Commercial vehicles such as trucks and buses are indispensable for logistics and transportation needs. These vehicles provide efficient cargo and passenger transportation via roadways. With rising e-commerce and growing demand for last-mile deliveries, the logistics and transportation sector is witnessing significant expansion. This is accelerating the demand for commercial vehicles across major economies.
The global Commercial Vehicles Market is estimated to be valued at US$ 1264.58 Bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growth in the logistics and transportation sector is one of the key trends driving the commercial vehicles market. With evolving customer demands and online shopping trends, logistics companies are expanding their distribution networks and delivery capabilities. This has increased the procurement of trucks and buses among fleet operators. Moreover, government investments in road and highway infrastructure development projects are also boosting the transportation of cargo and passengers. Supported by strong economic growth perspectives, the demand from logistics and transportation segments will continue growing the commercial vehicles market over the forecast period.
Segment Analysis
The global commercial vehicles market is dominated by the light commercial vehicles segment. Light commercial vehicles are demand by small and medium businesses to transport goods and services due to their functionality as cargo carriers and affordable operational costs. They continue to remain popular among last mile deliveries and transportation & logistic companies for short-distance travel. The growing e-commerce industry has further augmented the demand for light commercial vehicles.
Key Takeaways
The global commercial vehicles market growth is expected to witness high growth over the forecast period of 2023 to 2030. Rapid urbanization and industrialization activities across major regions are driving the demand for commercial transportation.
Regional analysis: North America currently accounts for the largest share in the commercial vehicles market owing to strong demand from well-established logistics and transportation industry in countries like the United States and Canada. However, Asia Pacific is emerging as the fastest growing regional market with China and India witnessing high sales of commercial vehicles to support growing internal trade and freight transportation needs.
Key players: Key players operating in the commercial vehicles market are Schneider Electric SE, ABB Ltd., Siemens AG, Eaton Corporation, Honeywell International Inc., Rockwell Automation, Inc., UL LLC (Underwriters Laboratories), Emerson Electric Co., General Electric (GE), Littelfuse, Inc., DuPont de Nemours, Inc., Fluke Corporation, Omicron Electronics GmbH, Megger Group Limited, MSA Safety Incorporated.
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