The Latin America, Middle East and Africa Commercial Vehicles Market would witness market growth of 6.2% CAGR during the forecast period (2021-2027).
A commercial vehicle is a type of motor vehicle that is utilized to transport goods or people. This automobile has a gross combined weight of more than 26,001 pounds, along with a towed unit with a gross vehicle weight category of 10,000 pounds. The major factors enhancing the commercial vehicle market growth include increasing wholesales as a result of improvements in mining operations, irrigation projects, and infrastructure developments. Moreover, the implementation of scrappage regulations for cars that do not satisfy the fitness or emission standard will help to market increase in the coming years.
Commercial vehicles, such as cargo vans, may help the companies stay organized when making deliveries, and commercial pickup trucks are built to handle even the most difficult job sites. Simply by having everything organized, having commercial cars can help enhance efficiency. The construction sector is a major driver of the commercial vehicle market. The Neom project is a massive Saudi Arabian undertaking that aspires to build a smart future metropolis with a total size of 26,500 square kilometers and a total length of 460 kilometers. The project is estimated to cost roughly USD 500 billion.
The Brazil market dominated the LAMEA Commercial Vehicles Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $42 Billion by 2027. The Argentina market is estimated to witness a CAGR of 6.8% during (2021 - 2027). Additionally, The UAE market would exhibit CAGR of 6% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Commercial Vehicles Market is Predict to reach $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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