Commercial Vehicle Market Size & Share by Fuel Type (Internal Combustion Engine (ICE), Electric Vehicles); Vehicle Type (Light Commercial, Heavy Commercial, Buses) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

Growth Drivers

• Rising Rate of Urbanization – Escalating urbanization is resulting in the development of more roads to accommodate an ever-growing number of vehicles, which is responsible for the growth of the global commercial vehicle market. The speedy rate of urbanization is expected to boost the growth of the global market in the projected period. It was found that 55% of the global population will live in urban areas in 2021, which is expected to further increase to 68% by 2050.
• Upsurge in the Demand for Light Commercial Vehicles – The demand for light commercial vehicles is expected to grow owing to their ability to use less fuel and at the same time offer great performance.  For instance, it was observed that light commercial vehicles contributed more than 78% to global commercial vehicle production in 2021.
•  Growing Production of Heavy Trucks – Owing to the increasing e-commerce sector and logistics industry the production of heavy trucks is also expanding as a result driving the market growth. It was estimated that in the United States, more than 320,000 heavy trucks were produced in 2021, which was around 11% more than the production volume of 2020.

Challenges

• High Initial Investment – The term “initial investment” refers to the total sum that a buyer is required to pay in accordance with the conditions of the business opportunity contract, either before or at the time the goods or services are delivered, or within six months of the buyer starting to operate the business opportunity. The high costs included in various stages are expected to pose a challenge as it becomes difficult for the population with middle-income or startups to incorporate pressure-sensitive adhesives in the use of varied processes.
• High Cost of Maintenance
• Complex Mechanism