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Commercial Vehicles Market Worth Over US$ 2.55 Trillion by 2030: Precedence Research

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Precedence Research is a Canada/India-based company and one of the leading providers of strategic market insights. They offer executive-level blueprints of markets and solutions beyond flagship surveys.

The global commercial vehicles market size is estimated to be worth over US$ 2.55 Trillion by 2027 from USD 1.81 Trillion in 2022 and is expected to register a CAGR of 6.8% during the forecast period 2021 to 2030. Let’s learn some extra data about the commercial vehicles market from Precedence Research:

  • North America captured maximum market value share in the global commercial vehicles market and is anticipated to grow at a considerable rate 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 developing countries such as India and China.
  • Based on product, Light Commercial Vehicles (LCVs) led the global commercial vehicles market with a significant revenue share of around 75% and are predicted to retain its position during the forecast period. In 2019, passenger transportation accounted for a significant market value share and is predicted to exhibit a lucrative growth rate of nearly 8% 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.
  • The 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 in 2019 due to the increasing penetration of e-commerce and retail business.

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A commercial vehicle is a type of vehicle that is used mainly for transporting people, goods, and providing other types of services. They contribute significantly to the economy of a country. They are used for various applications such as logistics, passenger transportation, industrial, mining & construction, and many more. Commercial vehicles are further classified as a light commercial vehicles and heavy commercial vehicles. Heavy commercial vehicles are generally used for transporting heavy equipment or goods whereas light commercial vehicles are used in passenger transportation and small logistics work.

Report Scope of the Commercial Vehicles Market

Report Coverage Details
Market Size USD 3.07 Trillion by 2030
Growth Rate CAGR of 6.8% from 2021 to 2030
Fastest Growing Market Asia Pacific
Largest Market North America
Base Year 2021
Forecast Period 2021 to 2030
Segments Covered Product, End User, Region

Growth Factors

The 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 roadworks. 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), are expected to positively influence the market growth over the forecast period. The advent of vehicle electrification and battery-powered engines are 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, the buses and coaches segment is 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 green mobility and rapidly replaced traditional buses and another mode of public transport with smart and electric-based vehicles that prominently fuels the growth of the segment.

Regional Snapshots

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.

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Key Players & Strategies

The global commercial vehicles market is a matured market and is expected to be dominated by the presence of major market players. In 2019, the major portion of the revenue share was captured by some of the industry participants that including Volkswagen AG, Tata Motors, Volvo Car Corporation, Ashok Leyland, and General Motors. These players are significantly focusing on vertical integration in value chain to speed up their production process. In the wake of same, Original Equipment Manufacturers (OEMs) are adopting partnership, collaboration, and merger & acquisition strategies.

Some of the key players operating in the market are Bosch Rexroth AG, Ashok Leyland, Daimler, Toyota Motor Corporation, Volkswagen AG, Mahindra and Mahindra, VOLVO, TATA Motors, General Motors, and Golden Dragon among others.

Segments Covered in the Report

This research study encompasses the comprehensive assessment of the marketplace revenue with the help of prevalent quantitative and qualitative intelligence and prognoses of the market. This report presents a breakdown of the market into major and niche segments. Furthermore, this research study gauges market revenue growth and its drift at global, regional, and country from 2016 to 2027. This report comprises market division and its revenue valuation by categorizing it depending on product, end-use, and region:

By Product

  • Light Commercial Vehicles (LCVs)
  • Buses & Coaches
  • Heavy Trucks

By End-use

  • Mining & Construction
  • Industrial
  • Passenger Transportation
  • Logistics
  • Others

Regional Segmentation

– 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)

TABLE OF CONTENT

Chapter 1. Introduction

1.1. Research Objective
1.2. Scope of the Study
1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope

4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis

Chapter 5. Market Dynamics Analysis and Trends

5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition

Chapter 6. Competitive Landscape

6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
6.1.3.1. List of Suppliers
6.1.3.2. List of Buyers

Chapter 7. Global Commercial Vehicles Market, By Product

7.1. Commercial Vehicles Market, by Product Type, 2020-2030
7.1.1. Light Commercial Vehicles (LCVs)
7.1.1.1. Market Revenue and Forecast (2019-2030)
7.1.2. Buses & Coaches
7.1.2.1. Market Revenue and Forecast (2019-2030)
7.1.3. Heavy Trucks
7.1.3.1. Market Revenue and Forecast (2019-2030)

Chapter 8. Global Commercial Vehicles Market, By End-User

8.1. Commercial Vehicles Market, by End-User, 2020-2030
8.1.1. Mining & Construction
8.1.1.1. Market Revenue and Forecast (2019-2030)
8.1.2. Industrial
8.1.2.1. Market Revenue and Forecast (2019-2030)
8.1.3. Passenger Transportation
8.1.3.1. Market Revenue and Forecast (2019-2030)
8.1.4. Logistics
8.1.4.1. Market Revenue and Forecast (2019-2030)
8.1.5. Others
8.1.5.1. Market Revenue and Forecast (2019-2030)

Chapter 9. Global Commercial Vehicles Market, Regional Estimates and Trend Forecast

