Commercial Vehicles Market Growth USD 1117.90 Billion Projection by 2030

Commercial Vehicles Market size was valued at USD 810.54 Bn in 2023 and is expected to reach USD 1117.90 Bn by 2030, at a CAGR of 4.7 %. Several factors contribute to this growth, such as the increasing demand for goods transportation, the growing emphasis on e-commerce and supply chain efficiency, and technological innovations to improve vehicle performance and sustainability.

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Factors and Opportunities that Drive Market Growth

Commercial vehicle market is propelled by growing logistics and transportation industry, driven by globalization and increasing e-commerce. The boom of e-commerce has further stimulated the need for last-mile delivery solutions, resulting in an increase the number of light commercial vehicles like vans and express delivery trucks. In addition, the rising demand for goods in both developed and emerging markets has led to the persistent need for increased commercial vehicle fleets to ensure the efficient transportation of goods.

Coupled with the growing presence of Electric Commercial Vehicle (ECV) and hybrid vehicles in the market, this has been an important driver too as both business and government focus on lowering carbon emissions and improving fuel economy. The translation of commercial vehicles into electric power offers a significant opening for players in response to these wider-scale trends and stricter environmental regulations taking hold around the globe. In addition, the inclusion of autonomous commercial vehicle on the road, including the digitalisation in transportation to optimize the fleet management would be some of the key factors which can effect the future of this market.

Segmentation Analysis

The global commercial vehicles market has been classified on the basis of vehicle type, fuel type, application, and region.

By Vehicle Type: The market is segmented as light commercial vehicles (LCVs), medium commercial vehicles (MCVs), and heavy commercial vehicles (HCVs). Light commercial vehicles (LCVs) are the biggest market, especially for the last-mile delivery, cargo transportation, and for small business uses as well. Medium & heavy commercial vehicle demand is largely driven by industries such as logistics, construction, and mining that require high payloads. Heavy-duty trucks are witnessing an upsurge in demand due to the expansion of the construction and infrastructure industry, particularly in developing nations.

On the basis of fuel type: The fuel associated with commercial vehicles is classified into internal combustion engine (ICE), electric, hybrid, or hydrogen phil commercial vehicle. Environmental considerations have, for all important purposes, supplanted regulations as many nations search for greener fuel options, although ICE-fueled commercial vehicles will remain king of the world for now. THESE DAYS, Evs for businesses are starting to sink into the public conscience, especially in cities and for last-mile delivery, thanks to lower operating costs as well as their environmental benefits. Hybrid is going to be another growing segment as it is the middle ground between fuel economy and output, which is suitable to many commercial applications.

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Based on Application: The applications for commercial vehicles cover a variety of end-use industries such as transportation, construction, logistics, and mining, waste management, fire-fighting, and public service, among others. Due to the growing trade and e-commerce the logistics and transportation sector account for the largest market share. Supply chain infrastructure and last-mile delivery solutions are also expanding, which is a core driver for growth in demand for commercial vehicles. Again, the heavy-duty truck is integral to construction and mining sectors for the transport of raw materials and machinery.

Regional Segment of Commercial Vehicles Market: North America Europe Asia-Pacific Latin America Middle East & Africa The market is dominated by the region of Asia-Pacific, which is largely due to countries such as China, India, and Japan having mass-titled manufacturing and logistics industries. The largest market for commercial vehicles (CVs), still has a plethora of commercial vehicle production facilities along with a growing appetite for electric vehicles.

The market of commercial vehicles in North America and Europe is also important places. Light Commercial Vehicles (LCVs) are high in demand in North America, especially for e-commerce and logistics purposes. US electric commercial vehicle segment growth [Source: Lux Research]The U.S. is also seeing some growth in commercial electric vehicles, due to government incentives and the move toward sustainability. The emergence of electric and hybrid commercial vehicles in Europe is driven by strict emissions regulation and an increasing emphasis on clean vehicles.

Country-Level Analysis

China - The global commercial vehicle market leader, thanks to its strong logistics and manufacturing sectors. Market growth is being supported by the country growing rapidly with industrialisation, infrastructure development, and demand for last mile delivery services. Add in the growing drive towards electric commercial vehicles and China truly does position itself at the center of the switch to sustainable transportation.

It operates in every major regionAmericasUnited StatesThe U.S. is a mature commercial vehicles market with high demand for light and medium commercial vehicles for a variety of logistics/e-commerce applications. In the U.S., growth will get a boost from government incentives for electric vehicles and advances in the technology needed for autonomous vehicles.

Commercial vehicles market is significantly driven by India with its strengthening logistics and infrastructure sectors. Increase in e-commerce along with surge in urbanization is propelling the demand for last-mile delivery vehicles. Transition to cleaner fuels, including electric commercial vehicles, is also becoming a reality with strong growth prospects in India's near-term horizon.

Germany: Germany is a vital, near-core European commercial vehicles market where the presence of robust and world-class auto manufacturing drive its importance. Germany homes a large part of fuel-efficient vehicles, which creates opportunities for boosting a more sustainable commercial vehicles market in the country, alongside strong commitment to electric and autonomous vehicles.

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Competitor Analysis

The heavy-duty vehicle market is highly competitive, where the market is subjected to a healthy level of competition from major companies such as Daimler AG, Volvo Group, MAN SE, PACCAR Inc. and Tata Motors Limited. Key players are primarily concentrating on product developments, technological enhancements, and partnerships to sustain their roles in the industry.

Daimler AG: Daimler is one of the largest commercial vehicle manufacturers in the world, producing a wide range of trucks, buses and vans. The company is well established in Europe and North America and is investing heavily in electric and autonomous commercial vehicles.

Volvo Group - Manufacturer of heavy duty trucks, buses, and construction equipment. The firm is investing heavily in sustainability and innovation, with plans for electric commercial vehicles, autonomous driving and all of the potential they come with.

PACCAR Inc.: PACCAR is one of the heavy-duty truck manufacturers, producing trucks under the Kenworth, Peterbilt, and DAF brands. The company is building electric and hydrogen-electric vehicles to meet the rising needs of greener trucks.

MAN SE: MAN is a subsidiary of the Volkswagen Group that provides high-quality commercial vehicles that include trucks, buses, and vans. Rather, the company is set on building electric trucks and expanding its presence in emerging markets.

Tata Motors Limited: Tata Motors is one of the largest commercial vehicle manufacturers in India and currently plans to expand its electric commercial vehicle product portfolio to satisfy the increasing demand for clean transportation solutions in the country.

Press Release Conclusion

Growing demand for effective transportation and logistics solutions around the world is propelling the expansion of the market for commercial vehicles. The market for commercial vehicles is changing as the industry moves towards electric and autonomous motor vehicles, presenting challenges and opportunities for manufacturers. The good news is that with the growth of e-commerce and infrastructure scaling as well, there is hopefully going to be an increasing potential for the demand of commercial vehicles, particularly last-mile delivery and green transportation, moving forward. Various aspects including advancement in technology, positive regulatory framework and growth in global sustainability trend will continue to fuel the market.

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