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The global commercial vehicles market was valued at US$ 740.8 Billion in 2021.
We expect the global commercial vehicles market to exhibit a CAGR of 4.10% during 2022-2027.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous manufacturing units for commercial vehicles.
The growing number of imports and exports, along with the rising demand for commercial vehicles, owing to their numerous benefits, such as less air and noise pollution, increased payload capability, enhanced reliability, etc., is primarily driving the global commercial vehicles market.
Based on the vehicle type, the global commercial vehicles market can be categorized into light commercial vehicle and medium and heavy-duty commercial vehicle. Currently, light commercial vehicle exhibits clear dominance in the market.
Based on the propulsion type, the global commercial vehicles market has been segmented into IC engine and electric vehicle, where IC engine holds the largest market share.
Based on the end use, the global commercial vehicles market can be bifurcated into industrial, mining and construction, logistics, passenger transportation, and others. Among these, the logistics sector accounts for the majority of the total market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.
Some of the major players in the global commercial vehicles market include 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.
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