Commercial Vehicles Market Forecasts to 2030 – Global Analysis By Vehicle Type (Heavy-duty Commercial Trucks, Light Commercial Pick-up Trucks , Light Commercial Vans, Medium-duty Commercial Trucks, Buses & Coaches and Other Vehicle Types), Propulsion Type

Commercial Vehicles Market Forecasts to 2030 – Global Analysis By Vehicle Type (Heavy-duty Commercial Trucks, Light Commercial Pick-up Trucks , Light Commercial Vans, Medium-duty Commercial Trucks, Buses & Coaches and Other Vehicle Types), Propulsion Type, Power Source, End User and by Geography

According to Stratistics MRC, the Global Commercial Vehicles Market is accounted for $1282.73 billion in 2024 and is expected to reach $2187.04 billion by 2030 growing at a CAGR of 9.3% during the forecast period. Commercial vehicles primarily facilitate the movement of people and products in a commercial setting. A vast variety of vehicles, including trucks, vans, buses, and taxis, are included in this category; each is designed to satisfy the demands of a particular industry. Commercial vehicles are essential to the logistics and transportation industries because they make it easier for products to be moved from producers to distributors and final customers. Moreover, they are an essential component of public transportation, offering dependable and effective ways to get around.

According to the American Trucking Associations (ATA), the trucking industry is responsible for moving nearly 70% of all freight tonnage in the United States, underscoring the critical role that commercial vehicles play in the nation's economy.

Market Dynamics:

Driver:

Growing requirement for delivery in the last mile

The importance of last-mile delivery, which is the last stage of delivery where products are transported from a distribution center to the final customer, has been brought to light by the rise in online shopping. Ensuring customer satisfaction during this phase is crucial because prompt and precise deliveries are essential. Additionally, the need for light commercial vehicles that are nimble, effective, and able to maneuver through urban settings in order to deliver goods on time has increased due to the growing demand for last-mile delivery solutions.

Restraint:

Varying costs of fuel

The operating costs of commercial vehicles can be greatly impacted by the extreme volatility of fuel prices. The cost of transportation goes up with rising fuel prices, which can hurt logistics and delivery companies' profit margins. Businesses find it difficult to properly plan and budget because of this volatility, which could cause delays in fleet renewal or expansion. Furthermore, the unpredictability of fuel prices in certain areas can discourage businesses from investing in new commercial vehicles and push them to look for other forms of transportation.

Opportunity:

Growth of electric commercial automobiles

Commercial vehicle sales have a big chance as sustainability and cutting carbon emissions become more and more important. The use of electric commercial vehicles (ECVs) is growing in popularity as companies look to reduce their environmental impact and meet strict emission standards. ECVs are becoming more practical and affordable thanks to developments in battery technology and a reliable charging infrastructure. Additionally, governments everywhere are providing incentives to encourage the use of electric vehicles, including tax breaks and subsidies. Manufacturers have a great chance to create and sell a variety of electric trucks, vans, and buses thanks to this trend.

Threat:

Cybersecurity risks and technological disruption

While there are many benefits to technological advancements, the market for commercial vehicles also faces new threats. Quick advances in technology necessitate ongoing investments in new equipment and employee training, which can put strain on financial resources. Concerns about cybersecurity are also raised by the growing integration of digital technologies and connectivity features in commercial vehicles. Data breaches and cyberattacks have the potential to seriously impair operations, jeopardize security, and cost a large amount of money. Furthermore, manufacturers and operators are facing an increasing challenge in ensuring the security of connected and autonomous vehicles in order to uphold customer confidence and regulatory compliance.

Covid-19 Impact:

The COVID-19 pandemic caused major disruptions in demand, supply chains, and production, which had a profound effect on the commercial vehicle market. Vehicle sales decreased, manufacturing facilities experienced temporary shutdowns, and component deliveries were delayed as a result of lockdowns and restrictions. The pandemic hastened the transition to online shopping, increasing the need for last-mile delivery services while decreasing the need for long-distance transportation as a result of a decline in industrial activity.

