Press release
Commercial Vehicle Market 2021 Competitive Insights and Business Outlook- Tata Motors, Scania, Volvo, Honda, Volkswagen, Ashok Leyland, Fiat Chrysler Automobiles
Global Commercial Vehicle Market 2021 research report offers qualitative and quantitative insights in relation to industry growth rate, market segmentation, Commercial Vehicle market size, demand and revenue. The current Commercial Vehicle market trends that are expected to influence the future prospects of the industry are analyzed in the report. The report further investigates and assesses the current landscape of the ever-evolving business sector and the present and future effects of COVID-19 on the market.The commercial vehicles market was valued at USD 719 billion in 2020 and is estimated to register a CAGR of over 5.32% during the forecast period, 2021-2026.
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Top Companies are: Tata Motors, Scania, MAN Group, Maruti Udyog Ltd., Hyundai Motor, Nissan, Mahindra & Mahindra, Eicher, General Motors, Daimler, Swaraj Mazda, Volvo, Honda, Volkswagen, Ashok Leyland, Fiat Chrysler Automobiles, Hindustan Motors, Force Motors, Ford Motor, Toyota Motor
Market Overview:
A commercial vehicle refers to any motorized vehicle that is used for the transportation of goods. The commercial vehicles market has been segmented by vehicle type, propulsion type, application type, and geography. By vehicle type, the market has been segmented into light commercial vehicles and medium- and heavy-duty commercial vehicles. By propulsion type, the market has been segmented into IC engines and electric commercial vehicles. By application type, the market has been segmented into freight and logistics, industrial, and other applications. By geography, the market has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World, with country-level analysis. For each segment, the market sizing and forecasting are based on value (USD million).
Recent Developments
In January 2020, Isuzu Motors Limited and Honda R&D Co., Ltd, an R&D subsidiary of Honda Motor Co., Ltd., signed an agreement to undertake joint research on heavy-duty trucks, utilizing fuel cells as the powertrain.
In March 2020, BYD received an order from the South American public transport provider, Transcarsell. The company from Ecuador ordered 20 electric trucks from BYD for delivery by 2021, the first of which is scheduled for August 2020.
In June 2020, Volkswagen AG signed a contract with Ford for joint projects on commercial vehicles, EVs, and autonomous driving. Both players will collaborate on commercial vehicles, including City Van, created and built by Volkswagen Commercial Vehicles, the 1-ton cargo van engineered by Ford, and the Volkswagen medium pickup, built on the Ford Ranger platform from 2022.
In April 2021, Toyota further expanded its electric line-up choice with its new PROACE and PROACE Verso Electric, thus, adding a powerful new dimension to its Toyota Professional range of light commercial vehicles.
In February 2021, Daimler Truck AG and Cummins Inc. announced global plan for developing medium-duty commercial vehicle engine systems. This partnership focuses on identifying potential synergies in areas such as powertrain components and engine system components.
In January 2021, Alexander Dennis Limited (ADL) and BYD UK jointly announced that ADL and BYD would commence the design and assembly of chassis for the BYD ADL partnership's electric single and double deck buses for the British market.
Market Segmentation:
By Types:
Light Commercial Vehicles (LCVs)
Heavy Trucks
Buses & Coaches
By Application:
Industrial
Mining & Construction
Logistics
Passenger Transportation
Others
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Regional Analysis For Commercial Vehicle Market:
North America (The United States, Canada, and Mexico)
Europe (Germany, France, UK, Russia, and Italy)
Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
South America (Brazil, Argentina, Colombia, etc.)
The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)
Transit agencies across various countries have been significantly promoting the adoption of electric buses for public transportation. Although the penetration is very low in geographies, such as North America, the adoption rate is picking up in Asia-Pacific and Europe. According to the UITP, the share of electric buses among the entire bus sale will be 10% in 2019, and it is expected to cross 20% market share in 2021.
Browse the Report Description And TOC:
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Important Features that are under Offering and Key Highlights of the Reports:
– Detailed overview of Market
– Changing market dynamics of the industry
– In-depth market segmentation by Type, Application etc.
– Historical, current and projected market size in terms of volume and value
– Recent industry trends and developments
– Competitive landscape of Market
– Strategies of key players and product offerings
– Potential and niche segments/regions exhibiting promising growth
The research includes historic data from 2015 to 2021 and forecasts until 2030 which makes the report an invaluable resource for industry executives, marketing, sales, and product managers, consultants, analysts, and stakeholders looking for key industry data in readily accessible documents with clearly presented tables and graphs.
Customization of the Report: This report can be customized as per your needs for additional data up to 3 companies or countries or 40 analyst hours.
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Irfan Tamboli (Head of Sales) – Market Insights Reports
Phone: + 1704 266 3234 | +91-750-707-8687
sales@marketinsightsreports.com | irfan@marketinsightsreports.com
About Us:
MarketInsightsReports provides syndicated market research on industry verticals including Healthcare, Information and Communication Technology (ICT), Technology and Media, Chemicals, Materials, Energy, Heavy Industry, etc. MarketInsightsReports provides global and regional market intelligence coverage, a 360-degree market view which includes statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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