The global commercial vehicles market size is projected to hit over USD 2.70 trillion by 2027, expanding at a CAGR of 7.1% during the forecast period 2021 to 2027.
Increased urbanization, coupled with rising spending on infrastructure development in emerging economies such as China, India, and Turkey, are expected to drive the market over the forecast period. Several suppliers are shifting their focus on improving R&D capabilities while enhancing operational efficiency, which is also projected to play a pivotal role in boosting market growth.
In addition, increasing penetration of electric commercial vehicles is also anticipated to contribute toward market expansion over the coming years. Adoption of electric vehicles (EVs) is primarily driven by need to meet emission reduction standards and regulations enforced by government bodies worldwide. Commercial vehicle telematics is another trend that is gaining traction and is anticipated to have a positive impact on the market over the forecast period.
To meet changing market needs, original equipment manufacturers (OEMs) across the globe are focusing on integrating innovative technologies, such as keyless entry/ignition, engine diagnostics, mobile connectivity, and an array of novel applications that assist in vehicle control. All these efforts by OEMs are expected to significantly contribute to global market growth over the coming years.
Surging Demand for Electric Vehicles to Stymie Market Growth
A commercial vehicle is used for transportation of goods or to carry passengers. Accounting to the rising daily commute rate and increasing long distance transportation and trade activities, there is a massive demand for commercial vehicles across the world. The presence of several large scale companies in several countries across the world has resulted in a healthy market competition. Thus, SMEs are finding it difficult to operate seamlessly. As large scale companies hold the privilege to acquire smaller companies as well as other large scale companies, SMEs look to implement newer strategies that will help them attract a wider consumer base. Although the market looks set to perform well in the long run, there surely are a few short term hurdles, mainly due to the pandemic.
The recent coronavirus outbreak has had a negative impact on several businesses across the world. With unified efforts taken to curb the spread of the disease, businesses across the world have been compelled to shut down. The measures taken to minimize the impact of the disease will ultimately affect several manufacturing units, with strict measures forcing people to stay indoors. The commercial vehicle sector is among the few industries that have been hit the most among all industries during the Coovid-19 pandemic. With social distancing practices implemented across the world, commercial vehicle businesses have dramatically gone down and it will be a while until we may see newer variants at a similar pace to that in the past few years.
Product Insights
The commercial vehicles market can be largely categorized into light commercial vehicles (LCVs), heavy trucks, and buses and coaches. The LCVs segment accounted for more than 76.0% of the total market revenue in 2020 and is expected to register a CAGR of 8% over the forecast period. This growth can be attributed to the dynamic nature of these vehicles, which enables them to be modified and be used for transportation of passengers and goods. These vehicles are cost-effective and aid in reducing emissions, which also boosts segment growth.
The buses and coaches segment is anticipated to gain traction over the forecast years owing to increased adoption in the tourism and healthcare industries. Buses and coaches are the most cost-effective mode of transportation, which is a prominent factor positively affecting its sales. The heavy trucks segment is forecast to expand at a moderate growth rate from 2021 to 2027.
End-use Insights
The logistics segment witnessed significant demand and captured a sizeable market share in 2020. It is anticipated to expand at a value-based CAGR of over 8.0% over the forecast years. Increasing trade activities worldwide are expected to drive the segment in the coming years.
Affordability and accessibility of passenger transport and rising expenditure on commute in developed and developing economies are important contributors to the growth of the passenger transportation segment, which is slated to register a revenue-based CAGR of just under 8.0% over the forecast period.
Regional Insights
The North America market captured the largest share by revenue as well as volume and is expected to exhibit a value-based CAGR of over 6.45% over the forecast period. Increase in financing options, continuous investment in infrastructure development, and rising focus of governments on in-house automotive production are key factors positively impacting regional growth.
The Asia Pacific market is projected to witness the highest CAGR of more than 8.5% over the forecast period, in terms of both volume and revenue. Increasing road infrastructure, coupled with rising manufacturing facilities owing to cost-effective labor and raw materials, especially in developing economies such as China and India, are expected to stimulate market growth. The MEA and Europe markets are expected to witness moderate growth with rising industrialization in these regions.
Report Scope
Base year for estimation: 2020
Historical data: 2017 - 2020
Forecast period: 2021 - 2027
Company Mergers are an Increasing Trend Among Major Companies in the Global Market
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of company mergers and acquisitions as well as collaborations has made the highest impact on the growth of the market. Accounting to increasing market competition, it is observed that major companies are benefiting from collaborations and joint ventures.
In July 2019, Daimler announced that it has entered into a strategic partnership with BMW for developing a new technology for automatic parking as well as driver assistance system on highways. This partnership will also help the companies to achieve a higher level of automation in urban centres. Increasing number of company mergers and acquisitions will have a massive impact on the growth of the global market in the coming years.
Key Players
Product Outlook
Light Commercial Vehicles (LCVs)
Heavy Trucks
Buses & Coaches
End-use Outlook
Industrial
Mining & Construction
Logistics
Passenger Transportation
Others
Regional Outlook
North America
U.S.
Canada
Europe
U.K.
Germany
France
Spain
Italy
Netherlands
Belgium
Sweden
Denmark
Asia Pacific
China
India
Japan
South Korea
Indonesia
Thailand
Australia
Malaysia
Singapore
Taiwan
Latin America
Brazil
Mexico
Middle East & Africa
South Africa
Turkey
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
1.3. List of Data Sources
Chapter 2. Executive Summary
2.1. Commercial Vehicles Market-Industry Snapshot & Key Buying Criteria, 2017 - 2027
2.2. Market Summary
2.3. Commercial Vehicles Market, 2017 - 2027
Chapter 3. Commercial Vehicles Industry Outlook
3.1. Market Segmentation
3.2. Market Size and Growth Prospects, 2017 - 2027
3.3. Value Chain Analysis
3.4. Market Dynamics
3.4.1. Market driver analysis
3.4.1.1. Increasing preference for connected commercial vehicles
3.4.1.2. Rising demand in the logistics industry
3.4.1.3. Integration of secure safety features
3.4.2. Market restraint/challenge analysis
3.4.2.1. Environmental concerns associated with commercial vehicles
3.4.2.2. Rising diesel prices coupled with stringent government regulations
3.4.3. Market opportunity analysis
3.4.3.1. Introduction of electric vehicles
3.4.3.2. Introduction of autonomous commercial vehicles
3.5. Key Opportunities Prioritized
3.6. Industry Analysis - Porter's
3.7. PEST Analysis
3.8. Competitive & Vendor Landscape
3.8.1. List of key initiatives undertaken by companies, 2017
3.9. Commercial Vehicles - Emission standards
Chapter 4. Commercial Vehicles Market: Product Outlook
4.1. Commercial Vehicles Market Estimates & Forecasts, by Product, 2016 & 2027 (USD Billion)
4.2. Light Commercial Vehicles
4.2.1. Market estimates and forecasts, 2017 - 2027 (USD Billion, Thousand Units)
4.2.2. Market estimates and forecasts, by region, 2017 - 2027 (USD Billion, Thousand Units)
4.3. Heavy Trucks
4.3.1. Market estimates and forecasts, 2017 - 2027 (USD Billion, Thousand Units)
4.3.2. Market estimates and forecasts, by region, 2017 - 2027 (USD Billion, Thousand Units)
4.4. Buses & Coaches
4.4.1. Market estimates and forecasts, 2017 - 2027 (USD Billion, Thousand Units)
4.4.2. Market estimates and forecasts, by region, 2017 - 2027 (USD Billion, Thousand Units)
Chapter 5. Commercial Vehicles Market: End-Use Outlook
5.1. Commercial Vehicles Market Estimates & Forecasts, by End Use, 2016 & 2027 (USD Billion, Thousand Units)
5.2. Industrial
5.2.1. Market estimates and forecasts, 2017 - 2027 (USD Billion, Thousand Units)
5.2.2. Market estimates and forecasts, by region, 2017 - 2027 (USD Billion, Thousand Units)
5.3. Mining & Construction
5.3.1. Market estimates and forecasts, 2017 - 2027 (USD Billion, Thousand Units)
5.3.2. Market estimates and forecasts, by region, 2017 - 2027 (USD Billion, Thousand Units)
5.4. Logistics
5.4.1. Market estimates and forecasts, 2017 - 2027 (USD Billion, Thousand Units)
5.4.2. Market estimates and forecasts, by region, 2017 - 2027 (USD Billion, Thousand Units)
