PUBLISHER: Grand View Research | PRODUCT CODE: 1224693
PUBLISHER: Grand View Research | PRODUCT CODE: 1224693
Commercial Vehicles Market Size, Share & Trends Analysis Report By Product (LCVs, Heavy Trucks, Buses & Coaches), By End-use (Industrial, Mining & Construction), By Region, And Segment Forecasts, 2023 - 2030
Commercial Vehicles :
The global commercial vehicles market size is expected to reach USD 1.85 trillion by 2030, according to a new report by Grand View Research, Inc. Furthermore, the industry is expected to expand at a CAGR of 3.7% from 2023 to 2030. Continued infrastructure development, the growth of the construction and mining industries, and the subsequent need for the development of road infrastructure are expected to drive the growth. The unabated growth of the e-commerce industry, which has drastically transformed the logistics sector, is also expected to drive the demand for commercial vehicles.
Advances in technology and the continued integration of telematics and communication capabilities into commercial vehicles also bode well for the growth of the market over the forecast period. Customers willing to invest in commercial vehicles are scouting for additional services, such as financing, rentals, and leasing. The growing demand for individualized solutions is another trend increasingly being adopted in the market. Large enterprises, along with medium-sized companies, are also opting for customized financial deals, especially in leasing solutions.
At the same time, the focus on safety in commercial vehicles is gradually shifting from reducing the impact of an accident to preventing an accident. Hence, customers are opting for vehicles equipped with new-age safety features that can potentially help prevent accidents. The outbreak of the COVID-19 pandemic took its toll on the demand for commercial vehicles in 2020. The lockdowns imposed in various parts of the world as part of the efforts to arrest the spread of coronavirus affected several industries and industry verticals, including manufacturing, automotive, entertainment, and hospitality.
However, the global automotive production volumes increased over the year in 2021, mainly due to the rising production volumes in North America and Europe, among other regions, as production facilities re-opened after lockdown procedures. According to the Organisation Internationale des Constructeursd' Automobiles (OICA), global commercial vehicle production increased from 77,621,582 units in 2020 to 80,145,988 units in 2021. Various governments are gradually relaxing the restrictions and allowing businesses to operate with mandates, such as social distancing; and the demand for cars from the middle-class population is growing.
North America holds more than 50% share of the commercial market, attributed to the increased initiatives taken by automakers to develop technologically advanced commercial vehicles. The incorporation of new technologies to improve vehicular maneuverability enhances drivers' safety and experience. Besides, to increase the customer base, commercial vehicle manufacturers have started providing vehicle services and increasing their involvement in the distribution business.
For instance, in September 2022, BMW AG Manufacturing opened a new logistics facility in the U.S., revealing a more sustainable, digital operation. As part of its Logistics Center for X models project, Becknell Industrial constructed a nearly one million square foot facility. The project involves an investment of 100 million. The Asia Pacific region is expected to witness significant growth in the commercial vehicle market due to an increase in demand for commercial vehicles in the construction and transportation sector. Thus, key regional players are focusing on product launches to address the need.
For instance, Tata Motors, September 2022, launched the 5W30 synthetic engine oil for commercial vehicles. BS6 diesel engines perform better with the new engine oil. The 5W30 synthetic engine oil improves durability, reliability, and emission compliance by reducing friction between moving parts and enhancing engine life. Increased uptime on the road means greater profits and revenues for the transporter.
