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Commercial Vehicles Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

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.

 

 
 

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Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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Commercial Vehicles Market Trends:

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.

Key Market Segmentation:

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:

 

 
 

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  • Light Commercial Vehicle
  • Medium and Heavy-duty Commercial Vehicle
     

Breakup by Propulsion Type:

  • IC Engine
  • Electric Vehicle
     

Breakup by End Use:

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

Breakup by Region:

 

 
 

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  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Competitive Landscape:

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.

Report Coverage:

Report Features Details
Base Year of the Analysis 2021
    Historical Period 2016-2021
Forecast Period 2022-2027
Units US$ Billion
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)

1    Preface
2    Scope and Methodology

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3    Executive Summary
4    Introduction

    4.1    Overview
    4.2    Key Industry Trends
5    Global Commercial Vehicles Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6    Market Breakup by Vehicle Type
    6.1    Light Commercial Vehicle
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    Medium and Heavy-duty Commercial Vehicle
        6.2.1 Market Trends
        6.2.2 Market Forecast
7    Market Breakup by Propulsion Type
    7.1    IC Engine
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    Electric Vehicle
        7.2.1 Market Trends
        7.2.2 Market Forecast
8    Market Breakup by End Use
    8.1    Industrial
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    Mining and Construction
        8.2.1 Market Trends
        8.2.2 Market Forecast
    8.3    Logistics
        8.3.1 Market Trends
        8.3.2 Market Forecast
    8.4    Passenger Transportation
        8.4.1 Market Trends
        8.4.2 Market Forecast
    8.5    Others
        8.5.1 Market Trends
        8.5.2 Market Forecast
9    Market Breakup by Region
    9.1    North America
        9.1.1 United States
           9.1.1.1 Market Trends
           9.1.1.2 Market Forecast
        9.1.2 Canada
           9.1.2.1 Market Trends
           9.1.2.2 Market Forecast
    9.2    Asia-Pacific
        9.2.1 China
           9.2.1.1 Market Trends
           9.2.1.2 Market Forecast
        9.2.2 Japan
           9.2.2.1 Market Trends
           9.2.2.2 Market Forecast
        9.2.3 India
           9.2.3.1 Market Trends
           9.2.3.2 Market Forecast
        9.2.4 South Korea
           9.2.4.1 Market Trends
           9.2.4.2 Market Forecast
        9.2.5 Australia
           9.2.5.1 Market Trends
           9.2.5.2 Market Forecast
        9.2.6 Indonesia
           9.2.6.1 Market Trends
           9.2.6.2 Market Forecast
        9.2.7 Others
           9.2.7.1 Market Trends
           9.2.7.2 Market Forecast
    9.3    Europe
        9.3.1 Germany
           9.3.1.1 Market Trends
           9.3.1.2 Market Forecast
        9.3.2 France
           9.3.2.1 Market Trends
           9.3.2.2 Market Forecast
        9.3.3 United Kingdom
           9.3.3.1 Market Trends
           9.3.3.2 Market Forecast
        9.3.4 Italy
           9.3.4.1 Market Trends
           9.3.4.2 Market Forecast
        9.3.5 Spain
           9.3.5.1 Market Trends
           9.3.5.2 Market Forecast
        9.3.6 Russia
           9.3.6.1 Market Trends
           9.3.6.2 Market Forecast
        9.3.7 Others
           9.3.7.1 Market Trends
           9.3.7.2 Market Forecast
    9.4    Latin America
        9.4.1 Brazil
           9.4.1.1 Market Trends
           9.4.1.2 Market Forecast
        9.4.2 Mexico
           9.4.2.1 Market Trends
           9.4.2.2 Market Forecast
        9.4.3 Others
           9.4.3.1 Market Trends
           9.4.3.2 Market Forecast
    9.5    Middle East and Africa
        9.5.1 Market Trends
        9.5.2 Market Breakup by Country
        9.5.3 Market Forecast
10    SWOT Analysis
    10.1    Overview
    10.2    Strengths
    10.3    Weaknesses
    10.4    Opportunities
    10.5    Threats
11    Value Chain Analysis
12    Porters Five Forces Analysis

    12.1    Overview
    12.2    Bargaining Power of Buyers
    12.3    Bargaining Power of Suppliers
    12.4    Degree of Competition
    12.5    Threat of New Entrants
    12.6    Threat of Substitutes
13    Price Analysis
14    Competitive Landscape

