According to Fortune Business Insights, the global commercial vehicle market value is projected to grow from USD 654.9 Billion in 2020 to USD 990.5 billion in 2028, at CAGR of 6.5% during forecast period. Light Commercial Vehicle Segment is expected to dominate market in coming years.
/EIN News/ — Pune, India, May 05, 2022 (GLOBE NEWSWIRE) — The global commercial vehicle market size is expected to reach USD 990.5 billion by 2028, exhibiting a CAGR of 6.5% during the forecast period. The increasing IT sector and rapid industrialization across the globe will boost the commercial vehicle market growth in the forthcoming years. According to a report published by Fortune Business Insights, titled “Global Commercial Vehicle Market, 2021-2028,” the market size stood at USD 654.9 Billion in 2020.
Report provides insights on global commercial vehicle market value, sales with regional outlook of commercial vehicle market in North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Key questions answered in report What is the future of Commercial Vehicles Industry covered with latest innovations in commercial vehicles.
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|Forecast Period 2021 to 2028 CAGR||6.5%|
|2028 Value Projection||USD 990.5 billion|
|Market Size in 2020||USD 654.9 Billion|
|Historical Data for||2017-2019|
|No. of Pages||200|
|Segments covered||Light Vehicle, Heavy Vehicle, and Buses & Coaches|
|Growth Drivers||Booming Industrialization and Infrastructure Development to Aid Growth|
|North America to Emerge Dominant; Increasing Production of Commercial Vehicles will Bode well for Market|
COVID-19 impact on commercial vehicle industry:
Declined Product Sales to Severely Impact Market amid COVID-19 Pandemic
The recent coronavirus outbreak has had a negative impact on several businesses across the world. With unified efforts taken to curb the spread of the disease, businesses across the world have been compelled to shut down. The measures taken to minimize the impact of the disease will ultimately affect several manufacturing units, with strict measures forcing people to stay indoors. The Commercial Vehicle (CV) sector is among the few industries that have been hit the most among all industries during the Covid-19 pandemic. With social distancing practices implemented across the world, CV businesses have dramatically gone down, and it will be a while until we may see newer variants at a similar pace to that in the past few years.
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Driving Factor and Trends in commercial vehicle industry:
Booming Industrialization and Infrastructure Development to Aid Growth
The major drivers of worldwide CV growth are fast population increase, urbanization industrial expansion, and infrastructural development. The expansion of the industrial sector, particularly in developing nations, has resulted in a huge number of employment openings in a variety of industries, including construction, mining, and tourism. As a result, as work possibilities grow, so does the number of commuters, which significantly influences public transportation demand.
North America to Emerge Dominant; Increasing Production of Commercial Vehicles will Bode well for Market
The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa.
North America commercial vehicle market:
Among all regions, the market in North America is projected to emerge dominant in the coming years. The presence of several large-scale companies in this region will have a direct impact on the growth of the market in North America.
Asia-Pacific (APAC) commercial vehicle market:
The commercial vehicle market share in Asia Pacific is expected to experience an outstanding growth during the forecast period due to the increasing adoption of electric and autonomous vehicles. As of 2020, the APAC market stood at USD 296.3 billion, and this value is projected to rise at a CAGR of 6.7% during the forecast period. The market in Asia Pacific will derive growth from the of businesses such as mining and logistics in developing countries.
- Based on vehicle type, the market is classified into light commercial vehicles, heavy commercial vehicles, and buses & coaches. The light commercial vehicles are expected to hold the largest market share during the forecast period.
- Based on the power source level, the market is divided into gasoline, diesel, HEV/PHEV, Battery Electric Vehicles (BEV), and fuel cell vehicles.
- Geographically, the market is classified into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.
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Company Mergers among Prominent Companies to Consolidate Market
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of company mergers and acquisitions and collaborations have made the highest impact on the growth of the market. Accounting to increasing market competition, it is observed that major companies are benefiting from collaborations and joint ventures. In July 2019, Daimler announced that it has entered into a strategic partnership with BMW to develop a new technology for automatic parking and driver assistance system on highways. This partnership will also help the companies to achieve a higher level of automation in urban centres. The increasing number of company mergers and acquisitions will have a massive impact on the growth of the global commercial vehicle market in the forthcoming years.
April 2021- PACCAR, a pioneer in emission-free commercial vehicles, signed a five-year supply agreement for battery power systems with Romeo Power, Inc. (“Romeo Power”), a prominent battery technology company in Los Angeles, California.
April 2020: The Volvo Group and Daimler Truck AG announced that they have formed a new joint venture. This collaboration aims to develop and produce commercialize advanced fuel cell systems for heavy applications
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The Report List the commercial vehicle market leader in world:
- Daimler AG (Stuttgart, Germany)
- PACCAR Inc. (Washington, U.S.)
- Hino (Tokyo, Japan)
- SCANIA (Södertälje, Sweden)
- Tata Motors (Mumbai, India)
- Navistar International Corp (Illinois, U.S.)
- BYD Auto Co., Ltd. (Shenzhen, China)
- AB Volvo (Gothenburg, Sweden)
- Toyota Motor Corporation (Toyota, Aichi, Japan)
- Proterra, Inc. (California, U.S.)
Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Merger, Acquisitions, and Partnerships
- Porter’s Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Value Chain Analysis
- Impact of COVID-19 on Electric Bus Market
- Global Electric Bus Market Analysis, Insights and Forecast, 2017-2028
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