Press release
Commercial Vehicle Market Set to Reach $1479.97 Billion by 2029 with 8.5% Yearly Growth
Commercial Vehicle
The evolution of technology is anticipated to consistently drive market growth during the projected period. Over the past decade, there has been considerable technological progression in the commercial vehicle sector, and this pattern is predicted to escalate. For instance, the International Energy Agency, an autonomous intergovernmental organization based in France, noted that about 66,000 electric buses and 60,000 medium- and heavy-duty trucks were sold worldwide in 2022. This consisted of approximately 4.5% of total bus sales and 1.2% of truck sales globally. Sales of electric buses and trucks began their upward trend in 2021, persisting through 2022. These advancements are anticipated to steer the commercial vehicle market during the upcoming period.
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What growth opportunities are expected to drive the commercial vehicle market's CAGR through 2034?
The growth of the commercial vehicle market has been robust in the past few years. This growth is projected to continue, increasing from $976.15 billion in 2024 to $1067.45 billion in 2025, with a compound annual growth rate (CAGR) of 9.4%. This steady increase during the historical era is associated with the expansion of global trade, infrastructure advancements, industrial and manufacturing activities, governmental regulations, and the transport of consumer goods.
The size of the commercial vehicle market is set to experience robust expansion in the coming years. By 2029, it is projected to reach a value of $1479.97 billion, with a compound annual growth rate (CAGR) of 8.5%. Growth during the forecast period could be the result of increased e-commerce logistics, innovative solutions for last-mile delivery, environment-friendly logistics, as well as enhancement in the supply chain process. Key trends to watch during the forecast period include the integration of telematics for managing fleets, incorporation of high-end safety systems, customization to fit industry-specific needs, aerodynamics for improved fuel efficiency, and the use of autonomous driving technology.
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What are the emerging trends shaping the future of the commercial vehicle market?
Leading commercial vehicle producers are putting capital into autonomous vehicle technologies in an effort to lessen traffic issues, avoid accidents, and conserve fuel. Autonomous commercial vehicles are capable of perceiving their surroundings and maneuvering through an area without human assistance, utilizing radar, GPS, and computer vision technology. Given the increasing feasibility of this technology, a growing number of businesses are predicted to partake in the manufacture and design of autonomous cars. Entities such as UPS and Amazon are conducting trials with autonomous commercial vehicles to enhance operational productivity and cut expenses.
Which growth-oriented segments of the commercial vehicle market are leading the industry's development?
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 And Construction, Logistics, Passenger Transportation, Other Applications
4) By Propulsion Type: IC Engine, Electric Vehicle
Subsegments:
1) By Light Commercial Vehicle: Vans, Pickup Trucks, Minibuses
2) By Heavy Trucks: Dump Trucks, Flatbed Trucks, Tanker Trucks, Refrigerated Trucks
3) By Buses And Coaches: City Buses, Intercity Buses, School Buses, Luxury Coaches
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What regions are leading the charge in the commercial vehicle market?
North America was the largest region in the commercial vehicles market in 2024. Asia-Pacific was the second-largest region in the commercial vehicle market. The regions covered in the commercial vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What companies are at the forefront of innovation in the commercial vehicle market?
Major companies operating in the commercial vehicle market include Volkswagen AG, Toyota 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., Rivian Automotive Inc., Mack Trucks Inc., Isuzu Commercial Truck of America Inc., Daimler AG, Mercedes-Benz Group AG, International Lonestar
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What Is Covered In The Commercial Vehicle Global Market Report?
•Market Size Forecast: Examine the commercial vehicle market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the commercial vehicle market for a structured understanding.
•Key Players Overview: Analyze major players in the commercial vehicle market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the commercial vehicle market.
•Segment Contributions: Evaluate how different segments drive overall growth in the commercial vehicle market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the commercial vehicle market.
•Industry Challenges: Identify potential risks and obstacles affecting the commercial vehicle market.
•Competitive Landscape: Review strategic developments in the commercial vehicle market, including expansions, agreements, and new product launches.
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