Market Research Report
Commercial Vehicles Market Size, Share & Trends Analysis Report By Product (Buses & Coaches, LCVs), By End Use (Industrial, Mining & Construction, Logistics), By Region, and Segment Forecasts, 2018 - 2025
|Published by||Grand View Research, Inc.||Product code||682184|
|Published||Content info||110 Pages
Delivery time: 2-3 business days
|Commercial Vehicles Market Size, Share & Trends Analysis Report By Product (Buses & Coaches, LCVs), By End Use (Industrial, Mining & Construction, Logistics), By Region, and Segment Forecasts, 2018 - 2025|
|Published: July 30, 2018||Content info: 110 Pages||
The global commercial vehicles market size is expected to reach USD 2.27 trillion by 2025, according to a study conducted by Grand View Research, Inc. The market is projected to expand at a CAGR of 7.1% during the forecast period. Increased urbanization, coupled with rising spending on infrastructure development in emerging economies such as China, India, and Turkey, are expected to drive the market over the forecast period. Several suppliers are shifting their focus on improving R&D capabilities while enhancing operational efficiency, which is also projected to play a pivotal role in boosting market growth.
In addition, increasing penetration of electric commercial vehicles is also anticipated to contribute toward market expansion over the coming years. Adoption of electric vehicles (EVs) is primarily driven by need to meet emission reduction standards and regulations enforced by government bodies worldwide. Commercial vehicle telematics is another trend that is gaining traction and is anticipated to have a positive impact on the market over the forecast period.
To meet changing market needs, original equipment manufacturers (OEMs) across the globe are focusing on integrating innovative technologies, such as keyless entry/ignition, engine diagnostics, mobile connectivity, and an array of novel applications that assist in vehicle control. All these efforts by OEMs are expected to significantly contribute to global market growth over the coming years.
The market is marked by the presence of numerous participants such as Tata Motors, Volkswagen AG, Ashok Leyland, Volvo Car Corporation, and General Motors. These players implement various inorganic and organic growth strategies to maintain their presence and withstand intense competition.