by Commercial vehicles play an essential role in facilitating the transportation of goods and services across various industries. They include trucks, buses, vans, and other related heavy-duty vehicles that enable seamless logistics operations. Commercial vehicles offer superior load-carrying capacity, durable frames, and robust powertrains suited for intense business applications. The global commercial vehicles market serves industries such as transportation & logistics, construction, mining, oil & gas, agriculture, and manufacturing sectors. The commercial vehicles help businesses move inventory in bulk, transport equipment and machinery, and haul raw materials efficiently. 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 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing adoption of connected and autonomous commercial vehicles is one of the key trends propelling the commercial vehicles market growth. Connected commercial vehicles utilize technologies such as GPS, vehicle telematics, and the internet of things (IoT) to transmit real-time data relating to vehicle health, location, speed, and driver behavior. This enables fleet operators to monitor vehicles remotely, optimize routing, enhance safety and fuel efficiency. Further, autonomous commercial vehicles leverage advanced sensors and automation to assist or replace human drivers. This allows drivers to focus on other tasks and reduces operational costs. Many fleet operators are actively testing autonomous trucks and buses to realize the benefits of reduced accidents, lower fuel usage, and increased productivity. The development of 5G networks and continued advances in AI and sensor technology are expected to accelerate the rollout of connected and autonomous commercial vehicles globally.
SWOT Analysis
Strength: Commercial vehicles have higher load capacity and are used for transportation of heavy goods and materials over long distances. They offer higher profit margins for businesses.
Weakness: Commercial vehicles have higher maintenance and operating costs compared to passenger vehicles. stricter emission norms increase the cost of these vehicles.
Opportunity: Growing e-commerce sector is increasing demand for delivery vans and light commercial vehicles. Developing regions offer huge potential for growth owing to ongoing infrastructure developments.
Threats: Shift towards electric vehicles poses a threat to diesel and gasoline-powered commercial vehicle sales. Rising interest rates can negatively impact new commercial vehicle sales.
Key Takeaways
The global commercial vehicles market analysis is expected to witness high growth over the forecast period supported by industrialization and infrastructure development activities worldwide.
Regional analysis: Asia Pacific currently dominates the global commercial vehicles market and is expected to witness the fastest growth through 2030 led by China, India and ASEAN countries. These countries are witnessing massive investments in road, rail and port infrastructure which is driving demand for construction equipment and heavy commercial vehicles in the region.
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., Fluke Corporation, Omicron Electronics GmbH, Megger Group Limited, and MSA Safety Incorporated. Players are focusing on development of more fuel efficient and emission compliant commercial vehicle models to comply with evolving emission norms. They are also investing in connected vehicle technologies to offer advanced telematics and fleet management solutions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
