A commercial vehicle is any motorized vehicle used for transporting goods or paying passengers, whether the vehicle is privately owned and operated or a business-owned and maintained fleet. The vehicle must be commercially licensed and plated (the plates have a prefix of "X"). Many trucks are considered commercial, as are tractors that haul trailer units, commonly known as 18-wheelers or big rigs. Box trucks, straight trucks or flatbeds that are used for local deliveries and hauling cargo to or from distribution or fulfillment centers also qualify. Likewise, regular pickup trucks that are primarily or entirely used for business purposes can be commercial vehicles if they carry goods and equipment in addition to tools and supplies.

Market Dynamics:

Increasing industrialization and urbanization in developing nations are expected to fuel the need for heavy-duty commercial vehicles. This in turn is likely to drive growth of the global commercial vehicles market over the forecast period. The construction sector, which includes mining and construction projects, is one of the major end-users of commercial vehicles.  Moreover, the tourism sector is a major driver for the demand for these vehicles.

However, environmental impact and stringent emission norms by governments are some of the factors anticipated to limit growth of the global commercial vehicles market over the forecast period.

Key features of the study:

• This report provides in-depth analysis of the global commercial vehicles market, and provides market size (US$ Billion) and compound annual growth rate (CAGR%) for the forecast period (2023–2030), considering 2022 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global commercial vehicles market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include Ashok Leyland, General Motors Company, Bosch Rexroth AG, Xiamen Golden Dragon Bus Co., Ltd., Daimler AG, Volvo Group, Volkswagen AG, Mahindra and Mahindra Ltd., Toyota Motor Corporation, and Tata Motors Ltd.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• The global commercial vehicles market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global commercial vehicles market

Detailed Segmentation:

• Global Commercial Vehicles Market, By Product:
  • Light commercial vehicles
  • Heavy trucks
  • Buses & coaches
• Global Commercial Vehicles Market, By End-Use:
  • Industrial
  • Mining & construction
  • Logistics
  • Passenger transportation
  • Others
• Global Commercial Vehicles Market, By Region:
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
• Company Profiles:
  • Ashok Leyland
  • Bosch Rexroth AG
  • Daimler AG
  • Volkswagen AG
  • Toyota Motor Corporation
  • Tata Motors Ltd.
  • Mahindra and Mahindra Ltd.
  • Volvo Group
  • Xiamen Golden Dragon Bus Co., Ltd.
  • General Motors Company