Published Date : 23 May 2022
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.
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:
Scope of the Report
|Market Size in 2021||USD 1.71 Trillion|
|Revenue Forecast by 2030||USD 3.07 Trillion|
|Forecast Data||2022 to 2030|
|Companies Covered||Bosch Rexroth AG, Ashok Leyland, Daimler, Toyota Motor Corporation, Volkswagen AG, Mahindra and Mahindra, VOLVO, TATA Motors, General Motors, and Golden Dragon|
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:
Key Developments in the Marketplace:
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