AUTOMOTIVE & TRANSPORTATION
Global Commercial Vehicles Market - Industry Trends and Forecast to 2032
REPORT OVERVIEW
Global Commercial Vehicles Market, By Product (Light Commercial Vehicles (LCVs), Heavy Trucks, and Buses & Coaches), Propulsion Type (IC Engine (ICE), Electric Vehicle (EV), and Hybrid Vehicle), Power Source (Gasoline, Diesel, HEV / PHEV, Battery Electric Vehicle (BEV), and Fuel Cell Vehicle), Vehicle Class (Class 1 and 2, Class 3 to 6, and Class 7 and 8), End-Use (Industrial, Mining & Construction, Logistics, Passenger Transportation, and Others), Region (North America, Europe, Asia-Pacific, South America, Middle East and Africa) – Industry Trends and Forecast to 2032.
Market Insights
The global commercial vehicles market size is valued to be USD xx million in 2023 and is expected to reach USD xx million by 2032, and it is expected to register a CAGR of xx% over the forecast period 2024-2032.
The commercial vehicles market is a segment of the automotive industry that focuses on cars designed primarily for commercial use rather than personal transportation. These vehicles are used for a variety of reasons, including the transportation of goods and persons, as well as specialised jobs such as construction, logistics, and public services. Commercial vehicles include trucks, vans, buses, trailers, and specialty vehicles such as ambulances, fire trucks, and utility vehicles. The market includes the manufacturing, marketing, and maintenance of these cars, as well as related services including leasing, financing, and aftermarket parts. It is critical in facilitating transportation and logistics networks that support businesses, industries, and public services around the world.
The respective global report analyses market trends, consumer behaviour and industry dynamics to guide towards entry into new markets with ease. Also, it assists in tailoring market specific and related products and services to meet the needs, preferences, and expectations of target audience by delving into their psychology. The report also specializes with comprehensive and extensive competitive analysis which offers useful insights into competitor strengths, weaknesses, opportunities, and threats. The respective report offers exclusive insights into the potential impact of disruptive developments and technologies that are expected to completely transform corporate operations. The context includes tailor-made research solutions to create a stronger footprint in their particular industries thereby offering dedicated customized solutions according to the client needs which helps in addressing unique business challenges with more simplified and efficient decision-making solutions.
Market Dynamics
DRIVERS
- Rapid urbanization
- Shift towards sustainable transportation
RESTRAINTS
- Volatility in fuel prices
- Trade disputes and tariffs
OPPORTUNITIES
- Technological advancements
- Government policies and incentives
CHALLENGES
- Supply chain disruptions
- Technology adoption challenges
SEGMENTATION
- Product
- Light Commercial Vehicles (LCVs)
- Heavy Trucks
- Buses & Coaches
- Propulsion Type
- IC Engine (ICE)
- Electric Vehicle (EV)
- Hybrid Vehicle
- Power Source
- Gasoline
- Diesel
- HEV / PHEV
- Battery Electric Vehicle (BEV)
- Fuel Cell Vehicle
- Vehicle Class
- Class 1 and 2
- Class 3 to 6
- Class 7 and 8
- End-Use
- Industrial
- Mining & Construction
- Logistics
- Passenger Transportation
- Others
The respective global report is completely customizable specific to regions (North America, Europe, Asia-Pacific, South America, Middle East and Africa), countries, segments, and key players as per the client requirements.
REGIONAL SEGMENTATION
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- The Netherlands
- Belgium
- Turkey
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Singapore
- Malaysia
- Australia
- Thailand
- Philippines
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Chile
- Colombia
- Rest of South America
- Middle East and Africa
- Kingdom of Saudi Arabia
- South Africa
- U.A.E.