The Heavy-duty Commercial Trucks segment is expected to be the largest during the forecast period

The heavy-duty commercial truck segment commands the largest market share among commercial vehicles, mainly because of its indispensable function in long-distance transportation and ability to tow large loads. Because they can move heavy loads over long distances with efficiency, these trucks are vital to many industries, such as mining, construction, and logistics. Additionally, the rise in international trade, the expansion of infrastructure, and the growing demand for effective supply chain management are the main factors driving the demand for heavy trucks.

The Electric Vehicle (EV) segment is expected to have the highest CAGR during the forecast period

In the commercial vehicle market, the electric vehicle (EV) segment is growing at the highest CAGR. Advances in battery technology, stricter emission regulations, and growing environmental concerns are the main causes of this surge. This growth is being further fuelled by governments around the world enacting policies and offering incentives to encourage the adoption of electric vehicles. Compared to conventional internal combustion engine vehicles, electric vehicles (EVs) have a number of benefits, such as lower operating costs, lower emissions, and quieter operating vehicles.

Region with largest share:

Within the commercial vehicle market, the Asia-Pacific region has the largest share. Major economies like China and India are rapidly industrializing and becoming more urbanized, which has greatly increased demand for commercial vehicles and contributed to their dominance. Further supporting market expansion in the area is its sizable and expanding population, growing middle class, and increased infrastructure development. Moreover, Asia-Pacific has a significant market share in the commercial vehicle industry, which is largely due to the presence of major vehicle manufacturers and competitive pricing strategies.

Region with highest CAGR:

The commercial vehicle market is growing at the highest CAGR in the Latin America region. Increased investments in logistics and transportation, infrastructure development initiatives, and economic recovery programs are the main drivers of this growth. Key players include Brazil and Mexico, which gain from increased demand for both passenger and freight transportation as well as from government initiatives to upgrade road networks. Additionally, the region's growing metropolitan areas and improving economic climate are also factors in the strong growth rate of commercial vehicle sales.

Key players in the market

Some of the key players in Commercial Vehicles market include Tata Motors Limited, General Motors Company, Bosch Rexroth AG, Volkswagen AG, Ford Motor Company, AB Volvo, Toyota Motor Corporation, Mitsubishi Motors Corporation, Daimler AG, Navistar International Corporation, Mercedes-Benz Group AG, Ashok Leyland Limited, Hyundai Motor Company, Robert Bosch GmbH, Mahindra & Mahindra Limited and Isuzu Motors Limited.

Key Developments:

In February 2024, Volkswagen Group and Mahindra & Mahindra Ltd. (M&M) have signed the first supply agreement on components of Volkswagen´s MEB for Mahindra’s purpose-built electric platform INGLO, taking a definitive step further on their joint vision for e-mobility collaboration. The deal covers the supply of certain electric components as well as unified cells.

In October 2023, General Motors and the United Auto Workers union have reached a tentative contract agreement that could end a six-week-old strike against Detroit automakers, a person briefed on the deal. The deal follows the pattern set with Ford last week and Jeep maker Stellantis over the weekend.

In October 2023, Tata Motors and Freight Commerce Solutions Private Limited (‘Freight Tiger’) have signed a Securities Subscription Agreement (SSA) and a Shareholders Agreement (SHA) for the acquisition of 26.79% stake in ‘Freight Tiger’ for a consideration of Rs 150 Crores. The SSA also includes a provision enabling Tata Motors to further invest Rs 100 Crores over the next two years, at the then prevailing market value.

Vehicle Types Covered:
• Heavy-duty Commercial Trucks
• Light Commercial Pick-up Trucks
• Light Commercial Vans
• Medium-duty Commercial Trucks
• Buses & Coaches
• Other Vehicle Types

Propulsion Types Covered:
• I.C. Engine
• Electric Vehicle (EV)

Power Sources Covered:
• Gasoline
• Diesel
• HEV / PHEV
• Battery Electric Vehicle (BEV)
• Fuel Cell Vehicle
• LPG & Natural Gas

End Users Covered:
• Industrial
• Mining & Construction
• Logistics
• Passenger Transportation
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements