Commercial Vehicles Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Vehicle Type, By Application Type By Propulsion Type, By Region & Competition, 2021-2031F

Description

The Global Commercial Vehicles Market will grow from USD 1411.24 Billion in 2025 to USD 1936.62 Billion by 2031 at a 5.42% CAGR. Commercial vehicles comprise a diverse range of transport units, including vans, trucks, and buses, utilized primarily for the conveyance of goods and passengers for profit.

Market Overview
Forecast Period	2027-2031
Market Size 2025	USD 1411.24 Billion
Market Size 2031	USD 1936.62 Billion
CAGR 2026-2031	5.42%
Fastest Growing Segment	Light Commercial Vehicle
Largest Market	Asia Pacific

Key Market Drivers

The accelerated adoption of electric and alternative fuel commercial vehicles acts as a primary catalyst for market evolution, driven by the implementation of stringent emission regulations and sustainability mandates. Fleet operators are increasingly transitioning to zero-emission powertrains to comply with government decarbonization targets and to utilize green logistics subsidies. This structural shift is further enabled by advancements in battery technology, which are improving the operational viability of heavy-duty transport in regional haulage.

Key Market Challenges

Global economic deceleration acts as a formidable restraint on the commercial vehicles market by directly reducing the volume of goods requiring transport. As industrial output slows and consumer spending contracts, the immediate demand for logistics services diminishes, leading to lower freight rates and reduced profitability for fleet operators.

Key Market Trends

The integration of advanced autonomous driving capabilities is fundamentally reshaping the market by addressing chronic labor shortages and enhancing long-haul efficiency. Unlike electrification which targets sustainability, this trend focuses on removing operational bottlenecks caused by human driver limitations, such as mandatory rest periods. Industry leaders are successfully transitioning from testing to commercial pilot programs that demonstrate the reliability of self-driving systems in real-world freight corridors.

Key Market Players

Ashok Leyland
Bosch Rexroth AG
Daimler
Volkswagen AG
Toyota Motor Corporation
Mahindra and Mahindra
TATA Motors
AB Volvo
Golden Dragon
General Motors

Report Scope:

In this report, the Global Commercial Vehicles Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Commercial Vehicles Market, By Vehicle Type:

Light Commercial Vehicles (LCVs)
Heavy Trucks
Buses & Coaches

Commercial Vehicles Market, By Application Type:

Industrial
Mining & Construction
Logistics
Passenger Transportation
Others

Commercial Vehicles Market, By Propulsion Type:

Electric Vehicle
Hybrid Electric Vehicle
Natural Gas Vehicle
Fuel Cell Electric Vehicle
Diesel Vehicle
Petrol Vehicle

Commercial Vehicles Market, By Region:

North America
United States
Canada
Mexico
Europe
France
United Kingdom
Italy
Germany
Spain
Asia Pacific
China
India
Japan
Australia
South Korea
South America
Brazil
Argentina
Colombia
Middle East & Africa
South Africa
Saudi Arabia
UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Commercial Vehicles Market.

Available Customizations:

Global Commercial Vehicles Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

1. Product Overview

1.1. Market Definition
1.2. Scope of the Market
- 1.2.1. Markets Covered
- 1.2.2. Years Considered for Study
- 1.2.3. Key Market Segmentations

2. Research Methodology

2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations

3. Executive Summary

3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, Trends

4. Voice of Customer

5. Global Commercial Vehicles Market Outlook

5.1. Market Size & Forecast
- 5.1.1. By Value
5.2. Market Share & Forecast
- 5.2.1. By Vehicle Type (Light Commercial Vehicles (LCVs), Heavy Trucks, Buses & Coaches)
- 5.2.2. By Application Type (Industrial, Mining & Construction, Logistics, Passenger Transportation, Others)
- 5.2.3. By Propulsion Type (Electric Vehicle, Hybrid Electric Vehicle, Natural Gas Vehicle, Fuel Cell Electric Vehicle, Diesel Vehicle, Petrol Vehicle)
- 5.2.4. By Region
- 5.2.5. By Company (2025)
5.3. Market Map

6. North America Commercial Vehicles Market Outlook

6.1. Market Size & Forecast
- 6.1.1. By Value
6.2. Market Share & Forecast
- 6.2.1. By Vehicle Type
- 6.2.2. By Application Type
- 6.2.3. By Propulsion Type
- 6.2.4. By Country
6.3. North America: Country Analysis
- 6.3.1. United States Commercial Vehicles Market Outlook
  - 6.3.1.1. Market Size & Forecast
    - 6.3.1.1.1. By Value
  - 6.3.1.2. Market Share & Forecast
    - 6.3.1.2.1. By Vehicle Type
    - 6.3.1.2.2. By Application Type
    - 6.3.1.2.3. By Propulsion Type
- 6.3.2. Canada Commercial Vehicles Market Outlook
  - 6.3.2.1. Market Size & Forecast
    - 6.3.2.1.1. By Value
  - 6.3.2.2. Market Share & Forecast
    - 6.3.2.2.1. By Vehicle Type
    - 6.3.2.2.2. By Application Type
    - 6.3.2.2.3. By Propulsion Type
- 6.3.3. Mexico Commercial Vehicles Market Outlook
  - 6.3.3.1. Market Size & Forecast
    - 6.3.3.1.1. By Value
  - 6.3.3.2. Market Share & Forecast
    - 6.3.3.2.1. By Vehicle Type
    - 6.3.3.2.2. By Application Type
    - 6.3.3.2.3. By Propulsion Type

7. Europe Commercial Vehicles Market Outlook

7.1. Market Size & Forecast
- 7.1.1. By Value
7.2. Market Share & Forecast
- 7.2.1. By Vehicle Type
- 7.2.2. By Application Type
- 7.2.3. By Propulsion Type
- 7.2.4. By Country
7.3. Europe: Country Analysis
- 7.3.1. Germany Commercial Vehicles Market Outlook
  - 7.3.1.1. Market Size & Forecast
    - 7.3.1.1.1. By Value
  - 7.3.1.2. Market Share & Forecast
    - 7.3.1.2.1. By Vehicle Type
    - 7.3.1.2.2. By Application Type
    - 7.3.1.2.3. By Propulsion Type
- 7.3.2. France Commercial Vehicles Market Outlook
  - 7.3.2.1. Market Size & Forecast
    - 7.3.2.1.1. By Value
  - 7.3.2.2. Market Share & Forecast
    - 7.3.2.2.1. By Vehicle Type
    - 7.3.2.2.2. By Application Type
    - 7.3.2.2.3. By Propulsion Type
- 7.3.3. United Kingdom Commercial Vehicles Market Outlook
  - 7.3.3.1. Market Size & Forecast
    - 7.3.3.1.1. By Value
  - 7.3.3.2. Market Share & Forecast
    - 7.3.3.2.1. By Vehicle Type
    - 7.3.3.2.2. By Application Type
    - 7.3.3.2.3. By Propulsion Type
- 7.3.4. Italy Commercial Vehicles Market Outlook
  - 7.3.4.1. Market Size & Forecast
    - 7.3.4.1.1. By Value
  - 7.3.4.2. Market Share & Forecast
    - 7.3.4.2.1. By Vehicle Type
    - 7.3.4.2.2. By Application Type
    - 7.3.4.2.3. By Propulsion Type
- 7.3.5. Spain Commercial Vehicles Market Outlook
  - 7.3.5.1. Market Size & Forecast
    - 7.3.5.1.1. By Value
  - 7.3.5.2. Market Share & Forecast
    - 7.3.5.2.1. By Vehicle Type
    - 7.3.5.2.2. By Application Type
    - 7.3.5.2.3. By Propulsion Type

8. Asia Pacific Commercial Vehicles Market Outlook

8.1. Market Size & Forecast
- 8.1.1. By Value
8.2. Market Share & Forecast
- 8.2.1. By Vehicle Type
- 8.2.2. By Application Type
- 8.2.3. By Propulsion Type
- 8.2.4. By Country
8.3. Asia Pacific: Country Analysis
- 8.3.1. China Commercial Vehicles Market Outlook
  - 8.3.1.1. Market Size & Forecast
    - 8.3.1.1.1. By Value
  - 8.3.1.2. Market Share & Forecast
    - 8.3.1.2.1. By Vehicle Type
    - 8.3.1.2.2. By Application Type
    - 8.3.1.2.3. By Propulsion Type
- 8.3.2. India Commercial Vehicles Market Outlook
  - 8.3.2.1. Market Size & Forecast
    - 8.3.2.1.1. By Value
  - 8.3.2.2. Market Share & Forecast
    - 8.3.2.2.1. By Vehicle Type
    - 8.3.2.2.2. By Application Type
    - 8.3.2.2.3. By Propulsion Type
- 8.3.3. Japan Commercial Vehicles Market Outlook
  - 8.3.3.1. Market Size & Forecast
    - 8.3.3.1.1. By Value
  - 8.3.3.2. Market Share & Forecast
    - 8.3.3.2.1. By Vehicle Type
    - 8.3.3.2.2. By Application Type
    - 8.3.3.2.3. By Propulsion Type
- 8.3.4. South Korea Commercial Vehicles Market Outlook
  - 8.3.4.1. Market Size & Forecast
    - 8.3.4.1.1. By Value
  - 8.3.4.2. Market Share & Forecast
    - 8.3.4.2.1. By Vehicle Type
    - 8.3.4.2.2. By Application Type
    - 8.3.4.2.3. By Propulsion Type
- 8.3.5. Australia Commercial Vehicles Market Outlook
  - 8.3.5.1. Market Size & Forecast
    - 8.3.5.1.1. By Value
  - 8.3.5.2. Market Share & Forecast
    - 8.3.5.2.1. By Vehicle Type
    - 8.3.5.2.2. By Application Type
    - 8.3.5.2.3. By Propulsion Type

