Press release
Commercial Vehicle Global Market Insights: Growth Drivers, Size & Forecasts to 2029
Commercial Vehicle Market
What Is the Forecasted Market Growth Rate of the Commercial Vehicle Industry?
The size of the commercial vehicle market has experienced robust growth in the past few years. It is expected to expand from $979.76 billion in 2024 to $1052.31 billion in 2025, with a compound annual growth rate (CAGR) of 7.4%. Factors that contributed to the growth during the historic period include the expansion of global trade, infrastructure development, manufacturing and industrial activities, government regulations, and transportation of consumer goods.
How Will the Commercial Vehicle Market Size Evolve From 2025 to 2029?
The market size for commercial vehicles is predicted to experience robust expansion in the near future. It is projected to surge to $1431.47 billion by 2029, driven by a compound annual growth rate (CAGR) of 8.0%. Factors contributing to this growth during the forecasted period include the rise of e-commerce logistics, improvements in last-mile delivery solutions, the adoption of sustainable and eco-friendly logistics, and enhanced efficiencies in supply chains. Noteworthy trends for this period also encompass the adoption of telematics for better fleet management, the incorporation of advanced safety mechanisms, the tailored solutions for specific industry requirements, aerodynamics for improved fuel efficiency, and the development of autonomous driving technologies.
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What Are the Main Growth Drivers in the Commercial Vehicle Market Today?
The projected growth in the market during the forecast period is predicted to be influenced significantly by technological advancements. The commercial vehicle industry has seen a considerable number of technological evolutions over the previous ten years, a trend that shows no sign of slowing down. The International Energy Agency, an autonomous intergovernmental organization based in France, disclosed that in 2022, worldwide sales of electric buses and medium- and heavy-duty trucks were approximately 66,000 and 60,000, respectively. This represented about 4.5% of all bus sales and 1.2% of all truck sales globally. There was a noticeable increase in sales of electric buses and trucks in 2021, which carried on into 2022. These technological innovations are anticipated to be a major driving force for the commercial vehicle market during the forecast period.
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Which Commercial Vehicle Market Segment Is Expected to Lead Through 2029?
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
Which Market Trends Are Expected to Dominate Commercial Vehicle Industry Growth?
Leading commercial vehicle production companies are directing their investments towards autonomous car technologies to lessen traffic jams, avert accidents, and conserve fuel. Autonomous commercial vehicles are capable of interpreting their surroundings and moving within a region without human intervention by utilizing radar, GPS, and computer vision technology. As this technology grows more feasible, a great number of companies are anticipated to participate in the production and designing of autonomous vehicles. Companies like UPS and Amazon are already experimenting with driverless commercial vehicles to enhance operational efficiency and cut down expenses.
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Which Companies Hold the Largest Market Share in the Commercial Vehicle Sector?
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
Where Is the Commercial Vehicle Market Experiencing the Highest Growth?
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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