Commercial Vehicles Market Size & Share, Sector / Industry Report & Analysis 2020, & Forecast 2021-2026 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global Commercial Vehicles Market


The global Commercial Vehicles market size is projected to reach US$ 2447.25 billion by 2026, from US$ 1621.59 billion in 2020, at a CAGR of 7.1% during 2021-2026. Although the market has been witnessing stagnant growth over the last few years, it is anticipated to recover with improved sales performance, particularly in emerging economies. Digitization along with increasing infrastructural spending is expected to elevate demand for commercial vehicles over the forecast period.

Market development was initially closely related to the growth of the global economy and economic expansion; however, this interrelation is disintegrating rapidly. Major market trends such as integration of telematics services, demand for specific transport solutions by end users, and rising popularity of fleet sharing are expected to drive the market.

Governments across the globe have implemented numerous regulations and policies to effectively manage the size of goods being carried in a commercial vehicle. For instance, in U.S., the Federal Motor Carrier Safety Administration (FMCSA) is responsible for preventing injuries and fatalities related to these vehicles. In line with this, the body has implemented a regulation pertaining to the size of goods being carried in a vehicle. Thus, with the implementation of such regulations, there will be increased demand for additional commercial vehicles for transportation of goods, which, in turn, will spur market growth.
Telematics and connectivity are revolutionizing operations, owing to which, numerous original equipment manufacturers (OEMs) have launched vehicles equipped with several connected services, such as weather reports, accident warnings, traffic data, and updates on roadworks. Connected vehicles provide numerous benefits, including enhanced safety and preventing unauthorized access to vehicles, thereby avoiding vehicle abuse and wear and tear. This is anticipated to help boost market growth over the next few years.

Developments in the field of electric vehicles (EVs) as well as semi-autonomous commercial cars/trucks are expected to positively affect the market over the forecast period. Adoption of EVs in the commercial transportation segment, as a result of numerous benefits offered by them over conventional vehicles, will be a trend to watch for in the coming years. Furthermore, policies regulating the adoption of EVs in developed nations are expected to drive their adoption in the commercial vehicle segment, subsequently favoring market growth.

Market Segmentation, Outlook & Viewpoint: Global Commercial Vehicles Market

Product Market Segmentation & Outlook (Volume, Thousand Units; Revenue, USD Billion, 2014 - 2025)

  
Light Commercial Vehicles (LCVs)
  
Heavy Trucks
  
Buses & Coaches

End-use Market Segmentation & Outlook (Volume, Thousand Units; Revenue, USD Billion, 2014 - 2025)

  
Industrial
  
Mining & Construction
  
Logistics
  
Passenger Transportation
  
Others

Key Players, Recent Developments & Regional Insights: Global Commercial Vehicles Market

The commercial vehicles market can be largely categorized into light commercial vehicles (LCVs), heavy trucks, and buses and coaches. The LCVs segment accounted for more than 75.0% of the total market revenue in 2017 and is expected to register a CAGR of 7.5% over the forecast period. This growth can be attributed to the dynamic nature of these vehicles, which enables them to be modified and be used for transportation of passengers and goods. These vehicles are cost-effective and aid in reducing emissions, which also boosts segment growth.

The buses and coaches segment is anticipated to gain traction over the forecast years owing to increased adoption in the tourism and healthcare industries. Buses and coaches are the most cost-effective mode of transportation, which is a prominent factor positively affecting its sales. The heavy trucks segment is forecast to expand at a moderate growth rate from 2018 to 2025.

End-use Insights

The logistics segment witnessed significant demand and captured a sizeable market share in 2017. It is anticipated to expand at a value-based CAGR of over 8.0% over the forecast years. Increasing trade activities worldwide are expected to drive the segment in the coming years.

Affordability and accessibility of passenger transport and rising expenditure on commute in developed and developing economies are important contributors to the growth of the passenger transportation segment, which is slated to register a revenue-based CAGR of just under 8.0% over the forecast period.

Regional Insights

The North America market captured the largest share by revenue as well as volume and is expected to exhibit a value-based CAGR of over 6.0% over the forecast period. Increase in financing options, continuous investment in infrastructure development, and rising focus of governments on in-house automotive production are key factors positively impacting regional growth.

The Asia Pacific market is projected to witness the highest CAGR of more than 8.0% over the forecast period, in terms of both volume and revenue. Increasing road infrastructure, coupled with rising manufacturing facilities owing to cost-effective labor and raw materials, especially in developing economies such as China and India, are expected to stimulate market growth. The MEA and Europe markets are expected to witness moderate growth with rising industrialization in these regions.

Commercial Vehicles Market Share Insights

Prominent companies that captured a major share in the market in 2017 include Tata Motors, Volkswagen AG, Ashok Leyland, Volvo Car Corporation, and General Motors. OEMs in this market have established strong partnerships with raw material suppliers in order to speed up supply chain functions, as more than 50% of the components are sourced from these suppliers. Furthermore, major companies are continuously investing in R&D to come up with novel technologies in order to enjoy competitive advantage.

Key Insights Covered: Global Commercial Vehicles Market

1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Commercial Vehicles industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Commercial Vehicles industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Commercial Vehicles industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Commercial Vehicles industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Commercial Vehicles industry.

Research Methodology: Global Commercial Vehicles Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other