The global commercial vehicles market is estimated to be valued at US$ 1071.68 billion in 2022 and is expected to exhibit a CAGR of 18% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
The commercial vehicles market includes vehicles used for the transportation of goods and passengers in various industries such as logistics, construction, and public transportation. These vehicles offer significant advantages such as large carrying capacity, fuel efficiency, and cost-effectiveness compared to personal vehicles. With the booming e-commerce sector and increasing demand for last-mile deliveries, the commercial vehicles market is witnessing high growth. The need for efficient transportation of goods and passengers has driven the demand for commercial vehicles globally.
B) Market Key Trends:
One key trend driving the commercial vehicles market is the adoption of electric vehicles (EVs). The growing concerns about environmental pollution and the need for sustainable transportation have led to a shift towards EVs in the commercial vehicles segment. Governments and regulatory bodies are promoting the use of electric commercial vehicles through subsidies and incentives. Electric commercial vehicles offer advantages such as zero-emission, reduced operating costs, and improved energy efficiency. With advancements in battery technology and the development of charging infrastructure, the adoption of electric commercial vehicles is expected to increase significantly over the forecast period. This trend is also supported by key players in the market, including Ashok Leyland, Daimler AG, and Volvo Group, who are investing in the development of electric commercial vehicles.
PEST Analysis
Political: The political environment plays a crucial role in the commercial vehicles market. Government regulations regarding emissions, fuel efficiency, safety standards, and import/export policies greatly impact the market. Political stability and support for the automotive industry contribute to market growth.
Economic: The economic factors that influence the commercial vehicles market include GDP growth, income levels, interest rates, and inflation. As the economy grows, there is increased demand for commercial vehicles for transportation, logistics, and construction purposes.
Social: Societal factors such as population demographics, consumer preferences, and lifestyle trends also affect the commercial vehicles market. Increasing urbanization and the rise of e-commerce have led to higher demand for delivery and logistics services, driving the need for commercial vehicles.
Technological: Technological advancements play a significant role in shaping the commercial vehicles market. Developments in electric vehicles, autonomous driving technology, connectivity, and telematics greatly impact the market dynamics. Advancements in these areas influence consumer buying behavior, manufacturing processes, and competition among key players.
Key Takeaways
The global Commercial Vehicles Market Size is expected to witness high growth, exhibiting a CAGR of 18% over the forecast period (2023-2030). This growth can be attributed to increasing urbanization, e-commerce expansion, and government initiatives promoting the use of clean and fuel-efficient vehicles.
In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the commercial vehicles market. Rapid industrialization, infrastructure development, and growing population in countries like China and India contribute to the high demand for commercial vehicles in this region.
Key players operating in the commercial vehicles market include Ashok Leyland, General Motors Company, Bosch Rexroth AG, Xiamen Golden Dragon Bus Co., Ltd., Daimler AG, Volvo Group, Volkswagen AG, Mahindra and Mahindra Ltd., Toyota Motor Corporation, and Tata Motors Ltd. These key players have a strong presence globally and are actively investing in research and development to introduce technologically advanced and sustainable vehicles to meet the evolving customer demands.