    14.1    Market Structure
    14.2    Key Players
    14.3    Profiles of Key Players
        14.3.1    AB Volvo
           14.3.1.1 Company Overview
           14.3.1.2 Product Portfolio
           14.3.1.3 Financials
           14.3.1.4 SWOT Analysis
        14.3.2    Ashok Leyland (Hinduja Group)
           14.3.2.1 Company Overview
           14.3.2.2 Product Portfolio
           14.3.2.3 Financials
           14.3.2.4 SWOT Analysis
        14.3.3    Ford Motor Company
           14.3.3.1 Company Overview
           14.3.3.2 Product Portfolio
           14.3.3.3 Financials
           14.3.3.4 SWOT Analysis
        14.3.4    General Motors Company
           14.3.4.1 Company Overview
           14.3.4.2 Product Portfolio
           14.3.4.3 Financials
           14.3.4.4 SWOT Analysis
        14.3.5    Hyundai Motor Company
           14.3.5.1 Company Overview
           14.3.5.2 Product Portfolio
           14.3.5.3 Financials
           14.3.5.4 SWOT Analysis
        14.3.6    ISUZU Motors Limited
           14.3.6.1 Company Overview
           14.3.6.2 Product Portfolio
           14.3.6.3 Financials
           14.3.6.4 SWOT Analysis
        14.3.7    Mahindra & Mahindra Limited
           14.3.7.1 Company Overview
           14.3.7.2 Product Portfolio
        14.3.8    Mercedes-Benz Group AG
           14.3.8.1 Company Overview
           14.3.8.2 Product Portfolio
           14.3.8.3 Financials
           14.3.8.4 SWOT Analysis
        14.3.9    Mitsubishi Motors Corporation
           14.3.9.1 Company Overview
           14.3.9.2 Product Portfolio
           14.3.9.3 Financials
           14.3.9.4 SWOT Analysis
        14.3.10    Robert Bosch GmbH
           14.3.10.1 Company Overview
           14.3.10.2 Product Portfolio
           14.3.10.3 SWOT Analysis
        14.3.11    Tata Motors Limited
           14.3.11.1 Company Overview
           14.3.11.2 Product Portfolio
           14.3.11.3 Financials
           14.3.11.4 SWOT Analysis
        14.3.12    Toyota Motor Corporation
           14.3.12.1 Company Overview
           14.3.12.2 Product Portfolio
           14.3.12.3 Financials
           14.3.12.4 SWOT Analysis
        14.3.13    Volkswagen AG
           14.3.13.1 Company Overview
           14.3.13.2 Product Portfolio
           14.3.13.3 Financials
           14.3.13.4 SWOT Analysis

