The global commercial vehicles market is projected to attain USD 2.27 trillion by the end 2025, according to a new report released by Million Insights. The market is anticipated to expand at a CAGR of 7.1% throughout the forecast period, 2018 to 2025. Rising consumer expenditure on infrastructural developments and rapid urbanization across emerging countries such as India, Turkey, and China is anticipated to propel the market growth from 2018 to 2025. Moreover, the original equipment manufacturers (OEMs) are focusing on strengthening their supply chain operations and leading manufacturers are concentration on R&D and new product launches to develop products equipped emerging technologies.
Rising adoption of electric vehicles (EVs) across the commercial transportation industries is anticipated to further fuel the commercial vehicle market growth. Furthermore, government regulations on using electric vehicles to reduce emissions are also impacting positively on the segment’s demand across the globe. In addition, rising popularity of telematics services is projected to drive the product demand over the forecast period.
Emerging technologies such as mobile connectivity, keyless entry/ignition, applications that control the vehicle speed, and engine diagnostics are gaining popularity among the millennial population. Therefore, manufacturers are trying to incorporate such technologies keeping the cost-effectiveness of the vehicle to gain a competitive advantage over other competitors.
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Further key findings from the report suggest:
• The segment of light commercial vehicles held the largest market share in 2017 and is expected to attain a steady growth from 2018 to 2025 owing to emerging markets across different regions such as Southeast Asia and Africa.
• The segment of logistics sector is expected to grow significantly over the forecast period owing to development of international trade and penetration of e-commerce operation across different regions
• The market for commercial vehicles in Asia Pacific is anticipated to grow at a CAGR of over 8.0% over the forecast period owing to development of roads and rapid urbanization
• Presence of major players such as Tata Motors, Golden Dragon, Volkswagen AG, Toyota Motors Corporation, Ashok Leyland, Mahindra & Mahindra, Volvo Car Corporation, Bosch Rexroth AG, General Motors, and Diamler has made the market highly competitive in nature.
Million Insights has segmented the global commercial vehicles market based on product, end-use, and region:
Commercial Vehicles Product Outlook (Volume, Thousand Units, Revenue, USD Billion, 2014 - 2025)
• Light Commercial Vehicles (LCVs)
• Heavy Trucks
• Buses & Coaches
Commercial Vehicles End-use Outlook (Volume, Thousand Units, Revenue, USD Billion, 2014 - 2025)
• Mining & Construction
• Passenger Transportation
Commercial Vehicles Regional Outlook (Volume, Thousand Units, Revenue, USD Billion, 2014 - 2025)
• North America
• Asia Pacific
• South Korea
• Latin America
• Middle East & Africa
• South Africa