Wheels of Commerce: Commercial Vehicle Market Set to Soar Past USD 1891.41 Billion by 2030 | SkyQuest Technology
The commercial vehicle market, comprising LCVs, heavy trucks, buses, and coaches, is projected to experience significant growth from 2023 to 2030. Key end-user industries include logistics, mining, construction, and passenger transportation. The market will witness growth in both IC engine and electric vehicle segments. Size, share, and detailed growth analysis will be provided within the forecast period.
Westford USA, July 11, 2023 (GLOBE NEWSWIRE) — The global Commercial Vehicle market size is expected to reach USD 1891.41 billion by 2030 and exhibit a CAGR of 8.7% in the forecast period (2023−2030), according to Skyquest’s latest research report. The demand for fuel efficiency, government regulations, urbanization, e-commerce, demand for transportation services, infrastructure development, increased trade activities, technological advancements, cost savings, environmental concerns, population growth, globalization, supply chain optimization, expansion of logistics and distribution networks, rising disposable incomes, changing consumer preferences, enhanced safety features, automation and autonomous driving technologies, fleet management and optimization is fueling the market’s growth.
According to SkyQuest’s latest global research of the Commercial Vehicle market, electric vehicles, connectivity and telematics, autonomous driving, shared mobility, last-mile delivery solutions, fleet electrification, digitization and data analytics, alternative fuel technologies, smart logistics and supply chain management, advanced driver assistance systems (ADAS), vehicle-to-vehicle communication (V2V), subscription-based models, ride-hailing and ride-sharing services, on-demand delivery platforms, predictive maintenance and remote diagnostics, mobility-as-a-service (MaaS), integration of Internet of Things (IoT) in commercial vehicles, development of lightweight materials, usage-based insurance, urban delivery optimization, real-time tracking and route optimization are the trends that aid in the market’s growth.
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Browse in-depth TOC on “Commercial Vehicle Market”
- Pages – 230
- Tables – 93
- Figures -76
A commercial vehicle is any motor vehicle used for transporting goods or paying passengers for commercial purposes. They are typically larger and more powerful than passenger vehicles, and they are often equipped with features such as cargo space, loading ramps, and passenger seating.
Prominent Players in Commercial Vehicle Market
- Volvo
- Daimler
- Paccar
- Isuzu
- Tata
- Ashok Leyland
- MAN
- Scania
- Ford
- Freightliner
- Western Star
- Kenworth
- Peterbilt
- Navistar
- Hyundai
- Mitsubishi Fuso
- Volkswagen
- Renault
- Iveco
- Hino
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Report Scope & Segmentation:
| Attributes
| Details
|
| Forecast Period
| 2023-2030 |
| Market Size in 2022
| 892.73 Billion |
| 2030 Value Projection
| 1891.41 Billion |
| CAGR | 8.7% |
| Segments Covered
|
Light Commercial Vehicles (LCVs), Heavy Trucks, Buses, Coaches.
Industrial, Mining, Construction, Logistics, Passenger Transportation, Others
IC Engine, Electric Vehicle
|
| Regions Covered
| North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Light Commercial Vehicles Demand to Grow Substantially in the Forecast Period
Light commercial vehicles dominated the global online market due to the rise of e-commerce and last-mile delivery services. The increasing demand for efficient urban logistics and transportation solutions has boosted the prominence of LCVs, particularly vans and pickups.
E-commerce is the Leading Application Segment
In terms of application, e-commerce is the leading segment due to the increasing demand for doorstep deliveries that have created a significant need for efficient transportation and logistics solutions. E-commerce companies require a fleet of commercial vehicles to ensure timely and reliable delivery of goods to customers. This demand is further fueled by changing consumer preferences, convenience-driven shopping behavior, and the global expansion of e-commerce platforms..
North America is the leading Market Due to Technological Advancements
Region-wise, North America is one of the largest growing markets with a huge emphasis on technological advancements. The region has a well-developed transportation and logistics infrastructure, a large consumer market, and a strong presence of established automotive manufacturers.
A recent report thoroughly analyzes the major players operating within the Commercial Vehicle market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Commercial Vehicles.
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Key Developments in Commercial Vehicle Market
- In February, Navistar International Corp. announced that it would acquire the assets of Blue Bird Corp., a manufacturer of school buses. The deal is expected to close in the second quarter of 2023.
- In March, Geely Holding Group announced that it would acquire a majority stake in Proton Holdings Bhd., a Malaysian automaker. The deal is expected to close in the second half of 2023.
Key Questions Answered in Commercial Vehicle Market Report
- What specific growth drivers will impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
Related Reports in SkyQuest’s Library:
Global Electric Commercial Vehicle Market
Global Garbage Truck Bodies Market
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