5.5. Passenger Transportation
5.5.1. Market estimates and forecasts, 2017 - 2027 (USD Billion, Thousand Units)
5.5.2. Market estimates and forecasts, by region, 2017 - 2027 (USD Billion, Thousand Units)
5.6. Others
5.6.1. Market estimates and forecasts, 2017 - 2027 (USD Billion, Thousand Units)
5.6.2. Market estimates and forecasts, by region, 2017 - 2027 (USD Billion, Thousand Units)
Chapter 6. Commercial Vehicles Market: Regional Outlook
6.1. Commercial Vehicles Market Estimates & Forecasts, by Region, 2016 & 2027 (USD Billion, Thousand Units)
6.2. North America
6.2.1. Market estimates and forecasts, 2017 - 2027 (USD Billion, Thousand Units)
6.2.2. Market estimates and forecasts, by product, 2017 - 2027 (USD Billion, Thousand Units)
6.2.3. Market estimates and forecasts, by end use, 2017 - 2027 (USD Billion, Thousand Units)
6.2.4. U.S.
6.2.4.1. Market estimates and forecasts, 2017 - 2027 (USD Billion, Thousand Units)
6.2.4.2. Market estimates and forecasts, by product, 2017 - 2027 (USD Billion, Thousand Units)
6.2.4.3. Market estimates and forecasts, by end use, 2017 - 2027 (USD Billion, Thousand Units)
6.2.5. Canada
6.2.5.1. Market estimates and forecasts, 2017 - 2027 (USD Billion, Thousand Units)
6.2.5.2. Market estimates and forecasts, by product, 2017 - 2027 (USD Billion, Thousand Units)
6.2.5.3. Market estimates and forecasts, by end use, 2017 - 2027 (USD Billion, Thousand Units)
6.3. Europe
6.3.1. Market estimates and forecasts, 2017 - 2027 (USD Billion, Thousand Units)
6.3.2. Market estimates and forecasts, by product, 2017 - 2027 (USD Billion, Thousand Units)
6.3.3. Market estimates and forecasts, by end use, 2017 - 2027 (USD Billion, Thousand Units)
6.3.4. U.K.
6.3.4.1. Market estimates and forecasts, 2017 - 2027 (USD Billion, Thousand Units)
6.3.4.2. Market estimates and forecasts, by product, 2017 - 2027 (USD Billion, Thousand Units)
6.3.4.3. Market estimates and forecasts, by end use, 2017 - 2027 (USD Billion, Thousand Units)
6.3.5. Germany
6.3.5.1. Market estimates and forecasts, 2017 - 2027 (USD Billion, Thousand Units)
6.3.5.2. Market estimates and forecasts, by product, 2017 - 2027 (USD Billion, Thousand Units)
6.3.5.3. Market estimates and forecasts, by end use, 2017 - 2027 (USD Billion, Thousand Units)
6.3.6. France
6.3.6.1. Market estimates and forecasts, 2017 - 2027 (USD Billion, Thousand Units)
6.3.6.2. Market estimates and forecasts, by product, 2017 - 2027 (USD Billion, Thousand Units)
6.3.6.3. Market estimates and forecasts, by end use, 2017 - 2027 (USD Billion, Thousand Units)
6.3.7. Spain
6.3.7.1. Market estimates and forecasts, 2017 - 2027 (USD Billion, Thousand Units)
6.3.7.2. Market estimates and forecasts, by product, 2017 - 2027 (USD Billion, Thousand Units)
6.3.7.3. Market estimates and forecasts, by end use, 2017 - 2027 (USD Billion, Thousand Units)
6.3.8. Italy
6.3.8.1. Market estimates and forecasts, 2017 - 2027 (USD Billion, Thousand Units)
6.3.8.2. Market estimates and forecasts, by product, 2017 - 2027 (USD Billion, Thousand Units)
6.3.8.3. Market estimates and forecasts, by end use, 2017 - 2027 (USD Billion, Thousand Units)
6.3.9. Netherlands
6.3.9.1. Market estimates and forecasts, 2017 - 2027 (USD Billion, Thousand Units)
6.3.9.2. Market estimates and forecasts, by product, 2017 - 2027 (USD Billion, Thousand Units)
6.3.9.3. Market estimates and forecasts, by end use, 2017 - 2027 (USD Billion, Thousand Units)
6.3.10. Belgium
6.3.10.1. Market estimates and forecasts, 2017 - 2027 (USD Billion, Thousand Units)
