The Asia Pacific Commercial Vehicles Market would witness market growth of 4.5% CAGR during the forecast period (2021-2027).
The growing number of construction and e-commerce operations raised the demand for material transportation, resulting in increased commercial vehicle sales. This is projected to boost the commercial vehicle market's growth in the near future. The growing number of construction and e-commerce operations has resulted in a rise in requirements for material transportation, which is expected to fuel the market's growth in the near future. Furthermore, the transition toward electric cars is likely to give prospects for growth in the market.
Some of the key trends of the regional market are rising environmental concerns (due to rising exhaust emissions), the implementation of strict standards for fuelling economy and stringent emissions, and increased government support in the form of subsidies and perks to increase the rate of adoption of electric vehicles and substituting heavy-duty diesel and gasoline-powered automobiles with zero-emission electric vehicles. China's One Belt, One Road strategy is a massive undertaking that aims to create a united market with regions all over the world by road, rail, and marine lines.
The China market dominated the Asia Pacific Commercial Vehicles Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $138.9 Billion by 2027. The Japan market is exhibiting a CAGR of 4% during (2021 - 2027). Additionally, The India market would experience a CAGR of 5.2% during (2021 - 2027).
Based on End User, the market is segmented into Logistics, Industrial, Mining & Construction, Passenger Transportation, and Others. Based on Type, the market is segmented into Light Commercial Vehicles (LCVs), Heavy Trucks and Buses & Coaches. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Commercial Vehicles Market is Projected to reach USD 1634.4 Billion by 2027, at a CAGR of 4.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Tata Motors Limited, Toyota Motor Corporation, Mahindra & Mahindra Limited (Mahindra Group), Bosch Rexroth AG (Robert Bosch GmbH), Hyundai Motor Company, Volkswagen AG, Daimler AG, General Motor Co., Ford Motor Company, and Honda Motor Co. Ltd.
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