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The Global Commercial Vehicles Market size is expected to reach $1.6 Trillion by 2027, rising at a market growth of 4.5% CAGR during the forecast period.
Commercial vehicles are four-wheeled vehicles used for goods transportation. The weight difference between light vehicles and heavy trucks is expressed in tonnes (metric tonnes). Based on national and professional norms, this limit ranges between 3.5 and 7 tonnes. Buses and coaches are vehicles that have more than 8 seats along with the driver's seat and a maximum mass larger than that of light automobiles (range from 3.5 to 7 tonnes).
Progress in the technology of electric and semi-autonomous commercial vehicles would open new growth avenues for the market. In addition, the use of Electric Cars (EVs) for business transportation is predicted to grow gradually as a result of the various advantages they have over ICE vehicles.
The COVID-19 pandemic caused an extraordinary drop in sales of cars in early 2020, impacting the automotive industry. To avoid the spread of the coronavirus, transportation, and manufacturing operations, as well as public transit, have been suspended. Because of the coronavirus's growing influence on the commercial automobile sector, market demand and sales may fall dramatically. People are becoming increasingly anxious about the spread of the coronavirus, and many are wary of taking public transit. It is also anticipated that this may hinder the market growth.
The key causes for the considerable increase of good transport vehicles, globally, are fast population growth, rapid urbanization, the development of the industrial sector, and infrastructure development. The growth of the industrial sector, particularly in developing nations, is creating a great number of opportunities pertaining to jobs in a variety of industries, including mining, construction, and tourism. As a result, an increase in work possibilities leads to an increase of commuters, which has a significant influence on the requirement of public transportation solutions.
Due to technical improvements and the introduction of automobiles with efficient fuel consumption technologies, the automotive sector has experienced tremendous development in recent years. Several businesses, like Ashok Leyland and Tata Motors, have been designing and introducing innovative commercial vehicles to various regions throughout the world. For example, Ashok Leyland intended to launch a new line of light commercial vehicles (LCVs) in September 2020, with the goal of reducing the company's exposure to future downturns.
The batteries in today's electric vehicles have low capacity and can only travel a short distance per charge. The performance and service life of batteries have a direct impact on electric vehicle performance and cost. Electric vehicles are now powered by lead-acid, nickel-cadmium, nickel-metal hydride, and lithium-ion batteries. Because lithium-ion batteries have a longer life span than lead-acid, nickel-cadmium, and nickel-metal hydride batteries, they are gradually replacing them in electric vehicles. Lithium-ion batteries, on the other hand, have insufficient capacity to power commercial vehicles. Batteries' charging-discharging performance deteriorates dramatically in cold temperatures, making it difficult for them to produce maximum power.
Based on Type, the market is segmented into Light Commercial Vehicles (LCVs), Heavy Trucks and Buses & Coaches. The buses and coaches segment procured promising revenue share of the overall commercial vehicles in 2020. The segment's expansion can be attributable to the rising usage of buses and coaches in the healthcare industry and tourism sectors.
Based on End User, the market is segmented into Logistics, Industrial, Mining & Construction, Passenger Transportation, and Others. The passenger transportation segment held a significant revenue share of the overall Commercial Vehicles market in 2020. The increased use of public transit is expected to fuel demand for commercial cars.
|Market size value in 2020
|USD 1247.5 Billion
|Market size forecast in 2027
|USD 1634.4 Billion
|2017 to 2019
|2021 to 2027
|Revenue Growth Rate
|CAGR of 4.5% from 2021 to 2027
|Number of Pages
|Number of Tables
|Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling
|Type, End User, Region
|US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. In 2020, the Asia Pacific regional market collected a significant revenue share of the commercial vehicles market. This is due to the rising demand for warehousing, transportation, and unified logistics.
Free Valuable Insights: Global Commercial Vehicles Market size to reach USD 1634.4 Billion by 2027
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.
By End User
The global commercial vehicles market size is expected to reach $1.6 Trillion by 2027.
Rapid Industrialization and adoption of Advanced Technologies and Electrification are driving the market in coming years, however, low Battery capacity in Electric Commercial Vehicles limited the growth of the market.
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.
The Logistics market segment shows high market share in the Global Commercial Vehicles Market by End User 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $430.3 Billion by 2027.
The Light Commercial Vehicles (LCVs) market acquired maximum revenue share in the Global Commercial Vehicles Market by Type 2020, and would continue to be a dominant market till 2027.
The North America market dominated the Global Commercial Vehicles Market by Region 2020, and would continue to be a dominant market till 2027.
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