List of Figures

Figure 1: Global: Commercial Vehicles Market: Major Drivers and Challenges
Figure 2: Global: Commercial Vehicles Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Global: Commercial Vehicles Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 4: Global: Commercial Vehicles Market: Breakup by Vehicle Type (in %), 2021
Figure 5: Global: Commercial Vehicles Market: Breakup by Propulsion Type (in %), 2021
Figure 6: Global: Commercial Vehicles Market: Breakup by End Use (in %), 2021
Figure 7: Global: Commercial Vehicles Market: Breakup by Region (in %), 2021
Figure 8: Global: Commercial Vehicles (Light Commercial Vehicle) Market: Sales Value (in Million US$), 2016 & 2021
Figure 9: Global: Commercial Vehicles (Light Commercial Vehicle) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 10: Global: Commercial Vehicles (Medium and Heavy-duty Commercial Vehicle) Market: Sales Value (in Million US$), 2016 & 2021
Figure 11: Global: Commercial Vehicles (Medium and Heavy-duty Commercial Vehicle) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 12: Global: Commercial Vehicles (IC Engine) Market: Sales Value (in Million US$), 2016 & 2021
Figure 13: Global: Commercial Vehicles (IC Engine) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 14: Global: Commercial Vehicles (Electric Vehicle) Market: Sales Value (in Million US$), 2016 & 2021
Figure 15: Global: Commercial Vehicles (Electric Vehicle) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 16: Global: Commercial Vehicles (Industrial) Market: Sales Value (in Million US$), 2016 & 2021
Figure 17: Global: Commercial Vehicles (Industrial) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 18: Global: Commercial Vehicles (Mining and Construction) Market: Sales Value (in Million US$), 2016 & 2021
Figure 19: Global: Commercial Vehicles (Mining and Construction) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 20: Global: Commercial Vehicles (Logistics) Market: Sales Value (in Million US$), 2016 & 2021
Figure 21: Global: Commercial Vehicles (Logistics) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 22: Global: Commercial Vehicles (Passenger Transportation) Market: Sales Value (in Million US$), 2016 & 2021
Figure 23: Global: Commercial Vehicles (Passenger Transportation) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 24: Global: Commercial Vehicles (Other End Uses) Market: Sales Value (in Million US$), 2016 & 2021
Figure 25: Global: Commercial Vehicles (Other End Uses) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 26: North America: Commercial Vehicles Market: Sales Value (in Million US$), 2016 & 2021
Figure 27: North America: Commercial Vehicles Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 28: United States: Commercial Vehicles Market: Sales Value (in Million US$), 2016 & 2021
Figure 29: United States: Commercial Vehicles Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 30: Canada: Commercial Vehicles Market: Sales Value (in Million US$), 2016 & 2021
Figure 31: Canada: Commercial Vehicles Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 32: Asia-Pacific: Commercial Vehicles Market: Sales Value (in Million US$), 2016 & 2021
Figure 33: Asia-Pacific: Commercial Vehicles Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 34: China: Commercial Vehicles Market: Sales Value (in Million US$), 2016 & 2021
Figure 35: China: Commercial Vehicles Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 36: Japan: Commercial Vehicles Market: Sales Value (in Million US$), 2016 & 2021
Figure 37: Japan: Commercial Vehicles Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 38: India: Commercial Vehicles Market: Sales Value (in Million US$), 2016 & 2021
Figure 39: India: Commercial Vehicles Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 40: South Korea: Commercial Vehicles Market: Sales Value (in Million US$), 2016 & 2021
Figure 41: South Korea: Commercial Vehicles Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 42: Australia: Commercial Vehicles Market: Sales Value (in Million US$), 2016 & 2021
Figure 43: Australia: Commercial Vehicles Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 44: Indonesia: Commercial Vehicles Market: Sales Value (in Million US$), 2016 & 2021
Figure 45: Indonesia: Commercial Vehicles Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 46: Others: Commercial Vehicles Market: Sales Value (in Million US$), 2016 & 2021
Figure 47: Others: Commercial Vehicles Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 48: Europe: Commercial Vehicles Market: Sales Value (in Million US$), 2016 & 2021
Figure 49: Europe: Commercial Vehicles Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 50: Germany: Commercial Vehicles Market: Sales Value (in Million US$), 2016 & 2021
Figure 51: Germany: Commercial Vehicles Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 52: France: Commercial Vehicles Market: Sales Value (in Million US$), 2016 & 2021
Figure 53: France: Commercial Vehicles Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 54: United Kingdom: Commercial Vehicles Market: Sales Value (in Million US$), 2016 & 2021
Figure 55: United Kingdom: Commercial Vehicles Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 56: Italy: Commercial Vehicles Market: Sales Value (in Million US$), 2016 & 2021
Figure 57: Italy: Commercial Vehicles Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 58: Spain: Commercial Vehicles Market: Sales Value (in Million US$), 2016 & 2021
Figure 59: Spain: Commercial Vehicles Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 60: Russia: Commercial Vehicles Market: Sales Value (in Million US$), 2016 & 2021
Figure 61: Russia: Commercial Vehicles Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 62: Others: Commercial Vehicles Market: Sales Value (in Million US$), 2016 & 2021
Figure 63: Others: Commercial Vehicles Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 64: Latin America: Commercial Vehicles Market: Sales Value (in Million US$), 2016 & 2021
Figure 65: Latin America: Commercial Vehicles Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 66: Brazil: Commercial Vehicles Market: Sales Value (in Million US$), 2016 & 2021
Figure 67: Brazil: Commercial Vehicles Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 68: Mexico: Commercial Vehicles Market: Sales Value (in Million US$), 2016 & 2021
Figure 69: Mexico: Commercial Vehicles Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 70: Others: Commercial Vehicles Market: Sales Value (in Million US$), 2016 & 2021
Figure 71: Others: Commercial Vehicles Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 72: Middle East and Africa: Commercial Vehicles Market: Sales Value (in Million US$), 2016 & 2021
Figure 73: Middle East and Africa: Commercial Vehicles Market: Breakup by Country (in %), 2021
Figure 74: Middle East and Africa: Commercial Vehicles Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 75: Global: Commercial Vehicles Industry: SWOT Analysis
Figure 76: Global: Commercial Vehicles Industry: Value Chain Analysis
Figure 77: Global: Commercial Vehicles Industry: Porter's Five Forces Analysis

List of Tables

Table 1: Global: Commercial Vehicles Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Commercial Vehicles Market Forecast: Breakup by Vehicle Type (in Million US$), 2022-2027
Table 3: Global: Commercial Vehicles Market Forecast: Breakup by Propulsion Type (in Million US$), 2022-2027
Table 4: Global: Commercial Vehicles Market Forecast: Breakup by End Use (in Million US$), 2022-2027
Table 5: Global: Commercial Vehicles Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 6: Global: Commercial Vehicles Market: Competitive Structure
Table 7: Global: Commercial Vehicles Market: Key Players


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Key Questions Answered in This Report

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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