Commercial Vehicles :
- The light commercial vehicles (LCVs) segment is estimated to register the highest CAGR of 4.1% during the forecast period. Increased fuel prices and high demand for faster delivery have shifted consumers' preference from heavy-duty trucks to light commercial vehicles for same-weight logistics
- The logistics segment was the largest in 2022 and is anticipated to reach USD 556.17 billion during the forecast period. The growing trade activities in developing economies, coupled with the strengthening logistics infrastructure, are some of the prime factors that are expected to drive the growth of the logistics segment
- North America held the largest market share in global commercial vehicles in 2022. Manufacturers focusing on developing technologically advanced solutions for drivers' safety and passengers' experience is the key factor contributing to the industry's growth in the region
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Market Definition
- 1.3. Information Procurement
- 1.3.1. Purchased Database
- 1.3.2. GVR's Internal Database
- 1.3.3. List of Primary Sources
- 1.3.4. List of Secondary Sources
- 1.4. Information Analysis
- 1.4.1. Data Analysis Model
- 1.5. Market Formulation & Data Visualization
- 1.6. Data Validation & Publishing
Chapter 2. Executive Summary
Chapter 3. Commercial Vehicle Market Variables, Trends & Scope
- 3.1. Penetration and Growth Prospect Mapping
- 3.2. Global Commercial Vehicle Market Dynamics
- 3.2.1. Market Driver Analysis
- 3.2.2. Market Restraints Analysis
- 3.3. Industry Value Chain Analysis
- 3.4. Penetration and Growth Prospect Mapping
- 3.5. Commercial Vehicle Market Key Company Ranking Analysis, 2022
- 3.6. Market Analysis Tools
- 3.6.1. Commercial Vehicle Industry Analysis - Porter's Five Forces
- 3.6.2. Commercial Vehicle Industry Analysis - PEST Analysis
- 3.7. Impact of COVID-19 on the Commercial Vehicle Market
Chapter 4. Commercial Vehicle Market: Product Outlook
- 4.1. Market Size Estimates & Forecasts And Trend Analysis, 2018 - 2030 (Revenue, USD Million)
- 4.2. Light Commercial Vehicles (LCVs)
- 4.2.1. Market Estimates And Forecasts By Region, 2018 - 2030 (Revenue, USD Million)
- 4.3. Heavy Trucks
- 4.3.1. Market Estimates And Forecasts By Region, 2018 - 2030 (Revenue, USD Million)
- 4.4. Buses & Coaches
- 4.4.1. Market Estimates And Forecasts By Region, 2018 - 2030 (Revenue, USD Million)
Chapter 5. Commercial Vehicle Market: End Use Outlook
- 5.1. Market Size Estimates & Forecasts And Trend Analysis, 2018 - 2030 (Revenue, USD Million)
- 5.2. Industrial
- 5.2.1. Market Estimates And Forecasts By Region, 2018 - 2030 (Revenue, USD Million)
- 5.3. Mining & Construction
- 5.3.1. Market Estimates And Forecasts By Region, 2018 - 2030 (Revenue, USD Million)
- 5.4. Logistics
- 5.4.1. Market Estimates And Forecasts By Region, 2018 - 2030 (Revenue, USD Million)
- 5.5. Passenger Transportation
- 5.5.1. Market Estimates And Forecasts By Region, 2018 - 2030 (Revenue, USD Million)
- 5.6. Others
- 5.6.1. Market Estimates And Forecasts By Region, 2018 - 2030 (Revenue, USD Million)
Chapter 6. Commercial Vehicle Market: Regional Outlook
- 6.1. Commercial Vehicle Market, By Region, 2022 & 2030
- 6.2. North America
- 6.2.1. Market Estimates And Forecasts By Product, 2018 - 2030 (Revenue, USD Million)
- 6.2.2. Market Estimates And Forecasts By End Use, 2018 - 2030 (Revenue, USD Million)
- 6.2.3. U.S.
- 6.2.3.1. Market Estimates And Forecasts By Product, 2018 - 2030 (Revenue, USD Million)
- 6.2.3.2. Market Estimates And Forecasts By End Use, 2018 - 2030 (Revenue, USD Million)
- 6.2.4. Canada
- 6.2.4.1. Market Estimates And Forecasts By Product, 2018 - 2030 (Revenue, USD Million)
- 6.2.4.2. Market Estimates And Forecasts By End Use, 2018 - 2030 (Revenue, USD Million)
- 6.3. Europe
- 6.3.1. Market Estimates And Forecasts By Product, 2018 - 2030 (Revenue, USD Million)
- 6.3.2. Market Estimates And Forecasts By End Use, 2018 - 2030 (Revenue, USD Million)
- 6.3.3. U.K.
- 6.3.3.1. Market Estimates And Forecasts By Product, 2018 - 2030 (Revenue, USD Million)
- 6.3.3.2. Market Estimates And Forecasts By End Use, 2018 - 2030 (Revenue, USD Million)
- 6.3.4. Germany
- 6.3.4.1. Market Estimates And Forecasts By Product, 2018 - 2030 (Revenue, USD Million)
