Commercial Vehicles Market By Product Type (Light Commercial Vehicles, Heavy Commercial Vehicles, Buses), By End-Use (Industrial, Logistics, Passenger Transport, Mining & Construction), By Engine Type (Gasoline, Diesel, Electric, Natural Gas, Hybrid) - Growth, Future Prospects And Competitive Analysis, 2019 - 2027

In 2018, the global commercial vehicles market was estimated at US$ 1.05 Tn and is expected to grow at a CAGR of 6.2% throughout the forecast period from 2019 to 2027. Development of global economy, expansion of logistics industry and improved road infrastructure globally are the major key factors for global commercial vehicles market growth. As per OICA, around 5% more vehicles was sold in 2018 as compared to 2017. Penetration of e-commerce and rising infrastructural development worldwide are some of the key factors driving the growth of the global commercial vehicles market. As a result of above-mentioned factors, the global commercial vehicles market will show significant growth during the forecast period.    

Buses Segment to be the Fastest Growing Segment

Based on product type, the global commercial vehicles market is segmented into light commercial vehicles, heavy commercial vehicles and buses. The global commercial vehicles market was led by light commercial vehicles segment with revenue contribution of around 70% in 2018. Light commercial vehicles segment has its dominance owing to its benefits such as dynamic nature, cost-effectiveness and reduced emissions. On the other flip, buses segment will be the fastest growing segment during the forecast period. Growth in tourism industry and cost- effectiveness are the major reasons of growth for the segment. Thus, we expect that buses segment will be the fastest growing segment across the forecast period.

Asia Pacific will be the Fastest Growing Region throughout the Forecast Period

North America was the largest market by value and by volume for global commercial vehicles in 2018. The region accounted for more than 1/3rd of the global revenue and around 1/2 of the volume share in the same year. The dominance is owing to infrastructure development and expansion of e-commerce industry. Furthermore, we expect that Asia Pacific will be the fastest growing region during the forecast period. Asia Pacific will show fastest growth owing to significant growth in logistics industry, manufacturing industry and increased infrastructure spending by the government. As per OICA, in 2018, Asia Pacific registered nearly 4% increase in the commercial vehicle sales as compared to 2017. Thus, we expect that Asia Pacific region will be the fastest growing region throughout the forecast period.

Some of the prominent players operating in the global commercial vehicles market include Daimler AG, Tata Motors, Volkswagen AG, Ashok Leyland, Volvo Car Corporation, General Motors, Fiat Chrysler Automobiles N.V., China National Heavy Duty Truck Group Co., Ltd., PACCAR Inc., IZUSU Motors Ltd., Ford Motor Company, JAC Motors, Toyota Motor Corporation, among others.

Historical & Forecast Period

This research report presents the analysis of each segment from 2017 to 2027 considering 2018 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segments calculated for the forecast period from 2019 to 2027.

Report Scope by Segments

The global commercial vehicles market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of global commercial vehicles market based on product type, end-use, engine type and geography. Key segments covered in the report are as follows:

Key questions answered in this report

• What was the market size of global commercial vehicles market in 2018 and forecast up to 2027?
• Which is the largest regional market for global commercial vehicles?
• What are the major trends followed in overall global commercial vehicles market across different regions?
• What are the key high-growth opportunities observed in the global commercial vehicles market?
• What are the drivers of the global commercial vehicles market?
• Which are the leading global commercial vehicles providers worldwide?
• What are the key strategies adopted by the leading global commercial vehicles providers?
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Unique data points of this report

• Statistics on Automobiles Industry
• Recent trends across different regions in terms of adoption of global commercial vehicles
• Notable on-going developments in the global commercial vehicles industry
• Attractive investment proposition for different segments of global commercial vehicles market
• Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)