Commercial Vehicles Market, By Product (Light commercial vehicles, Heavy trucks, and Buses & coaches), By End Use (Industrial, Mining & construction, Logistics, Passenger transportation, and Others), And By Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)

Published In : Jul 2023

Code : CMI6066

Pages :160

Formats :

Excel and PDF

Industry : Automotive and Transportation

Commercial Vehicles MarketSize and Trends

The global commercial vehicles market size was valued at US$ 1071.68 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 18% from 2023 to 2030. Increasing e-commerce demand and rising infrastructure developments are likely to boost the market for commercial vehicles over the forecast period. The trend for destination weddings and occasions is boosting the penetration of rental vehicles, which is in turn fueling the commercial vehicle market. Furthermore, the growing need for residential and smart city projects, as well as bridges and flyovers, is driving the infrastructure sector and thus, the demand for heavy-duty commercial vehicles.

Global Commercial Vehicles Market Trends:

Increasing use of advanced systems and technologies in cargo vehicles is a major trend

Cloud computing is increasingly being used in the automobile industry, as it plays an important role in production of freight vehicles and the services of this technology range from operating to designing management of different systems. Using cloud computing can offer reduced costs, further minimized and reduced waste. Due to this technology, communication between vehicles from remote locations becomes possible along with retrieving and storing data. Thus, due to various benefits of such advanced technologies, the global commercial vehicle market is witnessing trend of advanced systems and technologies in cargo vehicles.

Adoption of organic growth strategies by market players is trending in the market

Organic growth has always been a key strategy for market players. Major market players are investing in expansion of their product portfolio through developments and introduction of innovative products. For instance, in August 2022, Mahindra and Mahindra announced the launch of the novel Jeeto Plus CNG, CharSau. The novel vehicle is leading commercial vehicles in terms of mileage, range, payload, and maneuverability. It also offers higher profits for intra- and inter-city applications. Thus, with launch of such commercial vehicles, the trend is likely to boost the market growth in the near future.