- 6.3.4.2. Market Estimates And Forecasts By End Use, 2018 - 2030 (Revenue, USD Million)
- 6.4. Asia Pacific
- 6.4.1. Market Estimates And Forecasts By Product, 2018 - 2030 (Revenue, USD Million)
- 6.4.2. Market Estimates And Forecasts By End Use, 2018 - 2030 (Revenue, USD Million)
- 6.4.3. China
- 6.4.3.1. Market Estimates And Forecasts By Product, 2018 - 2030 (Revenue, USD Million)
- 6.4.3.2. Market Estimates And Forecasts By End Use, 2018 - 2030 (Revenue, USD Million)
- 6.4.4. India
- 6.4.4.1. Market Estimates And Forecasts By Product, 2018 - 2030 (Revenue, USD Million)
- 6.4.4.2. Market Estimates And Forecasts By End Use, 2018 - 2030 (Revenue, USD Million)
- 6.4.5. Japan
- 6.4.5.1. Market Estimates And Forecasts By Product, 2018 - 2030 (Revenue, USD Million)
- 6.4.5.2. Market Estimates And Forecasts By End Use, 2018 - 2030 (Revenue, USD Million)
- 6.5. Latin America
- 6.5.1. Market Estimates And Forecasts By Product, 2018 - 2030 (Revenue, USD Million)
- 6.5.2. Market Estimates And Forecasts By End Use, 2018 - 2030 (Revenue, USD Million)
- 6.5.3. Brazil
- 6.5.3.1. Market Estimates And Forecasts By Product, 2018 - 2030 (Revenue, USD Million)
- 6.5.3.2. Market Estimates And Forecasts By End Use, 2018 - 2030 (Revenue, USD Million)
- 6.5.4. Mexico
- 6.5.4.1. Market Estimates And Forecasts By Product, 2018 - 2030 (Revenue, USD Million)
- 6.5.4.2. Market Estimates And Forecasts By End Use, 2018 - 2030 (Revenue, USD Million)
- 6.6. Middle East And Africa
- 6.6.1. Market Estimates And Forecasts By Product, 2018 - 2030 (Revenue, USD Million)
- 6.6.2. Market Estimates And Forecasts By End Use, 2018 - 2030 (Revenue, USD Million)
Chapter 7. Competitive Landscape
- 7.1. Ashok Leyland Ltd
- 7.1.1. Company Overview
- 7.1.2. Financial Performance
- 7.1.3. Product Benchmarking
- 7.1.4. Recent Developments
- 7.2. Bosch Rexroth AG
- 7.2.1. Company Overview
- 7.2.2. Financial Performance
- 7.2.3. Product Benchmarking
- 7.2.4. Recent Developments
- 7.3. Daimler AG
- 7.3.1. Company Overview
- 7.3.2. Financial Performance
- 7.3.3. Product Benchmarking
- 7.3.4. Recent Developments
- 7.4. Volkswagen AG
- 7.4.1. Company Overview
- 7.4.2. Financial Performance
- 7.4.3. Product Benchmarking
- 7.4.4. Recent Developments
- 7.5. Toyota Motors Crop.
- 7.5.1. Company Overview
- 7.5.2. Financial Performance
- 7.5.3. Product Benchmarking
- 7.5.4. Recent Developments
- 7.6. Mahindra & Mahindra
- 7.6.1. Company Overview
- 7.6.2. Financial Performance
- 7.6.3. Product Benchmarking
- 7.6.4. Recent Developments
- 7.7. TATA Motors
- 7.7.1. Company Overview
- 7.7.2. Financial Performance
- 7.7.3. Product Benchmarking
- 7.7.4. Recent Developments
- 7.8. Volvo Trucks Corporation
- 7.8.1. Company Overview
- 7.8.2. Financial Performance
- 7.8.3. Product Benchmarking
- 7.8.4. Recent Developments
- 7.9. Xiamen Golden Dragon Bus Co.Ltd
- 7.9.1. Company Overview
- 7.9.2. Financial Performance
- 7.9.3. Product Benchmarking
- 7.9.4. Recent Developments
- 7.10. General Motors Company
- 7.10.1. Company Overview
- 7.10.2. Financial Performance
- 7.10.3. Product Benchmarking
- 7.10.4. Recent Developments
List of Tables
- Table 1 List of Abbreviations
- Table 2 Vendor landscape, 2022
- Table 3 Commercial vehicles market - Industry snapshot & key buying criteria, 2018 - 2030 (USD Billion)
- Table 4 Light commercial vehicles (LCVs) market, 2018 - 2030 (USD Billion)
- Table 5 Heavy trucks market, 2018 - 2030 (USD Billion)
- Table 6 Buses & coaches market, 2018 - 2030 (USD Billion)
- Table 7 Industrial commercial vehicles market, 2018 - 2030 (USD Billion)
- Table 8 Mining & Construction commercial vehicles market, 2018 - 2030 (USD Billion)
- Table 9 Logistics commercial vehicles market, 2018 - 2030 (USD Billion)
- Table 10 Passenger Transportation commercial vehicles market, 2018 - 2030 (USD Billion)
- Table 11 Other commercial vehicles market, 2018 - 2030 (USD Billion)
- Table 12 North America commercial vehicles market, 2018 - 2030 (USD Billion)
- Table 13 North America commercial vehicles market, by product, 2018 - 2030 (USD Billion)
- Table 14 North America commercial vehicles market, by end-use, 2018 - 2030 (USD Billion)
- Table 15 U.S. commercial vehicles market, 2018 - 2030 (USD Billion)
- Table 16 U.S. commercial vehicles market, by product, 2018 - 2030 (USD Billion)
