Commercial Vehicles Market Regional Analysis:
North America Market Insights
In commercial vehicles market, North America region is poised to capture around 47.7% share by the end of 2035, owing to the increased focus on manufacturing and innovation. In November 2024, Blue Bird Corporation, together with Girardin, acquired a bus manufacturing facility in New York; this increased Micro Bird’s production capacity and produced 350 jobs. Funded with USD 10 million in Excelsior Jobs Program tax credits and USD 2.5 million in capital grants, this program underlines the region’s efforts toward developing the commercial vehicle industry. The increasing requirement for school buses, multi-purpose vehicles, and commercial buses enables North America to dominate the commercial vehicles market.
The demand for school and commercial buses in the U.S. is rapidly growing owing to the enhanced infrastructure development and support from the government. The growth of Blue Bird mirrors the other trends in the industry, including a focus on development and increasing production. At the same time, cooperation between the state governments and manufacturers, for instance, underlines the strategic role of commercial vehicles in satisfying the requirements of both the public and the private sector and, thus, underscores the leading position of the U.S. in the commercial vehicles market.
In Canada, the NFI Group Inc.’s subsidiary Alexander Dennis ordered 29 Enviro500 double-deck buses for BC Transit in May 2024. These buses are constructed in cooperation with Big Rig Manufacturing and will improve public transportation in British Columbia. Funded by the regional government, the project is in line with the Canadian strategy of developing environmentally friendly and efficient means of transport and transportation, which strengthens its position in North America commercial vehicles market.
Asia Pacific Market Insights
Asia Pacific commercial vehicles market is expected to witness substantial growth till 2035, owing to the rising industrialization and development of infrastructure. For example, In September 2024, Ford announced that it had submitted a Letter of Intent (LOI) to the Government of Tamil Nadu, confirming its intention to use the Chennai factory for manufacturing and export. This facility is one of the many Ford projects in its aggressive expansionary strategy and will deal with the production of vehicles for export, thus cementing India’s position as a hub for commercial vehicle production.
The growth of India automotive manufacturing sector is fuelled by increasing local consumption, a strategic export approach, and government incentives. The Production Linked Incentive (PLI) scheme and investments in infrastructure development are driving the commercial vehicle segment. The increasing interest of local companies in manufacturing electric and other alternative fuel vehicles, as well as the collaboration with international companies to produce such vehicles, cement India as the leader in sustainable automotive solutions. India has stepped up to meet both domestic and international demand for commercial vehicles with a special emphasis on innovation and technology.
In China, the joint venture with Beijing Foton Daimler Automotive (BFDA) of Daimler Truck is expanding the market dominance of China in the commercial vehicles market. In 2022, the partnership launched a new plant in Beijing, which produces the localized version of the Mercedes-Benz Actros. These developments show that China is aiming to produce high-quality vehicles for the domestic and export markets, thus solidifying its position in the Asia Pacific.
