Commercial vehicles such as trucks, buses, and vans are used for commercial transportation purposes. They offer advantages like higher load carrying capacity, enhanced productivity and profitability. Increasing industrial and logistical activities have boosted the demand for commercial vehicles for freight transportation.
Market key trends:
The demand for fuel-efficient commercial vehicles is rising at a rapid pace. Stringent regulations regarding vehicular emissions have compelled commercial vehicle manufacturers to develop more fuel-efficient vehicles without compromising on cargo space and load carrying capacity. They are focusing on reducing vehicle weight and improving engine and transmission efficiency. This is being achieved by increasing the use of lightweight materials, improving aerodynamics and employing start-stop technologies and other fuel saving measures. The development of more fuel-efficient commercial vehicles will drive the demand for advanced drivetrains, thereby accelerating the growth of the commercial vehicles market over the forecast period.
Segment Analysis
The global commercial vehicles market is dominated by the light commercial vehicles segment which accounted for over 60% share of the overall market in 2024. Light commercial vehicles include pickup trucks, vans and mini-buses which find widespread application in logistics, courier and freight transportation services. They are preferred over medium and heavy commercial vehicles for last mile delivery operations owing to their compact size and maneuverability.
Key Takeaways
Global Commercial Vehicles Market Size is expected to witness high growth over the forecast period of 2024 to 2031. With rising e-commerce activities and expanding logistics infrastructure, the demand for commercial vehicles is poised to grow substantially. The global Commercial Vehicles Market is estimated to be valued at US$ 1456.8 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2024 to 2031.
Regional analysis: North America dominated the global commercial vehicles market in 2024 and is expected to continue its leading position throughout the forecast period. This can be attributed to well-established road infrastructure and growing freight transportation activities in the region. Asia Pacific is anticipated to showcase the fastest growth owing to ongoing industrialization and infrastructure development programs across countries like China and India.
Key players: Key players operating in the commercial vehicles market are Schneider Electric SE, ABB Ltd., Siemens AG, Eaton Corporation, Honeywell International Inc., Rockwell Automation, Inc., UL LLC (Underwriters Laboratories), Emerson Electric Co., General Electric (GE), Littelfuse, Inc., DuPont de Nemours, Inc..
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