 |
| Global Commercial Vehicles Market Size |
The global Commercial Vehicles Market is estimated to be valued at US$ 1264.58 Bn in 2023 and is expected
to exhibit a CAGR of 18.% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Overview:
The commercial vehicles market comprises of light commercial vehicles, heavy
trucks, buses, and coaches. Commercial vehicles are an essential part of
transportation, logistics, and distribution sector globally. They aid in
efficient movement of goods and transportation of large number of passengers.
Commercial vehicles offer advantages such as high load/passenger carrying
capacity, durability and robustness suitable for heavy duty operations, and
easy maneuverability for city/highway drives. Growing e-commerce industry and
expansion of transportation infrastructure have propelled the demand for
commercial vehicles across major economies.
Market key trends:
Advent of advanced driver assistance systems and autonomous driving
capabilities are key trends revolutionizing the commercial vehicles landscape.
Manufacturers are integrating ADAS features such as collision avoidance,
adaptive cruise control, automatic braking etc. to enhance safety, reduce
accidents and optimize fleet operations. Further, developments in autonomous
commercial vehicles for transportation of goods and passengers are being
accelerated through technology partnerships. For instance, self-driving trucks
are being tested for long haul logistics applications. Electric powertrains are
also disrupting the commercial vehicles market with countries setting targets
to transition to zero emission vehicles. This has encouraged OEMs to launch
electric buses and trucks to cope with tightening emissions regulations.
Connected commercial vehicles equipped with telematics units are enabling fleet
managers to track and remote vehicle diagnostics reducing downtime.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low as significant
capital investment is required to enter the commercial vehicles market due to
rigid emission norms and technology advancement. Market saturation also poses a
challenge for new entrants.
Bargaining power of buyers: The bargaining power of buyers is high due to the
presence of several commercial vehicle manufacturers. Buyers can negotiate on
price and quality leading to lower profit margins for manufacturers.
Bargaining power of suppliers: Suppliers have moderate bargaining power. Key
suppliers include auto-component makers and technology companies. Switching
costs are moderate for manufacturers since components are standardized.
Threat of new substitutes: The threat is low as there are limited alternatives
to commercial vehicles for goods transportation. New alternatives like electric
vehicles pose medium threat in the long run.
Competitive rivalry: The competitive rivalry is high due to the presence of
global commercial vehicle manufacturers. Companies compete based on advanced
technologies, engines, and service offerings.
Key Takeaways
The Global
Commercial Vehicles Market Size is expected to witness high growth,
exhibiting CAGR of 18.% over the
forecast period, due to increasing industrial activities and investments in
transportation infrastructure across developing nations.
Regional analysis
Asia Pacific dominated the market with over 45% share in 2023 led by China,
India and Japan. Rapid economic development along with government investments
in road infrastructure have boosted demand. Europe and North America are also
major markets while RoW regions will witness fastest growth.
Key players
Key players operating in the commercial vehicles market are Ashok Leyland,
General Motors Company, Bosch Rexroth AG, Xiamen Golden Dragon Bus Co., Ltd.,
Daimler AG, Volvo Group, Volkswagen AG, Mahindra and Mahindra Ltd., Toyota
Motor Corporation, and Tata Motors Ltd. Companies are investing in R&D to
develop electric and autonomous commercial vehicles.
Read More: https://www.ukwebwire.com/commercial-vehicles-market-size/