6.3.10.2. Market estimates and forecasts, by product, 2017 - 2027 (USD Billion, Thousand Units)
6.3.10.3. Market estimates and forecasts, by end use, 2017 - 2027 (USD Billion, Thousand Units)
6.3.11. Sweden
6.3.11.1. Market estimates and forecasts, 2017 - 2027 (USD Billion, Thousand Units)
6.3.11.2. Market estimates and forecasts, by product, 2017 - 2027 (USD Billion, Thousand Units)
6.3.11.3. Market estimates and forecasts, by end use, 2017 - 2027 (USD Billion, Thousand Units)
6.3.12. Denmark
6.3.12.1. Market estimates and forecasts, 2017 - 2027 (USD Billion, Thousand Units)
6.3.12.2. Market estimates and forecasts, by product, 2017 - 2027 (USD Billion, Thousand Units)
6.3.12.3. Market estimates and forecasts, by end use, 2017 - 2027 (USD Billion, Thousand Units)
6.4. Asia Pacific
6.4.1. Market estimates and forecasts, 2017 - 2027 (USD Billion, Thousand Units)
6.4.2. Market estimates and forecasts, by product, 2017 - 2027 (USD Billion, Thousand Units)
6.4.3. Market estimates and forecasts, by end use, 2017 - 2027 (USD Billion, Thousand Units)
6.4.4. China
6.4.4.1. Market estimates and forecasts, 2017 - 2027 (USD Billion, Thousand Units)
6.4.4.2. Market estimates and forecasts, by product, 2017 - 2027 (USD Billion, Thousand Units)
6.4.4.3. Market estimates and forecasts, by end use, 2017 - 2027 (USD Billion, Thousand Units)
6.4.5. India
6.4.5.1. Market estimates and forecasts, 2017 - 2027 (USD Billion, Thousand Units)
6.4.5.2. Market estimates and forecasts, by product, 2017 - 2027 (USD Billion, Thousand Units)
6.4.5.3. Market estimates and forecasts, by end use, 2017 - 2027 (USD Billion, Thousand Units)
6.4.6. Japan
6.4.6.1. Market estimates and forecasts, 2017 - 2027 (USD Billion, Thousand Units)
6.4.6.2. Market estimates and forecasts, by product, 2017 - 2027 (USD Billion, Thousand Units)
6.4.6.3. Market estimates and forecasts, by end use, 2017 - 2027 (USD Billion, Thousand Units)
6.4.7. South Korea
6.4.7.1. Market estimates and forecasts, 2017 - 2027 (USD Billion, Thousand Units)
6.4.7.2. Market estimates and forecasts, by product, 2017 - 2027 (USD Billion, Thousand Units)
6.4.7.3. Market estimates and forecasts, by end use, 2017 - 2027 (USD Billion, Thousand Units)
6.4.8. Indonesia
6.4.8.1. Market estimates and forecasts, 2017 - 2027 (USD Billion, Thousand Units)
6.4.8.2. Market estimates and forecasts, by product, 2017 - 2027 (USD Billion, Thousand Units)
6.4.8.3. Market estimates and forecasts, by end use, 2017 - 2027 (USD Billion, Thousand Units)
6.4.9. Thailand
6.4.9.1. Market estimates and forecasts, 2017 - 2027 (USD Billion, Thousand Units)
6.4.9.2. Market estimates and forecasts, by product, 2017 - 2027 (USD Billion, Thousand Units)
6.4.9.3. Market estimates and forecasts, by end use, 2017 - 2027 (USD Billion, Thousand Units)
6.4.10. Australia
6.4.10.1. Market estimates and forecasts, 2017 - 2027 (USD Billion, Thousand Units)
6.4.10.2. Market estimates and forecasts, by product, 2017 - 2027 (USD Billion, Thousand Units)
6.4.10.3. Market estimates and forecasts, by end use, 2017 - 2027 (USD Billion, Thousand Units)
6.4.11. Malaysia
6.4.11.1. Market estimates and forecasts, 2017 - 2027 (USD Billion, Thousand Units)
6.4.11.2. Market estimates and forecasts, by product, 2017 - 2027 (USD Billion, Thousand Units)
6.4.11.3. Market estimates and forecasts, by end use, 2017 - 2027 (USD Billion, Thousand Units)
6.4.12. Singapore
6.4.12.1. Market estimates and forecasts, 2017 - 2027 (USD Billion, Thousand Units)
6.4.12.2. Market estimates and forecasts, by product, 2017 - 2027 (USD Billion, Thousand Units)
