Commercial vehicles such as trucks, buses, and vans are used for transportation of goods and passengers. They facilitate efficient transportation of large volume of goods and people across countries and regions. Commercial vehicles provide advantages such as higher load capacity and ability to travel long distances in a single trip. The growing e-commerce industry is fueling the demand for delivery vans and trucks to efficiently transport goods from warehouses to customers.
The global Commercial Vehicles Market is estimated to be valued at US$ 1456.8 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The demand for electric commercial vehicles is increasing at a rapid pace globally. Various countries and local authorities are promoting adoption of electric vehicles to reduce emissions from transportation sector. Electric trucks and buses provide significantly lower total cost of ownership as compared to diesel trucks over the vehicles’ lifespan. With improving battery technologies, range of electric commercial vehicles is increasing while per unit battery costs are decreasing. Major commercial vehicle manufacturers are actively developing electric models of trucks and buses and launching pilot projects with logistic and transport companies. Stringent emission regulations for commercial vehicles and growing consumer demand for sustainable transportation solutions are fueling the electric commercial vehicles market.
SWOT Analysis
Strength: Commercial Vehicles have a strong global presence with wide distribution and service networks. They help transport goods over long distances in a cost effective manner.
Weakness: Strict emission norms globally have increased the costs of commercial vehicles. Adapting advanced technologies also requires high investments.
Opportunity: Growth of e-commerce and logistics industry is driving the demand for commercial fleets. Developing markets in Asia Pacific offer huge scope for penetration of new vehicles.
Threats: Rising fuel prices and economic uncertainties can dampen the sales of commercial vehicles. Entry of new players intensifies the competition in an already mature market.
Key Takeaways
Global Commercial Vehicles Market Size is expected to witness high growth over the forecast period of 2024 to 2031. The global Commercial Vehicles Market is estimated to be valued at US$ 1456.8 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2024 to 2031.
Regional analysis
Asia Pacific dominates the global commercial vehicles market currently accounting for over 40% share. China, India and Japan are among the largest producers and users of commercial vehicles globally. Rapid industrialization and infrastructure growth in developing Asian countries is fueling the demand. North America and Europe are other major regions driven by replacement of aging fleets.
Key players
Key players operating in the commercial vehicles market are Schneider Electric SE, ABB Ltd., Siemens AG, Eaton Corporation, Honeywell International Inc., Rockwell Automation, Inc., UL LLC (Underwriters Laboratories), Emerson Electric Co., General Electric (GE), Littelfuse, Inc., DuPont de Nemours, Inc., Fluke Corporation, Omicron Electronics GmbH, Megger Group Limited, MSA Safety Incorporated. The market is consolidated with top players accounting for majority share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
