Press release
Commercial Vehicle Market Outlook Report 2024-2033 | Size, Trends, Analysis, Insights, Overview
Commercial Vehicle Market
The commercial vehicle market size is expected to see strong growth in the next few years. It will grow to $1333.39 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to e-commerce logistics growth, last-mile delivery solutions, sustainable and green logistics, efficiency in supply chain, efficiency in supply chain. Major trends in the forecast period include telematics integration for fleet management, integration of advanced safety systems, customization for industry-specific needs, aerodynamics for fuel efficiency, autonomous driving technology.
Market Overview -
A commercial vehicle is a vehicle with a license to transport goods or materials rather than people. A commercial vehicle is used for commercial or business purposes.
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Technology Advancements Revolutionizing The Commercial Vehicle Market
Advances in technology are expected to be a continued driver of market growth in the forecast period. The commercial vehicle industry has experienced many technological advances in the last decade, and this trend is expected to intensify. According to Forbes, the ten new features in 2020 include autonomous driving; driver override systems; biometric vehicle access; comprehensive vehicle tracking; active window displays; remote vehicle shutdown; active health monitoring; four-cylinder supercars; smart and personalized in-car marketing; and reconfigurable body panels. These innovations are expected to drive the commercial vehicle market during the forecast period.
Competitive Landscape -
Major companies operating in the commercial vehicle market report are Volkswagen AG, Toyoto Motor Corp., Ford Motor Company, General Motors Company, Bayerische Motoren Werke AG, Beijing Automotive Group Co. Ltd., Kia Motors Corp., BYD Motors Inc., Volvo AB, TRATON GROUP, PACCAR Inc., Peugeot, Scania AB, Tata Motors Ltd., Dongfeng Motor Corporation, Hino Motors Ltd., Navistar Inc., Science Applications International Corporation Inc., Trimble Inc., PTC Inc., Rivian Automotive Inc., Mack Trucks Inc., Isuzu Commercial Truck of America Inc., American Coleman, Lytx Inc., Daimler AG, Motor Co. ltd., Mercedes-Benz Group AG, Fleetmatics Pvt.Ltd, International Lonestar
Commercial Vehicle Manufacturers Embrace Driverless Technology For Efficiency And Safety
Major commercial vehicle manufacturers are investing in driverless car technologies to reduce traffic congestion, prevent accidents and save fuel. Driverless commercial vehicles can sense their surrounding environment and navigate through an area without the involvement of humans using radar, GPS, and computer vision technology. With this technology becoming realistic, many companies are expected to be part of the production and design of driverless vehicles. Companies such as UPS and Amazon are testing driverless commercial vehicles to improve operational efficiencies and reduce costs.
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Key Segments -
The commercial vehicle market covered in this report is segmented -
1) By Type: Light Commercial Vehicle, Heavy Trucks, Buses And Coaches
2) By Fuel Type: Gasoline, Diesel, Other Fuel Types
3) By Application: Mining & Construction, Logistics, Passenger Transportation, Other Applications
4) By Propulsion Type: IC Engine, Electric Vehicle
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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