The Global Commercial Vehicle Market Size Was Valued At USD 821.28 Billion In 2021. The Market Is Projected To Grow From USD 955.57 Billion In 2022 To USD 1,712.44 Billion By 2030, Exhibiting A CAGR Of 8.7% During The Forecast Period. Global Commercial Vehicle Market Reports give a Key study on the industry status of the Commercial Vehicle Industry Manufacturer with the specific statistics, meaning, definition, SWOT Analysis, expert opinion, and recent development across the globe. The research report also covers the Market Size, Price, Sales, Revenue, Market share, Gross Margin, growth rate, and cost structure. The report aims to give an additional sample of the latest scenario, economic slowdown, and Covid-19 impact on overall Industry.
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The COVID-19 pandemic has been shocking and has never been seen before. When compared to levels before the pandemic, demand for commercial vehicles is lower than expected in all areas. Our research shows that the world market was 10.2% smaller in 2020 than in 2019.
Goods are moved from one place to another using four-wheeled commercial vehicles. Tons are used to measure the difference in weight between small cars and big trucks (metric tons). This limit can be anywhere from 3.5 to 7 tonnes, depending on the country and the industry. People get from one place to another on buses and coaches. They can carry more weight than light vehicles and have more than eight seats, including the driver’s seat (range from 3.5 to 7 tons).
There are different kinds of cars on the market, like small cars, big cars, and buses. A Light Commercial Vehicle (LCV) is a business vehicle that weighs less than 3.5 metric tonnes. A heavy commercial vehicle is a truck that is made to haul cargo and carry different types of payloads. A bus is a type of public transportation that can carry a lot more people than a typical car or van. Several governments are working on making and putting freight vehicles on the road. When it comes to technology, freight vehicles are always getting better, and some of these new technologies quickly become required. For example, the European Union requires that all heavy vehicles that weigh more than 15,400 pounds have Automatic Emergency Braking (AEB), Lane Departure Warning (LDW), and Advanced Driver Assistance Systems (ADAS).
Competitive Landscape and Global Market Share Analysis:
Daimler AG (Germany), PACCAR Inc. (U.S.), Hino (Japan), Scania (Sweden), Tata Motors (India), Navistar International Corp (U.S.), BYD Auto Co., Ltd. (China), AB Volvo (Sweden), Toyota Motor Corporation (Japan), Others
Market Segmentation:
By Vehicle Type:
- Light Commercial Vehicle
- Heavy Vehicle
- Buses
- Others
By Fuel Type:
- C. Engine
- Electric Vehicle (EV)
- Other
The report on the Commercial Vehicle market covers the following region (country) analysis:
- North America (U.S., Canada)
- Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
- Asia-Pacific (China, India, Japan, Australia, Southeast Asia, Rest of Asia Pacific)
- South America (Mexico, Brazil, Argentina, Columbia, Rest of South America)
- Middle East & Africa (GCC, Egypt, Nigeria, South Africa, Rest of Middle East and Africa)
Regional Insights:
In North America, the market was worth $485.31 billion USD in 2021. The biggest part of the market is in North America. This is because there is a growing need for freight vehicles in North America. This is clear because the COVID-19 pandemic caused a drop of 20.3% in the number of freight vehicles made in North America, according to the OICA. But as soon as the lockdowns were lifted, new orders came in quickly. Also, fleet management in this area kept asking for more and more long-distance operations. On the global market, people expect the area to grow well. As long as more and more people and things need to be moved, this number is likely to go up a lot in the future.
The Asia-Pacific market was worth 207.67 billion dollars in 2021. It is expected to be worth USD 433.69 billion by 2029, which is a CAGR of 8.9%. Since more cars are being made each year in the countries in the region, it is likely that the region will be the second largest automotive hub in the world. During the time frame of the forecast, the market in the region is likely to grow because more people will be using important government programmes, electric cars, and cars that drive themselves. India and China, for instance, spend a lot of money on infrastructure and helping new businesses get started. This will help the business market in this area grow. Also, the growth of businesses like mining and logistics in developing countries in this region will help the market grow.
Europe is the world’s third largest market. The CAGR is expected to stay the same in the area. Fleet operators can speed up the growth of the market by switching from trucks that run on fossil fuels to trucks that run on electricity. In 2018, about 40% of fleet owners who responded to a survey said they would like to buy electric or hybrid trucks when they buy new ones. This number jumped to about 60% in 2021, and fleet operators expect that by 2025, almost half of the trucks in their fleets will be electric. Buyers think that electric freight vehicles will make up 60% of the market by 2030, making them more popular than trucks that run on fossil fuels. These things will help the global market grow because of this.
Following are the major TOC of the Commercial Vehicle Market:
Chapter 1: Commercial Vehicle Market Overview
Chapter 2: Global Economic Impact on Industry
Chapter 3: Global Commercial Vehicle Market Competition by Manufacturers
Chapter 4: Global Production, Profits (Value) by Region
Chapter 5: Global Supply (Production), Import, Export, Consumption, by Regions
Chapter 6: Global Price Trend by Type, Revenue (Value), Production
Chapter 7: Manufacturing Cost Analysis
Chapter 8: Global Market Analysis by Application
Chapter 9: Industrial Chain and Downstream Buyers, Sourcing Strategy
Chapter 10: Marketing Strategy Analysis, Distributors/Traders
Chapter 11: Market Effect Factors Analysis
Chapter 12: Global Commercial Vehicle Market Forecast
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Key Reasons to Purchase Commercial Vehicle Market report:
The report provides a thorough examination of the manufacturing methods, as well as ideas to reduce development risk, major market growth challenges and strategic inputs to overcome the market threats.
In-depth market analysis and an overview of the global Commercial Vehicle Market trend and commercial landscape are included in the report. In addition, the report discusses the effect of COVID-19 on the market.
Reader can acquire a better interpretation of the Commercial Vehicle Market forecast’s future view and opportunities from the report.
The report contains an analysis of recent developments as well as profiles of important market leaders and key players.
To gain an understanding of the market strategies by the leading market players in the Commercial Vehicle
The report analyses the most important driving and restraining factors in the industry, as well as their impact on global market growth.
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