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Commercial Vehicle Market Analysis by Fuel Type (Internal Combustion Engines (ICE) and Electric Vehicle); by Vehicle Type (Light Commercial, Heavy Commercial and Buses) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • Volvo Group - revealed an extended range for Volvo’s battery electric trucks, new fully electric rear axle, which is spaced up for more batteries.

  • Tata Motors Limited - unveiled an extensive and comprehensive range of 21 new commercial vehicles across all segments.

Global Commercial Vehicle Market Size, Forecast, and Trend Highlights Over 2023 - 2033

Base Year

2022

Forecast Year

2023-2033

CAGR

~8%

Base Year Market Size (2022)

~ USD 950 Billion

Forecast Year Market Size (2033)

~ USD 2 Trillion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)

 

The global Commercial vehicle market is estimated to garner a revenue of ~ USD 2 Trillion by the end of 2033 by growing at a CAGR of ~8% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~ USD 950 Billion in the year 2022. The growth of the market can primarily be attributed to the growing penetration of commercial vehicle as well as rising production of commercial vehicles worldwide. It was found that the commercial vehicle production globally, increased to ~23 million units in 2021.

commercial vehicle market overview image

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The rising global population and increasing demand for various good & services along with the recent rise in logistics, the demand for commercial vehicles is on the rise amongst the transport service providers, which in turn, is expected to create massive revenue generation opportunities for the key players operating in the global commercial vehicle market during the forecast period. For instance, the global logistics costs accounted ~ USD 9 trillion in 2020.

Global Commercial Vehicle Market: Growth Drivers and Challenges

Growth Drivers

  • Rising Rate of Urbanization – resulting into development of more roads to accommodate an ever-growing number of vehicles is responsible for the growth of commercial vehicles market. The speedy rate of urbanization is expected to boost the demand for commercial vehicles in the projected period. It was found that, ~56.5% of the global population lives in urban areas in 2021, which is expected to further increase to ~67% by 2050.

  • Upsurge in the Demand of Light Commercial Vehicles – for instance, it was observed that light commercial vehicles contributed more than 78% to the global commercial vehicle production in 2021.

  • Growing Production of Heavy Trucks it was estimated that in United States more than 280,000 heavy trucks were produced in 2021, which was ~20% more than the production volume of 2020.

  • Increasing Number of Commercial Drivers – for instance, in United States, more than 90o,000 truck drivers were employed in 2020.

  • Rising Penetration of Supply Chain Management Software – for instance, the global supply chain management software industry accounted for ~USD 15 billion in 2019.

 Challenges

  • Huge Initial Investment - The high costs included in various stages is expected to pose as a challenge as it becomes difficult for the population with middle income or startups to incorporate pressure sensitive adhesives in use of varied processes.

  • High Cost of Maintenance

  • Complex Mechanism

The global commercial vehicle market is segmented and analyzed for demand and supply by fuel type segment into internal combustion engines (ICE) and electric vehicle. Amongst these segments, the electric vehicle segment is anticipated to garner the largest revenue by the end of 2033, backed by the rising pollution along with the surge in the demand of electric vehicles worldwide. Also the rising support from the governments to produce zero-emission vehicles is also projected to fuel the segment growth. For instance, as per a study, ~60% of companies are fearing to lose customers within the next 3 years if they will be unable to meet the consumer's demand for deliveries with little or zero CO2 emissionsMedium and heavy trucks were responsible for 22% of the global CO2 emissions.

Global Commercial Vehicle Market Regional Synopsis

The North America commercial vehicle market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033, backed by the presence of a strong transportation network in the region, rising demand of commercial vehicles along with growing penetration of electric vehicles. For instance, in 2019, there were more than 150,000 thousand units of commercial vehicles in use in United States.

commercial vehicle market share image

Market Segmentation

Our in-depth analysis of the global commercial vehicle market includes the following segments:

      By Fuel Type

  • Internal Combustion Engines (ICE)
  • Electric Vehicle

     By Vehicle Type

  • Light Commercial
  • Heavy Commercial
  • Buses

Top Featured Companies Dominating the Global Commercial Vehicle Market

  • Volvo Group

    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Tata Motors Limited
  • Daimler Truck AG
  • Toyota Motor Corporation
  • Mahindra & Mahindra Limited
  • Paccar Inc.
  • Hino Motors, Ltd.
  • Volkswagen AG
  • Scania CV AB
  • Robert Bosch GmbH

 

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