Commercial Vehicles Market Growth Accelerated by Increasing Acceptance of Electric Commercial Vehicles
Commercial vehicles play a critical role in the transportation and logistics sector. Commercial trucks, cargo vehicles, buses, and special utility vehicles help businesses transport goods and people efficiently. However, traditional combustion engine vehicles contribute significantly to air pollution. Increasing regulatory focus on reducing emissions is driving the adoption of electric commercial vehicles. Electric trucks and buses offer zero tailpipe emissions, along with reduced fuel and maintenance costs. Advantages like quiet operation and smooth torque delivery also make these vehicles attractive for urban logistics.
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 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing acceptance of electric commercial vehicles is one of the key trends in the market. Stringent emission regulations in regions like North America and Europe are accelerating the replacement of traditional diesel and gasoline vehicles with electric alternatives. OEMs are focusing on developing heavy-duty electric trucks and buses with adequate driving range. Government incentives and subsidies are also encouraging more fleet operators and companies to adopt electric vehicles. The cost of vehicle ownership is significantly lower compared to internal combustion vehicles, once higher initial costs are accounted for. Continuous improvements in battery technology are further improving the feasibility of electric commercial vehicles. As issues regarding performance and uptime are addressed, the market share of electric vehicles is expected to grow substantially over the next decade.
Market Segment Analysis
The global commercial vehicles market is dominated by the light commercial vehicles segment. Light commercial vehicles refer to vehicles with a gross weight rating between 3,501-6,000 pounds. In terms of application, they are used for the transportation of cargo and goods within cities and between nearby areas. Light vehicles offer advantages such as maneuverability, efficient fuel consumption, and compact size which make them suitable for last-mile delivery requirements. This has contributed significantly to the growth of the segment.
Key Takeaways
The Global Commercial Vehicles Market Size is expected to witness high growth.
Regional analysis: The Asia Pacific region is projected to grow at the fastest rate during the forecast period. Countries such as China and India are the largest markets for commercial vehicles in the region. India is expected to witness the highest growth rate owing to the push by the government towards electric vehicles adoption and infrastructure development. The "Make in India" initiative is encouraging domestic production of commercial vehicles in the country.
Key players operating in the commercial vehicles market are Schneider Electric SE, ABB Ltd., Siemens AG, Eaton Corporation, Honeywell International Inc., Rockwell Automation, Inc., UL LLC (Underwriters Laboratories), Emerson Electric Co., General Electric (GE), Littelfuse, Inc., DuPont de Nemours, Inc., Fluke Corporation, Omicron Electronics GmbH, Megger Group Limited, MSA Safety Incorporated.
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