Commercial Vehicles Market Demand 2023-2028
What is the Size of Commercial Vehicles Market ? :
The latest research study “Commercial Vehicles Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” offers a comprehensive analysis of the industry, which comprises insights on the commercial vehicles market trends. The report also includes competitor and regional analysis, and contemporary advancements in the market. the global commercial vehicles market size reached US$ 772.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 988.8 Billion by 2028, exhibiting a growth rate (CAGR) of 4.02% during 2023-2028.
Commercial vehicles are licensed automobiles widely used in the transportation of goods or materials. They are available in various shapes, sizes, and capabilities to meet the diverse needs of industries and businesses. They can be equipped with specialized features to support their intended use, such as refrigeration units for transporting perishable goods or hydraulic lifts for transporting heavy equipment. They offer several advantages, including less air and noise pollution, reduced fuel consumption and maintenance costs, increased payload capability, and enhanced reliability. Consequently, they are used for various applications, such as passenger transportation, logistics, industrial, and mining. Some commonly used commercial vehicles include freight vehicles, company vans, minivans, pick-up trucks, sports utility vehicles, heavy-duty trucks, buses, and coaches.
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Who is the Market Leader Commercial Vehicles ? :
The competitive landscape of the industry has also been examined along with the profiles of the key players being
- AB Volvo
- Ashok Leyland (Hinduja Group)
- Ford Motor Company
- General Motors Company
- Hyundai Motor Company
- ISUZU Motors Limited
- Mahindra & Mahindra Limited
- Mercedes-Benz Group AG
- Mitsubishi Motors Corporation
- Robert Bosch GmbH
- Tata Motors Limited
- Toyota Motor Corporation
- Volkswagen AG
What is the Growth of Commercial Vehicle Market ? :
The growing need for goods transportation across various industries is driving the global market. Coupled with this, the rising construction and mining activities, which are increasing requirements for material transportation worldwide, are contributing to the overall demand. Furthermore, numerous major companies are heavily investing in developing innovative vehicle designs for reducing load factors and size and providing customization according to weight regulations, which is providing a boost to the market. In line with this, the launch of semi-autonomous commercial vehicles and electric vehicles for the transportation of goods is acting as another growth-inducing factor. The market is further driven by other factors, including rising government initiatives to promote the uptake of EVs, expanding investments in road developments across geographically extended locations, and the increasing number of e-commerce activities.
Key Market Segmentation:
Breakup by Vehicle Type:
- Light Commercial Vehicle
- Medium and Heavy-duty Commercial Vehicle
Breakup by Propulsion Type:
- IC Engine
- Electric Vehicle
Breakup by End Use:
- Industrial
- Mining and Construction
- Logistics
- Passenger Transportation
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2022 |
| Historical Period | 2017-2022 |
| Forecast Period | 2023-2028 |
| Units | US$ Billion |
| Segment Coverage | Vehicle Type, Propulsion Type, End Use, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered | AB Volvo, Ashok Leyland (Hinduja Group), Ford Motor Company, General Motors Company, Hyundai Motor Company, ISUZU Motors Limited, Mahindra & Mahindra Limited, Mercedes-Benz Group AG, Mitsubishi Motors Corporation, Robert Bosch GmbH, Tata Motors Limited, Toyota Motor Corporation and Volkswagen AG. |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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