The Commercial Vehicles Market is estimated to be valued at US$ 1264.58 Bn or Mn in 2023 and is expected to exhibit a CAGR of 18.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Commercial vehicles refer to vehicles that are used for transportation of goods and materials. This includes trucks, buses, vans, pick-up trucks and RVs. These vehicles are widely used across industries such as logistics, transportation, mining and construction. Advancements in technologies such as predictive maintenance, telematics and fleet management solutions are enhancing the operational efficiencies of commercial fleets.
Market Dynamics:
Electric vehicles adoption is one of the major drivers for the commercial vehicles market. Stringent emission regulations along with growing preference for low emission vehicles is driving OEMs to invest more in electric commercial vehicles development. Several governments are providing subsidies and incentives for electric commercial vehicle procurement which is further fueling their adoption. Second major driver is development of autonomous commercial vehicles. Major fleet operators are looking to integrate autonomous technologies to reduce operational costs and enhance safety. OEMs are heavily investing in autonomous driving technologies and several pilot projects for autonomous trucks and buses are currently underway globally. These two drivers are expected to boost the demand for advanced commercial vehicles during the forecast period.
Segment Analysis
The Global Commercial Vehicles Market Size can be segmented by truck type, bus type, and specialty vehicle. The truck segment dominates the market owing to the large demand for goods transportation globally. This segment can be further segmented into heavy trucks, light trucks, and medium trucks. Heavy trucks have the largest market share as they are widely used for transportation of goods over long distances due to their high load carrying capacity.
PEST Analysis
Political: The government focuses on infrastructure development and implements supportive policies and regulations to improve road connectivity, which drives the demand for commercial vehicles.
Economic: As the economy grows, demand rises for transportation of goods and services. Rise in disposable income increases spending on transportation and logistics.
Social: Changing lifestyles and urbanization increase demand for mobility and passenger transportation. Ease of financing commercial vehicles also supplements market growth.
Technological: Developments in alternative fuels, engine technologies, connectivity, and automation make commercial vehicles safer, efficient, and sustainable. Telematics enable fleet management and reduce operating costs.
Key Takeaways
The global commercial vehicles market is expected to witness high growth, exhibiting 18% CAGR over the forecast period of 2023 to 2030, due to increasing investments in infrastructure development globally. The market size for 2023 is estimated to be US$ 1264.58 Billion. Asia Pacific is projected to dominate the market owing to rapid industrialization and growing logistics sector in China, India, and ASEAN countries.
Within Asia Pacific, China is expected to lead market growth. 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. Strategic partnerships and investments in alternative fuel technologies are some of the major strategies being adopted by key players to gain competitive advantage.
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