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Commercial Vehicle Market Size, Share, Trends, Share Analysis, Overview By 2033
Commercial Vehicle Market Size
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According to The Business Research Company's, The commercial vehicle market size has grown strongly in recent years. It will grow from $877.05 billion in 2023 to $952.5 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to global trade expansion, infrastructure development, manufacturing and industrial activity, government regulations, consumer goods transportation.
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.
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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
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 Market 2024 Key Insights:
• 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%.
• Technology Advancements Revolutionizing The Commercial Vehicle Market
• Commercial Vehicle Manufacturers Embrace Driverless Technology For Efficiency And Safety
• North America was the largest region in the commercial vehicles market in 2023
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