Global US$ 988.8 Billion Commercial Vehicles Market Analysis, Business Opportunities and Forecast to 2023-2028

Published February 16, 2023

What is the Size of Commercial Vehicles Market ? :

The latest research study “Commercial Vehicles Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” the global commercial vehicles market size reached US$ 772.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 988.8 Billion by 2028, exhibiting a growth rate (CAGR) of 4.02% during 2023-2028.

Commercial vehicles are licensed automobiles widely used in the transportation of goods or materials. They are available in various shapes, sizes, and capabilities to meet the diverse needs of industries and businesses. They can be equipped with specialized features to support their intended use, such as refrigeration units for transporting perishable goods or hydraulic lifts for transporting heavy equipment. They offer several advantages, including less air and noise pollution, reduced fuel consumption and maintenance costs, increased payload capability, and enhanced reliability. Consequently, they are used for various applications, such as passenger transportation, logistics, industrial, and mining. Some commonly used commercial vehicles include freight vehicles, company vans, minivans, pick-up trucks, sports utility vehicles, heavy-duty trucks, buses, and coaches.

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Who is the Market Leader Commercial Vehicles ? : 

The competitive landscape of the industry has also been examined along with the profiles of the key players being

  • AB Volvo
  • Ashok Leyland (Hinduja Group)
  • Ford Motor Company
  • General Motors Company
  • Hyundai Motor Company
  • ISUZU Motors Limited
  • Mahindra & Mahindra Limited
  • Mercedes-Benz Group AG
  • Mitsubishi Motors Corporation
  • Robert Bosch GmbH
  • Tata Motors Limited
  • Toyota Motor Corporation
  • Volkswagen AG

What is the Growth of Commercial Vehicle Market ? :

The growing need for goods transportation across various industries is driving the global market. Coupled with this, the rising construction and mining activities, which are increasing requirements for material transportation worldwide, are contributing to the overall demand. Furthermore, numerous major companies are heavily investing in developing innovative vehicle designs for reducing load factors and size and providing customization according to weight regulations, which is providing a boost to the market. In line with this, the launch of semi-autonomous commercial vehicles and electric vehicles for the transportation of goods is acting as another growth-inducing factor. The market is further driven by other factors, including rising government initiatives to promote the uptake of EVs, expanding investments in road developments across geographically extended locations, and the increasing number of e-commerce activities.

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Key Market Segmentation:

Breakup by Vehicle Type:

  • Light Commercial Vehicle
  • Medium and Heavy-duty Commercial Vehicle

Breakup by Propulsion Type:

  • IC Engine
  • Electric Vehicle

Breakup by End Use:

  • Industrial
  • Mining and Construction
  • Logistics
  • Passenger Transportation
  • Others

Breakup by Region:

  • North America: (United States, Canada)
  • Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America: (Brazil, Mexico, Others)
  • Middle East and Africa

Key Highlights of the Report: 

  • Market Performance (2017-2022)
  • Market Outlook (2023-2028)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape 

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization. 

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About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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