- Table 17 U.S. commercial vehicles market, by end-use, 2018 - 2030 (USD Billion)
- Table 18 Canada commercial vehicles market, 2018 - 2030 (USD Billion)
- Table 19 Canada commercial vehicles market, by product, 2018 - 2030 (USD Billion)
- Table 20 Canada commercial vehicles market, by end-use, 2018 - 2030 (USD Billion)
- Table 21 Europe commercial vehicles market, 2018 - 2030 (USD Billion)
- Table 22 Europe commercial vehicles market, by product, 2018 - 2030 (USD Billion)
- Table 23 Europe commercial vehicles market, by end-use, 2018 - 2030 (USD Billion)
- Table 24 U.K. commercial vehicles market, 2018 - 2030 (USD Billion)
- Table 25 U.K. commercial vehicles market, by product, 2018 - 2030 (USD Billion)
- Table 26 U.K. commercial vehicles market, by end-use, 2018 - 2030 (USD Billion)
- Table 27 Germany commercial vehicles market, 2018 - 2030 (USD Billion)
- Table 28 Germany commercial vehicles market, by product, 2018 - 2030 (USD Billion)
- Table 29 Germany commercial vehicles market, by end-use, 2018 - 2030 (USD Billion)
- Table 30 Asia Pacific commercial vehicles market, 2018 - 2030 (USD Billion)
- Table 31 Asia Pacific commercial vehicles market, by product, 2018 - 2030 (USD Billion)
- Table 32 Asia Pacific commercial vehicles market, by end-use, 2018 - 2030 (USD Billion)
- Table 33 China commercial vehicles market, 2018 - 2030 (USD Billion)
- Table 34 China commercial vehicles market, by product, 2018 - 2030 (USD Billion)
- Table 35 China commercial vehicles market, by end-use, 2018 - 2030 (USD Billion)
- Table 36 India commercial vehicles market, 2018 - 2030 (USD Billion)
- Table 37 India commercial vehicles market, by product, 2018 - 2030 (USD Billion)
- Table 38 India commercial vehicles market, by end-use, 2018 - 2030 (USD Billion)
- Table 39 Japan commercial vehicles market, 2018 - 2030 (USD Billion)
- Table 40 Japan commercial vehicles market, by product, 2018 - 2030 (USD Billion)
- Table 41 Japan commercial vehicles market, by end-use, 2018 - 2030 (USD Billion)
- Table 42 Latin America commercial vehicles market, 2018 - 2030 (USD Billion)
- Table 43 Latin America commercial vehicles market, by product, 2018 - 2030 (USD Billion)
- Table 44 Latin America commercial vehicles market, by end-use, 2018 - 2030 (USD Billion)
- Table 45 Brazil commercial vehicles market, 2018 - 2030 (USD Billion)
- Table 46 Brazil commercial vehicles market, by product, 2018 - 2030 (USD Billion)
- Table 47 Brazil commercial vehicles market, by end-use, 2018 - 2030 (USD Billion)
- Table 48 Mexico commercial vehicles market, 2018 - 2030 (USD Billion)
- Table 49 Mexico commercial vehicles market, by product, 2018 - 2030 (USD Billion)
- Table 50 Mexico commercial vehicles market, by end-use, 2018 - 2030 (USD Billion)
- Table 51 Middle East and Africa commercial vehicles market, 2018 - 2030 (USD Billion)
- Table 52 Middle East and Africa commercial vehicles market, by product, 2018 - 2030 (USD Billion)
- Table 53 Middle East and Africa commercial vehicles market, by end-use, 2018 - 2030 (USD Billion)
List of Figures
- Fig. 1 Commercial vehicles market, by 2022 (USD Billion)
- Fig. 2 Commercial vehicles market segmentation
- Fig. 3 Commercial vehicles market, 2018 - 2030 (USD Billion)
- Fig. 4 Value chain analysis
- Fig. 5 Commercial vehicles market dynamics
- Fig. 6 Commercial vehicles market driver impact
- Fig. 7 Safety belt usage for commercial vehicles
- Fig. 8 Commercial vehicles market challenge impact
- Fig. 9 Greenhouse gas emissions from vehicles
- Fig. 10 Crude oil prices, USD Barrel
- Fig. 11 Commercial vehicles market opportunity impact
- Fig. 12 Commercial vehicles penetration & growth prospects mapping
- Fig. 13 Commercial vehicles market - PEST analysis
- Fig. 14 Commercial vehicles - Emission standards
- Fig. 15 Commercial vehicles market, by product, 2018 & 2030
- Fig. 16 Commercial vehicles market, by end-use, 2018 & 2030
- Fig. 17 Commercial vehicles market, by region, 2018 & 2030
- Fig. 18 North America commercial vehicles market - Key takeaways
- Fig. 19 Europe commercial vehicles market - Key takeaways
- Fig. 20 Asia Pacific commercial vehicles market - Key takeaways
- Fig. 21 Latin America commercial vehicles market - Key takeaways
- Fig. 22 Middle East and Africa commercial vehicles market - Key takeaways
