Global Commercial Vehicles Market to Reach US$ 988.8 Billion by 2028, Propelled by Significant Growth in Construction Industry

February 10, 2023 | Automotive Industry

According to the latest report by IMARC Group, titled “Commercial Vehicles Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global commercial vehicles market size reached US$ 772.5 Billion in 2022. Commercial vehicles are automobiles licensed for transporting goods, materials, freights, and passengers. It includes buses, coaches, vans, cabs, pickup trucks, tippers, trailers, lorries, transit mixers, specialty vehicles, and heavy equipment. Commercial vehicles are powered by various sources, such as gasoline, diesel, electricity, battery, and fuel cells. They are widely used to transport industrial goods, farming produce, construction materials, dirt, gravel, and demolition wastes. Commercial vehicles are highly efficient and durable machines that can carry large quantities of load, help reduce overall costs, and save time while requiring low maintenance.

Global Commercial Vehicles Market Trends:

The extensive utilization of commercial vehicles in construction activities for laying concrete, hauling lumber to job sites, mixing cement, and transporting equipment and various aggregate materials, such as gravel and dirt, is majorly driving the market growth. In addition to this, increasing investments by several governments in various infrastructural development projects, such as roads, bridges, public spaces, airports, and railways, are acting as another growth-inducing factor. Furthermore, the widespread product employment in the logistic industry to transport goods, merchandise, and couriers and provide home delivery and postal services, owing to their cost-effectiveness, lower fuel consumption, and large storage capacity, is positively influencing the market growth. Additionally, the increasing demand for e-mobility that reduces carbon dioxide emissions, offers a better range, and improves energy efficiency due to rising environmental concerns and increasing fossil fuel prices is propelling the market growth. In line with this, the implementation of various government initiatives to minimize the rising pollution levels and promote the electrification of vehicles is favoring the market growth. Moreover, the widespread product adoption in mining activities to transport mineral ores, coal, and demolition waste is driving the market growth. Other factors, including rising import and export activities, rapid industrialization, and significant growth in the e-commerce and automotive industries, are anticipated to drive the market growth. On account of the aforementioned factors, the market value is expected to reach US$ 988.8 Billion by 2028, exhibiting a CAGR of 4.02% during 2023-2028.

Market Summary:

  • On the basis of the vehicle type, the market has been divided into light, and medium and heavy-duty commercial vehicles.
  • Based on the propulsion type, the market has been bifurcated into IC engine and electric vehicle.
  • On the basis of the end use, the market has been classified into industrial, mining and construction, logistics, passenger transportation, and others.
  • On a regional basis, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa.
  • The competitive landscape of the industry has also been examined, with some 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 Scope:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
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.
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Global Commercial Vehicles Market to Reach US$ 988.8 Billion by 2028, Propelled by Significant Growth in Construction Industry
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