9. Middle East & Africa Commercial Vehicles Market Outlook

9.1. Market Size & Forecast
- 9.1.1. By Value
9.2. Market Share & Forecast
- 9.2.1. By Vehicle Type
- 9.2.2. By Application Type
- 9.2.3. By Propulsion Type
- 9.2.4. By Country
9.3. Middle East & Africa: Country Analysis
- 9.3.1. Saudi Arabia Commercial Vehicles Market Outlook
  - 9.3.1.1. Market Size & Forecast
    - 9.3.1.1.1. By Value
  - 9.3.1.2. Market Share & Forecast
    - 9.3.1.2.1. By Vehicle Type
    - 9.3.1.2.2. By Application Type
    - 9.3.1.2.3. By Propulsion Type
- 9.3.2. UAE Commercial Vehicles Market Outlook
  - 9.3.2.1. Market Size & Forecast
    - 9.3.2.1.1. By Value
  - 9.3.2.2. Market Share & Forecast
    - 9.3.2.2.1. By Vehicle Type
    - 9.3.2.2.2. By Application Type
    - 9.3.2.2.3. By Propulsion Type
- 9.3.3. South Africa Commercial Vehicles Market Outlook
  - 9.3.3.1. Market Size & Forecast
    - 9.3.3.1.1. By Value
  - 9.3.3.2. Market Share & Forecast
    - 9.3.3.2.1. By Vehicle Type
    - 9.3.3.2.2. By Application Type
    - 9.3.3.2.3. By Propulsion Type

10. South America Commercial Vehicles Market Outlook

10.1. Market Size & Forecast
- 10.1.1. By Value
10.2. Market Share & Forecast
- 10.2.1. By Vehicle Type
- 10.2.2. By Application Type
- 10.2.3. By Propulsion Type
- 10.2.4. By Country
10.3. South America: Country Analysis
- 10.3.1. Brazil Commercial Vehicles Market Outlook
  - 10.3.1.1. Market Size & Forecast
    - 10.3.1.1.1. By Value
  - 10.3.1.2. Market Share & Forecast
    - 10.3.1.2.1. By Vehicle Type
    - 10.3.1.2.2. By Application Type
    - 10.3.1.2.3. By Propulsion Type
- 10.3.2. Colombia Commercial Vehicles Market Outlook
  - 10.3.2.1. Market Size & Forecast
    - 10.3.2.1.1. By Value
  - 10.3.2.2. Market Share & Forecast
    - 10.3.2.2.1. By Vehicle Type
    - 10.3.2.2.2. By Application Type
    - 10.3.2.2.3. By Propulsion Type
- 10.3.3. Argentina Commercial Vehicles Market Outlook
  - 10.3.3.1. Market Size & Forecast
    - 10.3.3.1.1. By Value
  - 10.3.3.2. Market Share & Forecast
    - 10.3.3.2.1. By Vehicle Type
    - 10.3.3.2.2. By Application Type
    - 10.3.3.2.3. By Propulsion Type

11. Market Dynamics

11.1. Drivers
11.2. Challenges

12. Market Trends & Developments

12.1. Merger & Acquisition (If Any)
12.2. Product Launches (If Any)
12.3. Recent Developments

13. Global Commercial Vehicles Market: SWOT Analysis

14. Porter's Five Forces Analysis

14.1. Competition in the Industry
14.2. Potential of New Entrants
14.3. Power of Suppliers
14.4. Power of Customers
14.5. Threat of Substitute Products

15. Competitive Landscape

15.1. Ashok Leyland
- 15.1.1. Business Overview
- 15.1.2. Products & Services
- 15.1.3. Recent Developments
- 15.1.4. Key Personnel
- 15.1.5. SWOT Analysis
15.2. Bosch Rexroth AG
15.3. Daimler
15.4. Volkswagen AG
15.5. Toyota Motor Corporation
15.6. Mahindra and Mahindra
15.7. TATA Motors
15.8. AB Volvo
15.9. Golden Dragon
15.10. General Motors