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Unlocking Opportunities in the Commercial Vehicle Market: 2025-2034 Forecast Report
Commercial Vehicle Market
How Large Will the Commercial Vehicle Market Size By 2025?
The size of the commercial vehicle market has significantly expanded in the last few years. From 2024's $976.15 billion, it's expected to increase to $1067.45 billion in 2025, marking a compound annual growth rate (CAGR) of 9.4%. This rise during the historic period is linked to factors such as the broadening of global trade, development of infrastructure, heightened manufacturing and industrial functioning, governmental regulations and the transportation of consumer goods.
How Big Is the Commercial Vehicle Market Size Expected to Grow by 2029?
The anticipated robust expansion of the commercial vehicle market will propel its value to $1479.97 billion by 2029, growing at a compound annual growth rate (CAGR) of 8.5%. This anticipated growth over the forecast period is linked to the expansion of e-commerce logistics, solutions for last-mile delivery, the adoption of sustainable and green logistics, as well as efficiency improvements in supply chains. The forecast period is expected to see trends such as integrating telematics for fleet management, advancing safety system integration, customizing to cater to specific industry requirements, fuel efficiency through improved aerodynamics, and the implementation of autonomous driving technology.
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Which Key Market Drivers Powering Commercial Vehicle Market Expansion and Growth?
Technological advancements are anticipated to remain a constant driving force for market growth in the projected timeline. Numerous technological breakthroughs have been witnessed in the commercial vehicle sector over the past ten years, with the momentum projected to surge. As an example, the International Energy Agency, an autonomous intergovernmental organization based in France, has reported that in 2022, about 66,000 electric buses and 60,000 medium and heavy-duty trucks were sold globally, contributing to approximately 4.5% of total bus sales and 1.2% of worldwide truck sales. The ascent in sales of electric buses and trucks which kick-started in 2021 perpetuated into 2022. These technological innovations are projected to fuel the growth of the commercial vehicle market throughout the forecasted timeline.
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Which Fast-Growing Trends Are Poised to Disrupt the Commercial Vehicle Market?
Prominent manufacturers of commercial vehicles are channeling investments into autonomous car technologies to alleviate traffic congestion, avoid collisions, and conserve fuel. Autonomous commercial vehicles, equipped with radar, GPS, and computer vision technology, have the capability to perceive their environment and maneuver in it without human input. With this technology becoming more viable, numerous companies are anticipated to partake in the manufacture and design of autonomous vehicles. Businesses like UPS and Amazon are examining autonomous commercial vehicles to enhance operational effectiveness and cut down on expenses.
What Are the Emerging Segments in the Commercial Vehicle Market?
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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Who Are the Global Leaders 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
Which are the Top Profitable Regional Markets for the Commercial Vehicle Industry?
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.
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