The global Commercial Vehicles Market is estimated to be valued at US$ 1264.58 Bn in 2023 and is expected to exhibit a CAGR of 18.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Commercial vehicles refer to trucks, buses, vans, and other vehicles used for transporting goods or passengers. They provide efficient logistics solutions and public transportation.
Market key trends:
Electric commercial vehicles are the emerging trend as they are more environment friendly with zero tailpipe emissions. Many countries are offering subsidies and tax benefits for electric commercial vehicles to promote their adoption. Manufacturers are also launching new electric models of trucks and buses with improved performance capabilities. For instance, Tesla recently unveiled its new electric Semi truck with a range of 800 km on a single charge. Stringent emission norms in regions like Europe are also driving the shift towards electric commercial vehicles. Growing e-commerce sectors is another factor boosting demand for electric delivery vans.
Market key trends:
Some of the key trends in the Global Commercial Vehicles Market Size include the growing adoption of autonomous commercial vehicles and transition towards electric commercial vehicles. Autonomous commercial vehicles utilize sensing technology, radars, cameras and artificial intelligence to drive themselves without human intervention. This helps reduce accidents caused by human error. The transition towards electric commercial vehicles is expected to gather pace due to rising environmental concerns and stringent emission norms. Several commercial vehicle manufacturers are launching electric trucks and electric buses to cater to this demand.
SWOT Analysis
Strength: Growing infrastructure development activities across regions is fueling the demand for construction and haulage commercial vehicles.
Weakness: High research and development costs associated with the development of advanced driver assistance systems and electric powertrains.
Opportunity: Growing e-commerce sector is generating demand for delivery vans and last-mile transportation vehicles.
Threats: Rising raw material prices can increase commercial vehicle production costs. Stringent emission regulations in some countries pose compliance challenges.
Key Takeaways
The global commercial vehicles market size was valued at US$ 1264.58 Bn in 2023. The market is expected to witness high growth, exhibiting a CAGR of 18% over the forecast period, due to increasing road construction activities and growth of the logistics industry. From a regional perspective, Asia Pacific dominated the global market in 2023 and is expected to maintain its lead through 2030. This can be attributed to robust economic growth and large fleet size in China and India.
Some of the key players operating in the commercial vehicles market are Ashok Leyland, General Motors Company, Bosch Rexroth AG, Xiamen Golden Dragon Bus Co., Ltd., Daimler AG, Volvo Group, Volkswagen AG, Mahindra and Mahindra Ltd., Toyota Motor Corporation, and Tata Motors Ltd. Volvo Group and Daimler AG have a strong presence across Europe while Ashok Leyland, Tata Motors and Mahindra & Mahindra dominate the Indian market.
Regional analysis shows that Asia Pacific is the fastest growing as well as the dominating region in the global commercial vehicles market. This is attributed to robust economic growth and increase in infrastructure development activities in countries like China and India. Further, large fleet base of commercial vehicles in these counties also supports the regional market growth.
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