March 4, 2024

Commercial Vehicles Market to Witness Significant Growth by 2030

[150+ Pages Report] As per the latest Research and survey report issued by Precedence Research, the global commercial vehicles market was valued at around USD 1.71 Trillion in 2021 and is expected to register revenues worth USD 3.07 Trillion by the end of 2030, growing at an exceptional CAGR of approximately 6.8% between 2022 and 2030.

Commercial Vehicles

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Commercial Vehicles Market Growth Factors:

A commercial vehicle is a vehicle that is used to convey goods or people. The vast expansion of road infrastructure networks in countries such as India, which allows for smooth transportation and travel, is driving the demand for commercial vehicles globally. Furthermore, the increasing growth of online sales channel, as well as the resulting expansion of the logistics industry, will increase the demand for commercial vehicles.

The technological advancements in the development of electric vehicles are also expected to boost the industry growth. Due to the significant advantages that electric vehicles have over internal combustion engines, their adoption for commercial transportation is likely to grow steadily. The favorable government regulations to support the adoption of electric vehicles, particularly in the developed countries, are likely to drive the adoption of electric vehicles for commercial applications, driving the growth of commercial vehicle market during the forecast period.

Commercial Vehicles Market Report Scope
Report CoverageDetails
Market SizeUSD 3.07 Trillion by 2030
Growth RateCAGR of 6.8% from 2022 to 2030
Fastest Growing MarketAsia Pacific
Largest MarketNorth America
Base Year2021
Forecast Period2022 to 2030
Segments CoveredProduct, End User, Propulsion Type, Power Source, Region
Commercial Vehicles Market Report Highlights
  • Based on the product, the light commercial vehicles segment is expected to have a significant revenue share 76% in 2020. The light commercial vehicles are thought to be cost-effective mode of transportation. The light commercial vehicles come with a several tax advantages and help reduce pollution.
  • The buses and coaches segment is expected to grow at a CAGR of over 4.2% from 2021 to 2030 due to increased adoption of buses and coaches in the healthcare and tourism industries.
  • Based on the end use, the logistics segment is accounted to garner revenue share over 25% in 2020. Some of the primary factors projected to fuel the growth of the logistics segment include growth in the global trade.
  • The passenger transportation segment is expected to hit at a CAGR of 5% from 2021 to 2030 due to increase in the adoption of public transportation.

Competition Landscape

The report has engulfed a chapter on the global electric vehicle market’s competitive landscape, which provides detailed analysis and insights on companies offering electric vehicle. Profiles of key companies, along with a strategic overview of their M&A and expansion plans across geographies, have been delivered in this chapter.

This chapter is priceless for report readers, as its enables them in gauging their growth potential in the market and implement key strategies for extending their market reach. This chapter offers key recommendations for both new and existing market participants, enabling them to emerge sustainably and profitably.

Intelligence on the market players has been delivered on the basis of their product overview, SWOT analysis, key developments, key financials and company overview. Occupancy of these market participants has been tracked by the report and portrayed via an intensity map.

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some of the prominent players in the commercial vehicles market include:
  • Bosch Rexroth AG
  • Ashok Leyland
  • Daimler
  • Toyota Motor Corporation
  • Volkswagen AG
  • Mahindra and Mahindra
  • TATA Motors
  • General Motors
  • Golden Dragon
Commercial Vehicles Market Segments

By Product

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

By End-use

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

By Propulsion Type

  • IC Engine
  • Electric Vehicle

By Power Source

  • Gasoline
  • Diesel
  • HEV / PHEV
  • Battery Electric Vehicle (BEV)
  • Fuel Cell Vehicle

Regional Segmentation

  • Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
  • Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
  • North America [United States, Canada, Mexico]
  • South America [Brazil, Argentina, Columbia, Chile, Peru]
  • Middle East & Africa [GCC, North Africa, South Africa]

Regional Analysis

The research report includes a detailed study of regions of North America, Europe, China, Japan and Rest of the World. The report has been curated after observing and studying various factors that determine regional growth such as economic, environmental, social, technological, and political status of the particular region. Analysts have studied the data of revenue and manufacturers of each region.

This section analyses region-wise revenue and volume for the forecast period of 2019 to 2030. These analyses will help the reader to understand the potential worth of investment in a particular region.

The report provides in-depth segment analysis of the global commercial vehicles market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the commercial vehicles market.

The report includes country-wise and region-wise market size for the period 2019-2030. It also includes market size and forecast by segments in terms of production capacity, price and revenue for the period 2019-2030.

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 2021-2030 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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About Us

Precedence Research is a Canada/India based company and one of the leading providers of strategic market insights. We offer executive-level blueprints of markets and solutions beyond flagship surveys. Our repository covers consultation, syndicated market studies, and customized research reports. Through our services we aim at connecting an organization’s goal with lucrative prospects globally.

From gauging investment feasibility to uncovering hidden growth opportunities, our market studies cover in-depth analysis, which also is interspersed with relevant statistics. Recommendation are often enclosed within our reports with the sole intent of enabling organizations achieve mission-critical success.

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Janet Edward

I have completed my education in Bachelors in Computer Application. A focused learner having a keen interest in the field of digital marketing, SEO, SMM, and Google Analytics enthusiastic to learn new things along with building leadership skills.

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