Commercial Vehicles Market Analysis Report By Product, By End Use, By Region And Segment Forecasts From 2018 To 2025

Industry Insights

The global commercial vehicles market size was accounted for USD 1.32 trillion, in 2017. It is estimated to grow at a CAGR of 7.1% during the forecast period, 2018 to 2025. For the past few years, the growth rate of this market is stagnant but it is projected to improve with rising sales especially in developing countries.

The rising popularity of integrated telematics services and fleet sharing coupled with rising demand for specialized transportation services are the factors anticipated to proliferate the market growth. Moreover, the market is expected to witness steady growth even if the economic development is stagnant owing to the aforementioned trends.

Telematics services are being integrated with traditional operations to provide several benefits to the end-users. Therefore, manufacturers are launching vehicles that are equipped with various services including weather forecasts and reports, updates on roadwork, warning for accidents, and traffic data. This enhances the safety of drivers and passengers and helps in preventing the vehicle from accidents and attrition. This is projected to propel the market growth from 2018 to 2025.

The rising adoption of electric vehicles (EVs) in the transportation and logistics industry owing to various advantages over traditional vehicles is anticipated to propel market growth. Moreover, governments of developed nations are promoting the sales of electric vehicles for commercial application, thereby, projected to fuel the market growth over the forecast period. Furthermore, government policies and regulations on limiting the batch size of goods carried in a commercial vehicle are anticipated to boost the product demand across the logistics and transportation sector from 2018 to 2025.

Product Insights

Based on product, the market is segmented into three segments namely buses and coaches, light commercial vehicles, and heavy trucks. In 2017, the light commercial vehicle segment held the largest market share of over 75.0% across the global commercial vehicle market. It is projected to grow at a CAGR of 7.5% from 2018 to 2025. These vehicles get easily modified, thus, they can be used for carrying passengers and transporting goods. Benefits such as reduced emissions and cost-effectiveness are anticipated to further boost the segment’s growth over the forecast period.

The segment of buses and coaches is expected to witness the fastest growth from 2018 to 2025 due to the growing healthcare and tourism sectors. Moreover, they are considered to be the most efficient way of transportation, which is expected to promote sales. The segment of heavy trucks is projected to attain moderate growth over the forecast period.

End-use Insights

By end-use, in 2017, the logistics section accounted for a significant share across the global commercial vehicle market. It is projected to attain significant growth at a CAGR of more than 8.0% from 2018 to 2025. Rapid development in trading operations and rising trade activities across the globe are the factors anticipated to proliferate the segment growth over the forecast period.

The passenger transport segment is anticipated to grow at a CAGR of around 8.0% from 2018 to 2025. Passenger transport is one of the cheapest modes of transportation across the globe. Moreover, increasing consumer expenses on the commute are also projected to significantly impact the segment growth in the forthcoming years.

Regional Insights

In 2018, North America held the largest market share in terms of volume and revenue. It is projected to grow at a CAGR of more than 6.0% from 2018 to 2025. This growth is attributed to the rising adoption of the emerging concept of in-house automotive production coupled with the availability of numerous financing alternatives. Moreover, the region is witnessing constant investment in the development of infrastructures, which is anticipated to propel the growth of the regional market.

Asia Pacific is anticipated to expand at the fastest CAGR of over 8.0% from 2018 to 2025 owing to the development of roads and an abundance of inexpensive raw materials and labor across emerging countries such as India and China. The market for commercial vehicles in Europe and Middle East & Africa is anticipated to grow at a moderate growth rate owing to the increasing number of various automotive industries across these regions.

Commercial Vehicles Market Share Insights

Leading players operating in this industry include Tata Motors, Golden Dragon, Volkswagen AG, Toyota Motors Corporation, Ashok Leyland, Mahindra & Mahindra, Volvo Car Corporation, Bosch Rexroth AG, General Motors, and Daimler. These companies are focusing on strengthening their supply chain operations and maintaining strong relationships with their suppliers to manufacture the best quality automobiles. Moreover, they are focusing on incorporating new technologies in their vehicles to gain a competitive advantage over other competitors.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For this study, Million Insights has segmented the global commercial vehicles market report based on product, end-use, and region:

• Product Outlook (Volume, Thousand Units; Revenue, USD Billion, 2014 - 2025)
    • Light Commercial Vehicles (LCVs)
    • Heavy Trucks
    • Buses & Coaches

• End-use Outlook (Volume, Thousand Units; Revenue, USD Billion, 2014 - 2025)
    • Industrial
    • Mining & Construction
    • Logistics
    • Passenger Transportation
    • Others

• Regional Outlook (Volume, Thousand Units; Revenue, USD Billion, 2014 - 2025)
    • North America
        • U.S.
        • Canada
    • Europe
        • U.K.
        • Germany
        • France
        • Spain
        • Italy
        • Netherlands
        • Belgium
        • Sweden
        • Denmark
    • the Asia Pacific
        • China
        • India
        • Japan
        • South Korea
        • Indonesia
        • Thailand
        • Australia
        • Malaysia
        • Singapore
        • Taiwan
    • Latin America
        • Brazil
        • Mexico
    • Middle East & Africa
        • South Africa
        • Turkey