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| Global Commercial Vehicles Market Size |
Commercial vehicles such as trucks, buses, and vans are used for commercial
transportation purposes. They offer advantages like higher load carrying
capacity, enhanced productivity and profitability. Increasing industrial and
logistical activities have boosted the demand for commercial vehicles for
freight transportation.
The global Commercial Vehicles Market is estimated to
be valued at US$ 1456.8 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period
2024 to 2031, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
The demand for fuel-efficient commercial vehicles is rising at a rapid pace.
Stringent regulations regarding vehicular emissions have compelled commercial
vehicle manufacturers to develop more fuel-efficient vehicles without
compromising on cargo space and load carrying capacity. They are focusing on
reducing vehicle weight and improving engine and transmission efficiency. This
is being achieved by increasing the use of lightweight materials, improving
aerodynamics and employing start-stop technologies and other fuel saving
measures. The development of more fuel-efficient commercial vehicles will drive
the demand for advanced drivetrains, thereby accelerating the growth of the
commercial vehicles market over the forecast period.
Segment Analysis
The global commercial vehicles market is dominated by the light commercial
vehicles segment which accounted for over 60% share of the overall market in
2024. Light commercial vehicles include pickup trucks, vans and mini-buses
which find widespread application in logistics, courier and freight
transportation services. They are preferred over medium and heavy commercial
vehicles for last mile delivery operations owing to their compact size and
maneuverability.
Key Takeaways
Global
Commercial Vehicles Market Size is expected to witness high growth over
the forecast period of 2024 to 2031. With rising e-commerce activities and
expanding logistics infrastructure, the demand for commercial vehicles is
poised to grow substantially. The global Commercial Vehicles Market is
estimated to be valued at US$ 1456.8 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period
2024 to 2031.
Regional analysis: North America dominated the global commercial vehicles
market in 2024 and is expected to continue its leading position throughout the
forecast period. This can be attributed to well-established road infrastructure
and growing freight transportation activities in the region. Asia Pacific is
anticipated to showcase the fastest growth owing to ongoing industrialization
and infrastructure development programs across countries like China and India.
Key players: Key players operating in the commercial vehicles market are
Schneider Electric SE, ABB Ltd., Siemens AG, Eaton Corporation, Honeywell
International Inc., Rockwell Automation, Inc., UL LLC (Underwriters
Laboratories), Emerson Electric Co., General Electric (GE), Littelfuse, Inc.,
DuPont de Nemours, Inc..
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