Commercial Vehicles Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Commercial Vehicles Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global commercial vehicles market size reached US$ 772.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 988.8 Billion by 2028, exhibiting a growth rate (CAGR) of 4.02% during 2023-2028.

Commercial vehicles are licensed for being used in the transportation of goods or materials. They can either be registered in the name of an individual as a sole proprietor or leased in the name of a financial institution. Their safety is improving on account of on-board and vehicle condition monitoring and driver aids like field-of-view cameras, journey management planning and route design. As a result, commercial vehicles find extensive applications in the logistics and transportation industries across the globe.

Commercial Vehicles Market Trends:

At present, there is a significant rise in the requirement for transportation of goods on account of the growing imports and exports around the world. This, in confluence with the rapid expansion of road infrastructure networks, represents one of the key factors bolstering the growth of the market. In addition, there is an increase in the electrification of commercial vehicles as they offer several advantages, including less air and noise pollution, reduced fuel consumption and maintenance costs, increased payload capability, and enhanced reliability. In line with this, governing authorities of numerous countries are imposing stringent emission regulations, which is positively influencing the adoption of electric vehicles (EVs) for commercial use. Apart from this, original equipment manufacturers (OEMs) are introducing commercial vehicles with features, such as accident warnings, traffic data, weather reports, and updates on road works. This, coupled with the rising construction and mining activities, which are increasing the need for material transportation worldwide, is fueling the growth of the market. Furthermore, various technological advancements, along with considerable growth in the automotive industry, are anticipated to create a positive outlook for the market in the upcoming years.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global commercial vehicles market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on vehicle type, propulsion type and end use.

Breakup by Vehicle Type:

Light Commercial Vehicle
Medium and Heavy-duty Commercial Vehicle

Breakup by Propulsion Type:

IC Engine
Electric Vehicle

Breakup by End Use:

Industrial
Mining and Construction
Logistics
Passenger Transportation
Others

Breakup by Region:

North America

United States
Canada

Asia-Pacific

China
Japan
India
South Korea
Australia
Indonesia
Others

Europe

Germany
France
United Kingdom
Italy
Spain
Russia
Others

Latin America

Brazil
Mexico
Others

Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being AB Volvo, Ashok Leyland (Hinduja Group), Ford Motor Company, General Motors Company, Hyundai Motor Company, ISUZU Motors Limited, Mahindra & Mahindra Limited, Mercedes-Benz Group AG, Mitsubishi Motors Corporation, Robert Bosch GmbH, Tata Motors Limited, Toyota Motor Corporation and Volkswagen AG.

Key Questions Answered in This Report:

What was the size of the global commercial vehicles market in 2022?

What is the expected growth rate of the global commercial vehicles market during 2023-2028?

What has been the impact of COVID-19 on the global commercial vehicles market?

What are the key factors driving the global commercial vehicles market?

What is the breakup of the global commercial vehicles market based on the vehicle type?

What is the breakup of the global commercial vehicles market based on the propulsion type?

What is the breakup of the global commercial vehicles market based on the end use?

What are the key regions in the global commercial vehicles market?

Who are the key players/companies in the global commercial vehicles market?