A new Report by Delvens, titled "Commercial Vehicle Market” offers a comprehensive analysis of the industry, which comprises insights on the Global analysis. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global Commercial Vehicle Market size was estimated at USD 232.7 billion in 2023 and is projected to reach USD 700.2 billion in 2030 at a CAGR of 5.8% during the forecast period 2025-2030.
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The global commercial vehicle market is experiencing robust growth, driven by increasing trade and cross-border transportation. This surge is closely linked to the expansion of e-commerce and last-mile delivery services, which are significantly enhancing the demand for efficient goods movement, particularly in urban areas.
Additionally, the ongoing development of infrastructure and road networks further supports market growth, providing the necessary foundation for logistics and transportation operations.
The rise in industrialization and manufacturing activities presents numerous opportunities for the commercial vehicle market, as these sectors heavily rely on transportation for goods delivery. Aging commercial vehicle fleets are creating replacement demand, while the need for temperature-controlled transport in food and pharmaceutical industries is also stimulating growth.
Furthermore, the increasing adoption of electric and hybrid commercial vehicles is reshaping the market landscape, as sustainability becomes a priority.
North America to Dominate the Market
North America held the largest share of the global commercial vehicle market, primarily due to increasing demand for long-distance fleet operations and advancements in the industrial sector. Stringent government regulations regarding load-carrying capacity have also contributed to market growth. The region's unified supply network facilitates strong connections between manufacturers and consumers across various transportation modes, including maritime, air, truck, and rail. Furthermore, the availability of diverse financing options has boosted market accessibility.
Recent Developments
February 2024 - VE Commercial Vehicles Ltd, a joint venture between Sweden’s Volvo Group and Eicher Motors, entered the small commercial vehicle (SCV) market by launching an electric product in the fast-growing 2-3.5 GVW (gross vehicle weight) pick-up segment market.
February 2024 - NITI Aayog proposed financial and non-financial incentives along with VAT reduction and accelerated depreciation to encourage the use of LNG-fueled commercial vehicles. They have also suggested setting up a demand aggregator for buying LNG trucks. The aim is to lower carbon dioxide emissions and increase the share of natural gas in the energy mix.
Competitive Landscape
· Daimler AG
· Ford Motor Company
· Volkswagen AG
· Volvo Group
· PACCAR Inc.
· MAN SE
· Scania AB
· Tata Motors Limited
· Isuzu Motors Ltd.
· Hino Motors, Ltd.
· CNH Industrial N.V.
· Mercedes-Benz Trucks
· Navistar International Corporation
· Renault Trucks
· Ashok Leyland Limited and More
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In addition to the market data for the Global Commercial Vehicle Market, Delvens offers client-centric reports customized according to the company’s specific demand and requirements.
Frequently Asked Questions
· What are the years considered to study Global Commercial Vehicle Market intelligence report?
· What is the compound annual growth rate (CAGR) of the Global Commercial Vehicle Market?
· Which region holds the largest market share in Global Commercial Vehicle Market?
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· Who are the major players in Global Commercial Vehicle Market?
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