Commercial Vehicles Market Size to Reach USD 2.31 trillion by 2035 | From USD 1.34 trillion in 2025

Market Outlook and Forecast

The global commercial vehicles market is on a steady growth trajectory, projected to expand from USD 1.34 trillion in 2025 to USD 2.31 trillion by 2035, reflecting a 5.6% CAGR between 2026 and 2035. This growth is primarily driven by sustained logistics demand, infrastructure modernization, and the ongoing electrification of transport systems.

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Regional Performance Highlights

• North America remains the market leader, anticipated to capture 47.7% of the global share by 2035, supported by strong freight transportation, last-mile delivery services, and investment in autonomous truck trials. The U.S. and Canada are aggressively upgrading fleet networks to enhance fuel efficiency and digital connectivity.

• Europe continues to prioritize sustainability and emission regulations, pushing fleet operators toward electric and hybrid models. Government subsidies, low-emission zones, and partnerships with clean-energy technology firms are accelerating the adoption of next-generation commercial vehicles.

• Asia Pacific is witnessing robust expansion, driven by booming e-commerce, industrialization, and government-led infrastructure projects. Countries like China, India, and Japan are key manufacturing hubs, with strong domestic demand for heavy-duty trucks and light commercial vehicles.

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Segment Analysis

• Truck Segment Dominance: Trucks are set to maintain an 87% share of the commercial vehicles market by 2035, reflecting their indispensable role in global freight and logistics. Heavy-duty trucks dominate long-haul transport, while medium-duty and light-duty trucks support urban deliveries and construction logistics.

• Internal Combustion Engine (ICE) Segment: Despite the push for electrification, the ICE segment will still represent 75% of market share by 2035. The enduring reliance on diesel power, especially in developing regions with limited EV infrastructure, underscores the gradual nature of the energy transition in commercial mobility.

As governments and corporations balance sustainability targets with operational feasibility, the hybridization of fleets and the rollout of EV infrastructure will remain central to long-term growth.

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Top Market Trends Transforming the Industry

a) Electrification and Green Transition

Sustainability has become the defining trend across the commercial vehicles market. Fleet electrification, driven by stringent emission norms and environmental commitments, is accelerating globally. Companies like Volvo Trucks, BYD, and Daimler Truck AG are investing heavily in electric and hydrogen-powered commercial vehicles.

In 2024, Volvo Trucks announced a full-scale production line for its FH Electric model, designed for long-haul freight with zero tailpipe emissions. Similarly, BYD's electric buses and trucks have gained traction across Europe and Latin America, supported by fleet modernization programs. This electrification wave not only addresses regulatory mandates but also reduces total cost of ownership over time.

b) Digitalization and Connected Fleet Management

Telematics, predictive maintenance, and AI-driven fleet analytics are transforming commercial vehicle operations. The integration of IoT-based systems allows real-time monitoring of driver behavior, route optimization, and vehicle health diagnostics.

Scania and Paccar Inc. have launched digital platforms that enable data-driven decision-making, enhancing uptime and lowering operational costs. Additionally, 5G connectivity is enabling vehicle-to-infrastructure (V2I) communication, paving the way for smarter logistics networks. These technologies are redefining fleet efficiency and improving safety through proactive interventions.

c) Autonomous and Smart Mobility Initiatives

Automation is emerging as a pivotal frontier for commercial mobility. The growing shortage of skilled drivers and the need for cost-effective long-haul operations are pushing companies to explore autonomous trucking.

In 2024, Daimler Truck and Waymo advanced their Level 4 autonomous Freightliner Cascadia program, marking a significant step toward self-driving logistics. TuSimple and Embark Trucks have also made progress in pilot programs on U.S. highways. Autonomous technologies promise to revolutionize supply chain efficiency by reducing human dependency and optimizing delivery times.

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Recent Company Developments

The commercial vehicles market is witnessing intense competition, with global giants and emerging players redefining their strategic roadmaps. Over the past 12 months, several major developments have reshaped the competitive landscape.

1. Daimler Truck AG (Germany)
Daimler Truck continues to expand its electric and hydrogen portfolio, recently launching the Mercedes-Benz eActros 600, a long-range electric truck targeting European logistics operators. The company also partnered with BP to develop hydrogen refueling infrastructure across the continent.

2. Volvo Group (Sweden)
Volvo has accelerated its transition toward zero-emission mobility with the launch of its FH Electric and FMX Electric models. The company is also investing in battery cell production in partnership with Northvolt, ensuring a secure supply chain for future EVs.

3. PACCAR Inc. (United States)
PACCAR, known for its Kenworth, Peterbilt, and DAF brands, has introduced new telematics solutions to enhance fleet connectivity. The company's collaboration with Aurora Innovation in autonomous truck development has positioned it at the forefront of smart freight technologies.

4. BYD Company Ltd. (China)
BYD remains a leading force in electric commercial vehicles, with rapid global expansion. The company recently inaugurated new assembly plants in Brazil and Hungary to serve local and European markets. Its e-buses and trucks continue to gain adoption across municipal and logistics sectors.

5. Tata Motors Limited (India)
Tata Motors is spearheading India's transition to sustainable mobility. The company unveiled its Ace EV for last-mile delivery and expanded its compressed natural gas (CNG) vehicle portfolio. Tata also secured fleet contracts with several logistics companies aiming for greener transportation solutions.

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