Commercial Vehicles Market Size to Hit USD 3.07 Trillion by 2030

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Table of Content

The global commercial vehicles market size was estimated at USD 1.71 trillion in 2021 and it is expected to hit around USD 3.07 Trillion by 2030, poised to grow at a CAGR of 6.8% from 2022 to 2030.

Growth Factors

Several government authorities worldwide have drafted various regulations and implemented various policies pointed at efficient management of the extent of goods being moved in a commercial vehicle. In addition, in U.S., the Federal Motor Carrier Safety Administration is owing the credit for preventing injuries and fatalities related to commercial vehicles. The FMCSA has further drafted a regulation concerning the size of goods to be carried in a vehicle during transport. Regulations similar to these are more probable to prompt the demand for new commercial vehicles for the goods transportation, thereby propelling the commercial vehicles market growth during the forecast period.

Some sales insight revealing the strong growth of commercial vehicles during the past few years are listed below:

• The global commercial vehicles market size is expected to reach a value of US$3.07 trillion by 2030
• The light commercial vehicles sales was valued at US$1.2 trillion in 2020
• The passenger transportation was the largest segment in 2020 and is expected to exhibit the highest CAGR of 8% from 2022 to 2030
• In 2021, approximately 23,091,693 commercial vehicles were produced across the globe
• The commercial vehicles market revenue contributes around 6.9% of the European GDP
• Over 55.6% of the total global patents filed in the automotive industry is from Europe

 

 Report Highlights

• On the basis of product, the Light Commercial Vehicles (LCVs) segment accounted for the largest market share of more than 70% in the year 2020. In addition the LCVs are considered as a cost-effective option for the goods transportation and passengers transport as well.
• On the basis of end-use, the logistics segment holds the largest share of more than 20% of the overall market in the year 2020. Sustained rise in global trade and the consolidation of the logistics infrastructure are some of the key factors which are likely to drive the growth of the logistics segment during the forecast period. The persistent growth of the e-commerce industry also portends well for the growth of the logistics segment.
• On the basis of region, North America is estimated for the largest share of the commercial vehicles market in the year 2020 and is likely to continue its dominance during the forecast period registering noticeable CAGR. The highly united network of supply chain in North America connects consumers and manufacturers efficiently through various transportation modes, including but not limited to freight air, rail, and express delivery services; particularly truck transport; and maritime transport; thereby propelling the growth of the market. Easy availability of suitable financing options and hostile investments in in the growth of the infrastructure are some of the factors that are likely to contribute to towards the regional market growth.
• The Asia Pacific market is likely to foresee significant surge in demand during the forecast period in line with the growing demand for warehousing, transportation, and unified logistics solutions. The easy availability of cost-effective labor, strengthening road infrastructure, raw materials, and subsequently the growing number of production facilities coming up, especially in growing economies, such as India and China, are some of the factors that are likely to contribute to the growth of the market of Asia-Pacific.

Scope of the Report

 

Future of Commercial vehicles Market

Improvement in the development of semi-autonomous and electric commercial vehicles also augurs well for the growth of the market. The adoption of Electric Vehicles (EVs) for commercial transportation is likely to upsurge gradually owing to the various benefits associated over ICE vehicles. In addition, favorable policies to inspire the adoption of EVs, particularly in developed economies, are likely to propel the adoption of EVs for commercial purposes, thus contributing to the market growth during the forecast period.

In addition, having realized the growth potential of telematics and connectivity to transform logistics and transport operations, several Original Equipment Manufacturers (OEMs) have launched commercial vehicles featuring connectivity structures, such as traffic data, accident warnings, updates on road works and weather reports. Furthermore, connected vehicles further provide various benefits, such as improved safety by thwarting unauthorized access to vehicles, thereby avoiding tear and wear, and vehicle abuse.

What are the key trends in the Global Commercial Vehicles Market?

The rising adoption of the advanced technologies and shifting preferences towards electrification of the commercial vehicles are the major trends in the global commercial vehicles market. The adoption of advanced driver assistance systems (ADAS) in the commercial vehicles is rapidly gaining traction. The ADAS includes lane departure warning systems, blind spot detection system, driver sleepiness detection system, and driver monitoring systems, and several others that makes the commercial vehicles smart and safer for the passengers. Furthermore, the telematics and connectivity is dramatically boosting the growth of the commercial vehicles market across the globe. The improved connectivity of the commercial vehicles and advanced safety features ensured by installation of sensors are the major drivers of the modern day commercial vehicles market.

What are the key challenges in the Global Commercial Vehicles Market?

 

High costs associated with the acquisition of advanced electric commercial vehicles and the strict government regulations pertaining to the load carrying capacity and road traffic rules are the major challenges to the growth of the commercial vehicles market. The government in several nations is adopting zero emission policies to reduce carbon emission from commercial vehicles. The implementation of various regulations pertaining to the engine models and rising pressure to adopt electric vehicles is boosting the demand for advanced electric commercial vehicles. However, the high initial costs and high maintenance costs of the electric commercial vehicles may restrict the market growth.

COVID-19 Impact Analysis:

• The COVID-19 pandemic has drastically impacted the global economy and has adversely affected various industries and industry verticals, including but not limited to the automotive industry.
• Manufacturing at several production centers was halted owing to the restrictions enforced in various regions in order to diminish the spread of the novel corona virus.

Key Developments in the Marketplace:

• In March 2021, Tata Motors revealedits new range named as Ultra Sleek T-Series which is of light and intermediate commercial trucks. Furthermore, this new seriesof vehicle was specially designed for urban transportation and to meet ever-increasing demand of e-commerce in India.
• In September 2020, the company named as Ashok Leyland had launched a new light commercial vehicle range, BadaDost, with improved features, with a motive to offer high comfort to its driver and in order to address the domestic LCV market.

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