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Commercial Vehicles Market By Product Type (Light Commercial Vehicles, Heavy Commercial Vehicles, Buses), By End-Use (Industrial, Logistics, Passenger Transport, Mining & Construction), By Engine Type (Gasoline, Diesel, Electric, Natural Gas, Hybrid) - Growth, Future Prospects And Competitive Analysis, 2019 - 2027

Growing Logistics Industry to Boost the Demand for Global Commercial Vehicles Market Worldwide

In 2018, the global commercial vehicles market was estimated at US$ 1.05 Tn and was expected to grow at a CAGR of 6.2% throughout the forecast period from 2019 to 2027. The major key factors for global commercial vehicle market growth are the development of the worldwide economy, expansion of the logistics industry, and improved road infrastructure globally. As per OICA, around 5% more vehicles were sold in 2018 as compared to 2017. In addition, the penetration of e-commerce and rising infrastructural development worldwide are key factors driving the growth of the global commercial vehicles market. As a result of the above-mentioned factors, the global commercial vehicles market will show significant growth during the forecast period.   

Market Synopsis

Buses Segment to be the Fastest Growing Segment

Based on product type, the global commercial vehicles market is segmented into light commercial vehicles, heavy commercial vehicles, and buses. The global commercial vehicles market was led by the light commercial vehicles segment, with a revenue contribution of around 70% in 2018. The light commercial vehicles segment has its dominance owing to its benefits, such as dynamic nature, cost-effectiveness, and reduced emissions. On the other flip, the buses segment will be the fastest growing segment during the forecast period. Growth in the tourism industry and cost-effectiveness are the major reasons for growth for the segment. Thus, we expect that buses segment will be the fastest growing segment across the forecast period.

The Asia Pacific will be the Fastest Growing Region throughout the Forecast Period.

North America was the largest market by value and volume for global commercial vehicles in 2018. The region accounted for more than 1/3rd of the worldwide revenue and around 1/2 of the volume share in the same year. The dominance is owing to infrastructure development and expansion of the e-commerce industry. Furthermore, we expect the Asia Pacific to be the fastest-growing region during the forecast period. The Asia Pacific will show the fastest growth owing to significant growth in the logistics industry, manufacturing industry, and increased infrastructure spending by the government. As per OICA, in 2018, Asia Pacific registered a nearly 4% increase in commercial vehicle sales compared to 2017. Thus, we expect the Asia Pacific region to be the fastest-growing region throughout the forecast period.

Some of the prominent players operating in the global commercial vehicles market include Daimler AG, Tata Motors, Volkswagen AG, Ashok Leyland, Volvo Car Corporation, General Motors, Fiat Chrysler Automobiles N.V., China National Heavy Duty Truck Group Co., Ltd., PACCAR Inc., IZUSU Motors Ltd., Ford Motor Company, JAC Motors, Toyota Motor Corporation, among others.

Historical & Forecast Period

This research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment was calculated for the forecast period from 2019 to 2027.

Report Scope by Segments

The global commercial vehicles market report provides market size and estimates based on market dynamics and key trends observed in the industry. In addition, the report provides a holistic view of the global commercial vehicles market based on product type, end-use, engine type, and geography.

Frequently Asked Questions:

The market for Commercial Vehicles is expected to reach US$ XX Bn by 2027.

The Commercial Vehicles market is expected to see significant CAGR growth over the coming years, at 6.2%.

The report is forecasted from 2019-2027.

The base year of this report is 2021.

Daimler AG, Tata Motors, Volkswagen AG, Ashok Leyland, Volvo Car Corporation, General Motors, Fiat Chrysler Automobiles N.V. are some of the major players in the global market.

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Executive Summary - Brief Global Market Size - Current & Forecast
Regional Market Size - North America
Country Market Size - US
Company Profile – 1
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Published Date:  Nov 2019
Category:  Automotive & Transportation
Report ID:   60044
Report Format:   PDF
Pages:   120
Rating:    4.3 (58)
Delivery Time: 24 Hours to 48 Hours   
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