Global $1.82 Trillion Commercial Vehicles Markets, 2021-2028: Focus on Industrial, Mining & Construction, Logistics, Passenger Transportation Vehicles

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Aug 11, 2021, 10:00 ET

DUBLIN, Aug. 11, 2021 /PRNewswire/ -- The "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, 2021-2028" report has been added to ResearchAndMarkets.com's offering.

The global commercial vehicles market size is expected to reach USD 1.82 trillion by 2028. The market is anticipated to register a CAGR of 5.2% from 2021 to 2028.

Continued infrastructure development and 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 industry, is also expected to drive the demand for commercial vehicles. Advanced in technology and the continued integration of telematics and communication capabilities into commercial vehicles also bodes well for the growth of the market over the forecast period.

The market is evolving consistently in line with the advances in technology and changing preferences of end users. The need to ensure safety and convenience while traveling is driving technological advancements. The introduction of truck platooning has particularly enhanced the safety of trucks.

Platooning envisages driving trucks closer to each other at a constant speed with reduced acceleration and braking, thereby controlling fuel consumption. Truck platooning can potentially reduce CO2 emissions by up to 10%. Platooning can also help increase safety by implementing automatic braking. As such, platooning also helps ensure efficient use of roads, reducing traffic jams and delivering goods faster than ever.

Customers willing to invest in commercial vehicles are also scouting for additional services, such as financing services, rental services and leasing services. 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 of 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.

The global automotive production volumes declined over the year in 2020, mainly due to the dwindling production volumes in North America and Europe, among other regions, as production facilities were shut temporarily as part of the lockdown procedures. According to the Organisation Internationale des Constructeursd' Automobiles (OICA), global commercial vehicle production dropped by more than 15% over the year from 91,786,861 units in 2019 to 77,621,582 units in 2020.

Nevertheless, the market is looking forward to some respite in the short term as 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 accounted for a market share of around 50% in 2020 and is estimated to register a CAGR of over 3% over the forecast period. Apart from the growing purchasing power of the population in North America, the region is also witnessing continued investments in infrastructure development.

At the same time, the governments of North American countries are particularly focusing on having in-house automotive production. Digitization of trucks in line with the growing preference for connected trucks is expected to offer new business opportunities for key OEMs, including Volkswagen (MAN & Scania), Daimler AG and Volvo. These OEMs are expected to invest aggressively in telematics solutions, thereby contributing to the growth of the regional market over the forecast period.

Key Topics Covered:

Chapter 1 Methodology & Scope

Chapter 2 Executive Summary

Chapter 3 Market Variables, Trends, & Scope
3.1 Penetration and Growth Prospect Mapping
3.2 Commercial Vehicles - Value Chain Analysis
3.3 Commercial Vehicles Market Dynamics

Chapter 4 Commercial Vehicles Market: Product Estimates & Trend Analysis
4.1 Product Movement Analysis& Market Share, 2020 & 2028
4.2 Market Size & Forecasts and Trends Analysis, 2016 to 2028 for the following:
4.2.1 Light Commercial Vehicles (LCVs)
4.2.2 Heavy Trucks
4.2.3 Buses & Coaches

Chapter 5 Commercial Vehicles Market: End-Use Estimates & Trend Analysis
5.1 End-Use Movement Analysis& Market Share, 2020 & 2028
5.2 Market Size & Forecasts and Trends Analysis, 2016 to 2028 for the following:
5.2.1 Industrial
5.2.2 Mining & Construction
5.2.3 Logistics
5.2.4 Passenger Transportation
5.2.5 Others

Chapter 6 Commercial Vehicles Market: Regional Estimates & Trend Analysis
6.1 Regional Movement Analysis& Market Share, 2020 & 2028
6.2 Market Size & Forecasts and Trends Analysis, 2016 to 2028

Chapter 7 Competitive Landscape