9.1. North America
9.1.1. Market Revenue and Forecast, by Product (2019-2030)
9.1.2. Market Revenue and Forecast, by End-User (2019-2030)
9.1.3. U.S.
9.1.3.1. Market Revenue and Forecast, by Product (2019-2030)
9.1.3.2. Market Revenue and Forecast, by End-User (2019-2030)
9.1.4. Rest of North America
9.1.4.1. Market Revenue and Forecast, by Product (2019-2030)
9.1.4.2. Market Revenue and Forecast, by End-User (2019-2030)
9.2. Europe
9.2.1. Market Revenue and Forecast, by Product (2019-2030)
9.2.2. Market Revenue and Forecast, by End-User (2019-2030)
9.2.3. UK
9.2.3.1. Market Revenue and Forecast, by Product (2019-2030)
9.2.3.2. Market Revenue and Forecast, by End-User (2019-2030)
9.2.4. Germany
9.2.4.1. Market Revenue and Forecast, by Product (2019-2030)
9.2.4.2. Market Revenue and Forecast, by End-User (2019-2030)
9.2.5. France
9.2.5.1. Market Revenue and Forecast, by Product (2019-2030)
9.2.5.2. Market Revenue and Forecast, by End-User (2019-2030)
9.2.6. Rest of Europe
9.2.6.1. Market Revenue and Forecast, by Product (2019-2030)
9.2.6.2. Market Revenue and Forecast, by End-User (2019-2030)
9.3. APAC
9.3.1. Market Revenue and Forecast, by Product (2019-2030)
9.3.2. Market Revenue and Forecast, by End-User (2019-2030)
9.3.3. India
9.3.3.1. Market Revenue and Forecast, by Product (2019-2030)
9.3.3.2. Market Revenue and Forecast, by End-User (2019-2030)
9.3.4. China
9.3.4.1. Market Revenue and Forecast, by Product (2019-2030)
9.3.4.2. Market Revenue and Forecast, by End-User (2019-2030)
9.3.5. Japan
9.3.5.1. Market Revenue and Forecast, by Product (2019-2030)
9.3.5.2. Market Revenue and Forecast, by End-User (2019-2030)
9.3.6. Rest of APAC
9.3.6.1. Market Revenue and Forecast, by Product (2019-2030)
9.3.6.2. Market Revenue and Forecast, by End-User (2019-2030)
9.4. MEA
9.4.1. Market Revenue and Forecast, by Product (2019-2030)
9.4.2. Market Revenue and Forecast, by End-User (2019-2030)
9.4.3. GCC
9.4.3.1. Market Revenue and Forecast, by Product (2019-2030)
9.4.3.2. Market Revenue and Forecast, by End-User (2019-2030)
9.4.4. North Africa
9.4.4.1. Market Revenue and Forecast, by Product (2019-2030)
9.4.4.2. Market Revenue and Forecast, by End-User (2019-2030)
9.4.5. South Africa
9.4.5.1. Market Revenue and Forecast, by Product (2019-2030)
9.4.5.2. Market Revenue and Forecast, by End-User (2019-2030)
9.4.6. Rest of MEA
9.4.6.1. Market Revenue and Forecast, by Product (2019-2030)
9.4.6.2. Market Revenue and Forecast, by End-User (2019-2030)
9.5. Latin America
9.5.1. Market Revenue and Forecast, by Product (2019-2030)
9.5.2. Market Revenue and Forecast, by End-User (2019-2030)
9.5.3. Brazil
9.5.3.1. Market Revenue and Forecast, by Product (2019-2030)
9.5.3.2. Market Revenue and Forecast, by End-User (2019-2030)
9.5.4. Rest of LATAM
9.5.4.1. Market Revenue and Forecast, by Product (2019-2030)
9.5.4.2. Market Revenue and Forecast, by End-User (2019-2030)

Chapter 10. Company Profiles

10.1. Bosch Rexroth AG
10.1.1. Company Overview
10.1.2. Product Offerings
10.1.3. Financial Performance
10.1.4. Recent Initiatives
10.2. Ashok Leyland
10.2.1. Company Overview
10.2.2. Product Offerings
10.2.3. Financial Performance
10.2.4. Recent Initiatives
10.3. Daimler
10.3.1. Company Overview
10.3.2. Product Offerings
10.3.3. Financial Performance
10.3.4. Recent Initiatives
10.4. Toyota Motor Corporation
10.4.1. Company Overview
10.4.2. Product Offerings
10.4.3. Financial Performance
10.4.4. Recent Initiatives
10.5. Volkswagen AG
10.5.1. Company Overview
10.5.2. Product Offerings
10.5.3. Financial Performance
10.5.4. Recent Initiatives
10.6. Mahindra and Mahindra
10.6.1. Company Overview
10.6.2. Product Offerings
10.6.3. Financial Performance
10.6.4. Recent Initiatives
10.7. VOLVO
10.7.1. Company Overview
10.7.2. Product Offerings
10.7.3. Financial Performance
10.7.4. Recent Initiatives
10.8. TATA Motors
10.8.1. Company Overview
10.8.2. Product Offerings
10.8.3. Financial Performance
10.8.4. Recent Initiatives
10.9. General Motors
10.9.1. Company Overview
10.9.2. Product Offerings
10.9.3. Financial Performance
10.9.4. Recent Initiatives
10.10. Golden Dragon
10.10.1. Company Overview
10.10.2. Product Offerings
10.10.3. Financial Performance
10.10.4. Recent Initiatives

Chapter 11. Research Methodology

11.1. Primary Research
11.2. Secondary Research
11.3. Assumptions

Chapter 12. Appendix

12.1. About Us
12.2. Glossary of Terms

Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

Purchase Full Research Report (Single User License US$ 4500) @ https://www.precedenceresearch.com/checkout/1062

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