6.4.12.3. Market estimates and forecasts, by end use, 2017 - 2027 (USD Billion, Thousand Units)
6.4.13. Taiwan
6.4.13.1. Market estimates and forecasts, 2017 - 2027 (USD Billion, Thousand Units)
6.4.13.2. Market estimates and forecasts, by product, 2017 - 2027 (USD Billion, Thousand Units)
6.4.13.3. Market estimates and forecasts, by end use, 2017 - 2027 (USD Billion, Thousand Units)
6.5. Latin America
6.5.1. Market estimates and forecasts, 2017 - 2027 (USD Billion, Thousand Units)
6.5.2. Market estimates and forecasts, by product, 2017 - 2027 (USD Billion, Thousand Units)
6.5.3. Market estimates and forecasts, by end use, 2017 - 2027 (USD Billion, Thousand Units)
6.5.4. Brazil
6.5.4.1. Market estimates and forecasts, 2017 - 2027 (USD Billion, Thousand Units)
6.5.4.2. Market estimates and forecasts, by product, 2017 - 2027 (USD Billion, Thousand Units)
6.5.4.3. Market estimates and forecasts, by end use, 2017 - 2027 (USD Billion, Thousand Units)
6.5.5. Mexico
6.5.5.1. Market estimates and forecasts, 2017 - 2027 (USD Billion, Thousand Units)
6.5.5.2. Market estimates and forecasts, by product, 2017 - 2027 (USD Billion, Thousand Units)
6.5.5.3. Market estimates and forecasts, by end use, 2017 - 2027 (USD Billion, Thousand Units)
6.6. Middle East & Africa
6.6.1. Market estimates and forecasts, 2017 - 2027 (USD Billion, Thousand Units)
6.6.2. Market estimates and forecasts, by product, 2017 - 2027 (USD Billion, Thousand Units)
6.6.3. Market estimates and forecasts, by end use, 2017 - 2027 (USD Billion, Thousand Units)
6.6.4. South Africa
6.6.4.1. Market estimates and forecasts, 2017 - 2027 (USD Billion, Thousand Units)
6.6.4.2. Market estimates and forecasts, by product, 2017 - 2027 (USD Billion, Thousand Units)
6.6.4.3. Market estimates and forecasts, by end use, 2017 - 2027 (USD Billion, Thousand Units)
6.6.5. Turkey
6.6.5.1. Market estimates and forecasts, 2017 - 2027 (USD Billion, Thousand Units)
6.6.5.2. Market estimates and forecasts, by product, 2017 - 2027 (USD Billion, Thousand Units)
6.6.5.3. Market estimates and forecasts, by end use, 2017 - 2027 (USD Billion, Thousand Units)
Chapter 7. Competitive Landscape
7.1. Ashok Leyland
7.1.1. Company overview
7.1.2. Financial performance
7.1.3. Product benchmarking
7.1.4. Strategic initiatives
7.2. Bosch Rexroth AG
7.2.1. Company overview
7.2.2. Financial performance
7.2.3. Product benchmarking
7.2.4. Strategic initiatives
7.3. Daimler
7.3.1. Company overview
7.3.2. Financial performance
7.3.3. Product benchmarking
7.3.4. Strategic initiatives
7.4. Volkswagen AG
7.4.1. Company overview
7.4.2. Financial performance
7.4.3. Product benchmarking
7.4.4. Strategic initiatives
7.5. Toyota Motor Corporation
7.5.1. Company overview
7.5.2. Financial performance
7.5.3. Product benchmarking
7.5.4. Strategic initiatives
7.6. Mahindra and Mahindra
7.6.1. Company overview
7.6.2. Financial performance
7.6.3. Product benchmarking
7.6.4. Strategic initiatives
7.7. TATA Motors
7.7.1. Company overview
7.7.2. Financial performance
7.7.3. Product benchmarking
7.7.4. Strategic initiatives
7.8. VOLVO
7.8.1. Company overview
7.8.2. Financial performance
7.8.3. Product benchmarking
7.8.4. Strategic initiatives
7.9. Golden Dragon
7.9.1. Company overview
7.9.2. Financial performance
7.9.3. Product benchmarking
7.9.4. Strategic initiatives
7.10. General Motors
7.10.1. Company overview
7.10.2. Financial performance
7.10.3. Product benchmarking
7.10.4. Strategic initiatives
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers