Commercial vehicles such as buses, trucks, mining haul trucks, and construction equipment are heavily used for transportation and material handling purposes across various industries. Commercial vehicles include light commercial vehicles and heavy commercial vehicles. Light commercial vehicles include pickup trucks, vans, and minibuses used for cargo transport, passenger transport, and service applications. Heavy commercial vehicles comprise trucks and buses used for long distance cargo and passenger transportation. The global commercial vehicles market is growing due to robust demand from construction, transportation & logistics, and mining industries. Commercial vehicles are being integrated with advanced technologies to improve fuel efficiency and minimize emissions. Adoption of electric commercial vehicles is expected to drive the market significantly over the coming years.
The global commercial vehicles Market is estimated to be valued at US$ 1456.8 Mn in 2024 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.
One of the key driver for commercial vehicles market is adoption of electric commercial vehicles. Several commercial vehicle manufacturers are investing heavily in development of electric buses, trucks and vans. Stringent emission regulations along with falling battery prices are encouraging commercial fleet operators to replace old diesel vehicles with electric models. Electric buses can reduce maintenance costs and fuel costs significantly for public transportation authorities. Electric trucks are also gaining popularity for use in logistics and cargo transportation over short to medium distances. Government incentives and subsidies for electric commercial vehicles will further accelerate their adoption over the coming years. Rising environmental concerns is the other driver as consumers and businesses aim for lower emission operations through use of electric vehicles.
The commercial vehicles market is dominated by the medium and heavy commercial vehicles segment. Over 50% of the market share is held by the medium and heavy commercial vehicles segment as they are used widely for transportation of goods and bulk cargo over long distances. Due to the rapid development of logistics and transportation sector, these segments continue to dominate with steady growth.
Political: Governments across regions are focusing on infrastructure development which is positively impacting transportation of goods and freight movement, benefiting the commercial vehicles market.
Economic: With rising industrial and economic activities, the need for transportation of raw materials, manufactured goods and freight is increasing. This is driving demand for commercial vehicles for transportation and logistics needs.
Social: Changing lifestyles and rising disposable income are propelling demand for fast moving consumer goods and retail products, boosting transportation requirements and commercial vehicles market.
Technological: Advancements in engine technology, emission control systems, driver assistance systems and telematics solutions are supporting improved performance, safety and efficiency of commercial vehicles.
Global Commercial Vehicles Market Size is expected to witness high growth over the forecast period of 2024 to 2031 supported by rising industrialization, freight transport requirements and infrastructure development across regions. The global commercial vehicles Market is estimated to be valued at US$ 1456.8 Mn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period 2024 to 2031.
Asia Pacific region dominates the global commercial vehicles market owing to rapid industrialization and growing transportation sector in major economies like China and India. Government initiatives to modernize infrastructure and boost freight movement are propelling demand. China represents over 30% of market share in the region.
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, MSA Safety Incorporated. Schneider Electric and ABB captured significant market share due to their diversified product portfolio and widespread geographical presence.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it