vehicles, primarily due to rise in trade and e-commerce activities across the globe
• Rapid urbanization and improving road infrastructure in Asia Pacific are projected to drive the region to register a revenue-based CAGR of more than 8.0% from 2018 to 2025
• The market is marked by the presence of numerous participants such as Tata Motors, Volkswagen AG, Ashok Leyland, Volvo Car Corporation, and General Motors. These players implement various inorganic and organic growth strategies to maintain their presence and withstand intense competition.
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Commercial Vehicles Market Segmentation
Grand View Research has segmented the global commercial vehicles market based on product, end use, and region:
Commercial Vehicles Product Outlook (Volume, Thousand Units; Revenue, USD Billion, 2014 - 2025)
• Light Commercial Vehicles (LCVs)
• Heavy Trucks
• Buses & Coaches
Commercial Vehicles End-use Outlook (Volume, Thousand Units; Revenue, USD Billion, 2014 - 2025)
• Industrial
• Mining & Construction
• Logistics
• Passenger Transportation
• Others
Commercial Vehicles Regional Outlook (Volume, Thousand Units; Revenue, USD Billion, 2014 - 2025)
• North America
o U.S.
o Canada
• Europe
o U.K.
o Germany
o France
o Spain
o Italy
o Netherlands
o Belgium
o Sweden
o Denmark
• Asia Pacific
o China
o India
o Japan
o South Korea
o Indonesia
o Thailand
o Australia
o Malaysia
o Singapore
o Taiwan
• Latin America
o Brazil
o Mexico
• Middle East & Africa
o South Africa
o Turkey
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.