Commercial Vehicles Market | Size, Growth(CAGR of 4.02%) , Trends and Business Opportunity, Forecast 2023-2028

What is the Size of Commercial Vehicles Market ? :

The latest research study "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. Looking forward, IMARC Group expects the market to reach US$ 988.8 Billion by 2028, exhibiting a growth rate (CAGR) of 4.02% during 2023-2028.

Commercial Vehicles Uses:

Commercial vehicles are licensed for being used to transport goods or materials. They include buses, coaches, vans, and cabs utilized to transport industrial goods, farming produce, construction materials, etc. Commercial vehicles 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 onboard and vehicle condition monitoring and driver aids, such as field-of-view cameras, journey management planning, and route design. Consequently, these vehicles find extensive applications in numerous sectors across the globe, including logistics.

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Who is the Market Leader Commercial Vehicles ? :

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
• Volkswagen AG

Commercial Vehicle Market Demand, Growth and Development:

The elevating requirement for the transportation of goods, owing to the increasing imports and exports, and the rising road infrastructure networks are among the key factors stimulating the commercial vehicles market. Moreover, the inflating electrification of commercial vehicles, as they offer several advantages, such as less air and noise pollution, reduced fuel consumption and maintenance costs, increased payload capability, and enhanced reliability, is acting as another significant growth-inducing factor. Besides this, the implementation of stringent emission regulations by governing authorities of several countries is prompting the adoption of electric vehicles (EVs) for commercial use, which is positively influencing the global market.

Furthermore, the introduction of commercial vehicles with features, including accident warnings, traffic data, weather reports, and updates on road works, by original equipment manufacturers (OEMs) is also propelling the market growth. Apart from this, the rising construction and mining activities, which are escalating the need for material transportation, is further fueling the global market. Additionally, the inflating technological advancements and the growing automotive sector are anticipated to fuel the commercial vehicles market over the forecasted period.

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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, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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