Commercial Vehicles Market to Generate US$ 952.6 Billion by 2027, at a CAGR of 4.10% - IMARC Group

IMARC Group's latest research report, titled "Commercial Vehicles Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027," offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.

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. Commercial vehicles are those that are licensed for being utilized in the transportation of materials or goods. They can either be leased in the name of a financial institution or registered in the name of a particular individual as the sole owner. Commercial vehicles can be categorized mainly into light, medium, and heavy-duty variants. Their safety is improving owing to the onboard and vehicle condition monitoring and driver aids, including journey management planning, field-of-view cameras, route design, etc. As a result, commercial vehicles find widespread applications across various sectors, such as industrial, logistics, passenger transportation, mining, construction, etc.

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Important Attribute and highlights of the Report:

Detailed analysis of the global market share
Market Segmentation by vehicle type, propulsion type and end use.
Historical, current, and projected size of the market in terms of volume and value
Latest industry trends and developments
Competitive Landscape for Commercial Vehicles Market
Strategies of major players and product offerings

The escalating requirement for the quick and seamless transportation of goods on account of the growing imports and exports across countries is primarily driving the commercial vehicles market. Besides this, the elevating need for electrification of these vehicles as they offer several advantages, including less air and noise pollution, enhanced reliability, reduced fuel consumption, increased payload capability, etc., is further augmenting the market growth. Apart from this, the implementation of strict regulations by the government bodies is propelling the adoption of electric vehicles (EVs) for commercial use, which is also catalyzing the global market. Moreover, the expanding technological advancements in the automotive industry are acting as significant growth-inducing factors. Furthermore, the original equipment manufacturers (OEMs) are introducing automobiles with novel features, including traffic data, weather reports, accident warnings, updates on road works, etc., which is expected to bolster the commercial vehicles market in the coming years.

Key Players Included in Global Commercial Vehicles Market Research Report:

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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COVID-19 Impact Overview:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Key Market Segmentation:

Breakup by Vehicle Type:

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:

North America (United States, Canada)
Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

TOC for the Commercial Vehicles Market Research Report:

Preface
Scope and Methodology
Executive Summary
Introduction
Global Commercial Vehicles Market
SWOT Analysis
Value Chain Analysis
Price Analysis
Competitive Landscape

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