Email
Password
Remember meForgot password?
    Log in with Twitter
| Press Release

Commercial Vehicle Market to Reach USD 621.1 Billion by 2027; Increasing Employment Rate and Rising Office Commutes will Lead to a Wider Product Adoption, says Fortune Business Insights™

Pune, Nov. 20, 2020 (GLOBE NEWSWIRE) -- The global commercial vehicle market size is projected to reach USD 621.1 billion by the end of 2027. The increasing IT sector and rapid industrialization across the globe will emerge in favor of market growth. According to a report published by Fortune Business Insights, titled Commercial Vehicle Market Size, Share & COVID-19 Impact Analysis, By Vehicle Type (Light Commercial Vehicle, Heavy Commercial Vehicle, and Buses & Coaches), By Power Source (Gasoline, Diesel, HEV / PHEV, Battery Electric Vehicle (BEV), Fuel Cell Vehicle) and Regional Forecast, 2020-2027 the market was worth USD 748.6 billion in 2019 and will exhibit a CAGR of -2.3% during the forecast period 2020-2027.

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 type of vehicles across the world. The presence of several large scale companies in several countries across the world has resulted in 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.


Get Sample PDF Brochure with Impact of COVID19:

https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/commercial-vehicle-market-104284


Decline in Product Sales to have a Severe Impact on Market Growth during the Covid-19 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.


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 new technology for automatic parking as well as a driver assistance system on highways. This partnership will also help the companies to achieve a higher level of automation in urban centers. The increasing number of company mergers and acquisitions will have a massive impact on the growth of the global market in the coming years.


Speak to an Expert:

https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/commercial-vehicle-market-104284


North America to Emerge Dominant; Increasing Production of Commercial Vehicles will Bode well for Market Growth

The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is projected to emerge dominant in the coming years. The presence of several large scale companies in this region will have a direct impact on the growth of the regional market. The increasing adoption of these vehicles is attributable to the increasing application of the product across diverse industries. As of 2019, the market in North America was worth USD 332.9 billion and this value is projected to rise at a considerable pace in the coming years. The market in Asia Pacific will derive growth from the rising population and the use of commercial vehicles as a medium for the daily commute.


List of the Leading Companies Profiled in the Global Commercial Vehicle Market are:

  • Daimler AG (Stuttgart, Germany)
  • PACCAR Inc. (Washington, United States)
  • Hino (Tokyo, Japan)
  • SCANIA (Södertälje, Sweden)
  • Tata Motors (Mumbai, India)
  • Navistar International Corp (Illinois, United States)
  • BYD Auto Co., Ltd. (Shenzhen, China)
  • AB Volvo (Gothenburg, Sweden)
  • Toyota Motor Corporation (Toyota, Aichi, Japan)
  • Proterra, Inc. (California, United States)


Industry Developments:

April 2020: The Volvo Group and Daimler Truck AG announced that they have formed a new joint venture. This collaboration is aimed at the development and production of commercializing advanced fuel cell systems for heavy commercial vehicle applications.


Browse Detailed Summary of Research Report with TOC:

https://www.fortunebusinessinsights.com/commercial-vehicle-market-104284


Detailed Table of Content:

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
  • Key Insights
    • Merger, Acquisitions, and Partnerships
    • Growth and Penetration Analysis
    • Porter’s Five Forces Analysis
    • PEST Analysis
    • Technological Developments in commercial vehicles
    • Covid-19 Impact Analysis
  • Global Commercial Vehicle Market Analysis, Insights and Forecast, 2016-2027
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast – By Power Source
      • Gasoline
      • Diesel
      • HEV/PHEV
      • Battery Electric Vehicle (BEV)
      • Fuel Cell Vehicle
    • Market Analysis, Insights and Forecast – By Vehicle Type
      • Light Commercial Vehicles
      • Heavy Commercial Vehicles
      • Buses & Coaches
    • Market Analysis, Insights and Forecast – By Region
      • North America
      • Europe
      • Asia pacific
      • Rest of the World

 TOC Continued…!


Get your Customized Research Report:

https://www.fortunebusinessinsights.com/enquiry/customization/commercial-vehicle-market-104284


Have a Look at Related Research Insights:

Fuel Cell Vehicle Market Size, Share and Global Trend, By Vehicle Type (Passenger Cars, Commercial Vehicles, Buses & Coaches), By End-User (Private, Commercial), and Regional Forecast, 2019-2026

Automotive Exhaust System Market Size, Share & Industry Analysis, By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), By Fuel Type (Gasoline, Diesel, Alternative Fuels (LPG, CNG, Others)), By Component Type (Manifold, Connector, Exhaust Pipe, Muffler), and Regional Forecast, 2019-2026

Electric Bus Market Size, Share & COVID-19 Impact Analysis, By Type (Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle, and Fuel Cell Electric Vehicle), and Regional Forecasts, 2020-2027


About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.

Contact Us:

Fortune Business Insights™ Pvt. Ltd.

308, Supreme Headquarters,

Survey No. 36, Baner,

Pune-Bangalore Highway,

Pune - 411045, Maharashtra, India.

Phone:

US: +1 424 253 0390

UK: +44 2071 939123

APAC: +91 744 740 1245

Emailsales@fortunebusinessinsights.com

Fortune Business Insights™

LinkedIn | Twitter | Blogs


Primary Logo

Latest News
Top News