[150+ Pages Report] The commercial vehicles market size in terms of value is projected to reach $ 2.55 trillion by 2027, at a CAGR of 6.8% between 2020 and 2027, according to a 2021 study by Precedence Research, the Canada based market insight company.
The study provides the overall revenue of the global commercial vehicles market from 2016 to 2027, considering 2020 as the base year and 2027 as the forecast year.
The global commercial vehicles market research report gives a brief summary of definitions, size analysis, and place of production, sales, applications, types, and major players/key vendors of the commercial vehicles industry. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post-COVID-19 marketplace. This research study also integrates Industry Chain analysis and Porter’s Five Forces Analysis. Further, this report offers a competitive scenario that comprises collaborations, market concentration rate and expansions, mergers & acquisitions undertaken by companies.
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Introduction of telemetric and connectivity have revolutionized operations due to which various original equipment manufacturers (OEMs) have launched commercial vehicles equipped with numerous connected services, such as traffic data, accident warnings, weather reports, and updates on roadwork’s. This contributed as a major factor that fuels the market growth. Furthermore, developments in the field of semi-autonomous commercial vehicles as well as electric vehicles (EVs) expected to positively influence the market growth over the forecast period. Advent of vehicle electrification and battery-powered engines expected to fuel the demand for light commercial vehicles in the coming years.
Further, growth in the industrial sector also escalates the demand for LCV prominently. However, buses and coaches segment expected to gain traction over the analysis period due to its rising adoption in the healthcare and tourism sector. Governments of various regions have significantly implemented the green mobility and rapidly replacing traditional buses and other mode of public transport into smart and electric based vehicles that prominently fuels the growth of the segment.
- North America captured maximum market value share in the global commercial vehicles market and anticipated to grow at a 4% of CAGR during the forecast period.
- The Asia Pacific registered the highest growth rate over the analysis period. This is attributed to the increasing road infrastructure along with rising manufacturing facilities due to cost-effective raw materials and labor, particularly in the developing countries such as India and China.
- Based on product, Light Commercial Vehicles (LCVs) led the global commercial vehicles market with significant revenue share of around 75% and predicted to retain its position during the forecast period. In 2020, passenger transportation accounted for significant market value share and predicted to exhibit lucrative growth rate of nearly 8.3% over the forecast period. Rising expenditure on commutation to improve accessibility and affordability is one of the prime factors that escalate the growth of the segment.
- Logistics segment witnessed prominent demand in the past few years owing to the growth in trade activities worldwide. Moreover, the segment captured remarkable revenue share 25% in 2020 due to increasing penetration of e-commerce and retail business.
Report Scope of the Commercial Vehicles Market
|Market Size||USD 2.55 Trillion by 2027|
|Growth Rate||CAGR of 6.8% from 2021 to 2027|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
|Forecast Period||2021 to 2027|
|Segments Covered||Product, End User, Region|
|Companies Mentioned||Bosch Rexroth AG, Ashok Leyland, Daimler, Toyota Motor Corporation, Volkswagen AG, Mahindra and Mahindra, VOLVO, TATA Motors, General Motors, and Golden Dragon|
The use of cloud computing in the CV industry has risen dramatically, owing to several properties that have enhanced the performance of these vehicles. Cloud computing plays an important role in vehicle production and its services range right from the operation stage and design to management. Functions such as the remote location of vehicles and storing and retrieving this data that come with cloud computing can reduce costs, thereby minimizing and reducing waste. Cloud computing allows seamless communication with these vehicles from remote locations and helps retrieve and store data.
Governments in several countries across the world are taking measures to develop their domestic automotive industry, whilst maintaining the safety of passengers and pedestrians. For example, the European Union (EU) has implemented strict regulations to reduce the incidence of road traffic accidents, ensure the safety of passengers and drivers, and curb rising fuel emissions. It has also imposed strict laws on auto manufacturing companies to control exhaust emissions.
Governments of some economies have formulated emission policies, such as India’s BSVI emission standard, Europe’s European VI, and China’s China VI, with the goal of reducing emission levels by setting emission limits. However, governmental mandates to install a catalytic converter in gasoline- or diesel-powered vehicles in some countries and also the emphasis on the downsizing of engines are some aspects leading to a rise in the cost of vehicles. All these measures taken by governments and the various laws imposed by regulatory authorities on the automotive industry have forced manufacturers to comply, increasing manufacturing costs in the process and resulting in high purchase costs for these products.
North America occupied the largest revenue share in the global commercial vehicles market in 2019 and projected to continue the same trend over the analysis period. This is attributed to the significant government support for the adoption of smart and environment-friendly vehicles in the region. Rate of carbon emission and greenhouse gas has crossed the environment standard in the region. In order to curb the emission from transportation sector government has issued attractive policies to promote the adoption of electric vehicles across the region. Significant development in the industrial sector along with stringent government norms pertaining to load carrying capacity of the commercial vehicles is the prime factor that triggers the growth of the region.
On the other hand, the Asia Pacific registered the fastest growth over the analysis period. Rising investment in road and transport infrastructure along with increasing manufacturing facilities particularly in the developing nations such as India and China accounted as the prime factors to drive the growth of the region. In addition, green revolution in various countries in order to favor the green mobility solution and other smart & attractive solutions in other sectors expected to propel the adoption of advanced vehicle solutions, thereby fuelling the growth of the region.
Top Players Contending in the Market:
The key companies are aiming towards advanced innovations and are predictable to dominate the target market. Foremost players inspiring in the global commercial vehicles market are as follows:
- Bosch Rexroth AG
- Ashok Leyland
- Toyota Motor Corporation
- Volkswagen AG
- Mahindra and Mahindra
- TATA Motors
- General Motors
- Golden Dragon
- Light Commercial Vehicles (LCVs)
- Buses & Coaches
- Heavy Trucks
- Mining & Construction
- Passenger Transportation
- North America (U.S. and Canada)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
- Latin America (Brazil and Rest of Latin America)
- Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)
Some of the key highlights of the report are:
- Market Demand Outlook – The report offers refined forecasts on potential growth prospects for the market. Based on data derived after thorough research by a team of expert analysis, Precedence Research presents the most precise rate of growth for the market for the assessment period starting from 2021 – 2030.
- Supply Chain Analysis – The purpose of the survey is to help companies identify potential scope for supply chain expansion. The study also presents analysis of unprecedented threats.
- Competitive Landscape Analysis – Some of the leading companies operating in the commercial vehicles market are profiled in the market study. The report also underscores winning strategies adopted over the last few years and gauges impact of the same on growth trajectory exhibited by the market over the last few years.
Why should you invest in this report?
If you are aiming to enter the global commercial vehicles market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for commercial vehicles are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2020-2027 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
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