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The global commercial vehicles market reached a value of US$ 740.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 952.6 Billion by 2027, exhibiting a CAGR of 4.10% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Commercial vehicles are licensed for being used in the transportation of goods or materials. They can either be registered in the name of an individual as a sole proprietor or leased in the name of a financial institution. Their safety is improving on account of on-board and vehicle condition monitoring and driver aids like field-of-view cameras, journey management planning and route design. As a result, commercial vehicles find extensive applications in the logistics and transportation industries across the globe.
At present, there is a significant rise in the requirement for transportation of goods on account of the growing imports and exports around the world. This, in confluence with the rapid expansion of road infrastructure networks, represents one of the key factors bolstering the growth of the market. In addition, there is an increase in the electrification of commercial vehicles as they offer several advantages, including less air and noise pollution, reduced fuel consumption and maintenance costs, increased payload capability, and enhanced reliability. In line with this, governing authorities of numerous countries are imposing stringent emission regulations, which is positively influencing the adoption of electric vehicles (EVs) for commercial use. Apart from this, original equipment manufacturers (OEMs) are introducing commercial vehicles with features, such as accident warnings, traffic data, weather reports, and updates on road works. This, coupled with the rising construction and mining activities, which are increasing the need for material transportation worldwide, is fueling the growth of the market. Furthermore, various technological advancements, along with considerable growth in the automotive industry, are anticipated to create a positive outlook for the market in the upcoming years.
IMARC Group provides an analysis of the key trends in each sub-segment of the global commercial vehicles market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on vehicle type, propulsion type and end use.
Breakup by Vehicle Type:
Breakup by Propulsion Type:
Breakup by End Use:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being AB Volvo, Ashok Leyland (Hinduja Group), Ford Motor Company, General Motors Company, Hyundai Motor Company, ISUZU Motors Limited, Mahindra & Mahindra Limited, Mercedes-Benz Group AG, Mitsubishi Motors Corporation, Robert Bosch GmbH, Tata Motors Limited, Toyota Motor Corporation and Volkswagen AG.
|Base Year of the Analysis||2021|
|Segment Coverage||Vehicle Type, Propulsion Type, End Use, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||AB Volvo, Ashok Leyland (Hinduja Group), Ford Motor Company, General Motors Company, Hyundai Motor Company, ISUZU Motors Limited, Mahindra & Mahindra Limited, Mercedes-Benz Group AG, Mitsubishi Motors Corporation, Robert Bosch GmbH, Tata Motors Limited, Toyota Motor Corporation and Volkswagen AG.|
|Customization Scope||10% Free Customization|
|Report Price and Purchase Option||Single User License: US$ 2499
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|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
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