Published Date: 28-Feb-2022
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According to a new report Global Commercial Vehicles Market, published by KBV research, 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.
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. Some of the primary reasons projected to fuel the growth of the logistics segment throughout the forecast period are continued expansion in global commerce and the improvement of logistics infrastructure.
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; thereby, achieving a market value of $1,211.7 Billion by 2027. These vehicles are very dynamic, with the ability to be adjusted to convey both cargo and passengers. They are cost-effective too, which could promise well for the segment's expansion
The North America market dominated the Global Commercial Vehicles Market by Region 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $539.8 Billion by 2027. The Europe market is showcasing a CAGR of 4.3% during (2021 - 2027). Additionally, The Asia Pacific market would grow at a CAGR of 4.5% during (2021 - 2027).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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