- Egypt
- Rest of Middle East and Africa
KEY MARKET PLAYERS
- AB Volvo
- Ashok Leyland
- Scania
- Daimler
- Volkswagen AG
- Toyota Motor Corporation
- Mahindra and Mahindra
- TATA Motors
- Golden Dragon
- General Motors
Table OF CONTENTS
- SECTION 1 - INTRODUCTION
- 1.1 Taxonomy
- 1.2 Market Overview
- 1.3 Currency and Limitations
- 1.3.1 Currency
- 1.3.2 Limitations
- 1.4 Key Competitors
- SECTION 2 - RESEARCH METHODOLOGY
- 2.1 Research Approach
- 2.2 Data Collection and Validation
- 2.2.1 Secondary Research
- 2.2.2 Primary Research
- 2.3 Market Assessment
- 2.3.1 Market Size Estimation
- 2.3.2 Bottom-up Approach
- 2.3.3 Top-down Approach
- 2.3.4 Growth Forecast
- 2.4 Market Study Assumptions
- 2.5 Data Sources
- SECTION 3 - EXECUTIVE SUMMARY
- 3.1 Global Commercial Vehicles Market, by Product
- 3.2 Global Commercial Vehicles Market, by Propulsion Type
- 3.3 Global Commercial Vehicles Market, by Power Source
- 3.4 Global Commercial Vehicles Market, by Vehicle Class
- 3.5 Global Commercial Vehicles Market, by End-Use
- 3.6 Global Commercial Vehicles Market, by Geography
- 3.7 Market Position Grid
- SECTION 4 - PREMIUM INSIGHTS
- 4.1 Regulatory Framework
- 4.1.1 Standards
- 4.1.2 Regulatory Landscape
- 4.2 Value Chain Analysis
- 4.3 Supply Chain Analysis
- 4.4 COVID-19 Impact
- 4.5 Russia-Ukraine War Impact
- 4.6 PORTER's Five Force Analysis
- 4.7 PESTLE Analysis
- 4.8 SWOT Analysis
- 4.9 Go to Market Strategy
- 4.10 Opportunity Orbit
- 4.11 Multivariate Modelling
- 4.12 Pricing Analysis
- SECTION 5 - MARKET DYNAMICS
- 5.1 Trends
- 5.1.1 Infrastructure development
- 5.1.2 E-commerce growth
- 5.1.3 Trend 3
- 5.2 Drivers
- 5.2.1 Rapid urbanization
- 5.2.2 Shift towards sustainable transportation
- 5.2.3 Driver 3
- 5.2.4 Driver 4
- 5.3 Restraints
- 5.3.1 Volatility in fuel prices
- 5.3.2 Trade disputes and tariffs
- 5.3.3 Restraint 3
- 5.4 Opportunities
- 5.4.1 Technological advancements
- 5.4.2 Government policies and incentives
- 5.4.3 Opportunity 3
- 5.4.4 Opportunity 4
- 5.5 Challenges
- 5.5.1 Supply chain disruptions
- 5.5.2 Technology adoption challenges
- 5.5.3 Challenge 3
- SECTION 6 - GLOBAL COMMERCIAL VEHICLES MARKET, BY PRODUCT
- 6.1 Product Summary
- 6.2 Market Attractive Index
- 6.3 Global Commercial Vehicles Market, by Product (2019-2032)
- SECTION 7 - GLOBAL COMMERCIAL VEHICLES MARKET, BY PROPULSION TYPE
- 7.1 Propulsion Type Summary
- 7.2 Market Attractive Index
- 7.3 Global Commercial Vehicles Market, by Propulsion Type (2019-2032)
- SECTION 8 - GLOBAL COMMERCIAL VEHICLES MARKET, BY POWER SOURCE
- 8.1 Power Source Summary
- 8.2 Market Attractive Index
- 8.3 Global Commercial Vehicles Market, by Power Source (2019-2032)
- SECTION 9 - GLOBAL COMMERCIAL VEHICLES MARKET, BY VEHICLE CLASS
- 9.1 Vehicle Class Summary
- 9.2 Market Attractive Index
- 9.3 Global Commercial Vehicles Market, by Vehicle Class (2019-2032)
- SECTION 10 - GLOBAL COMMERCIAL VEHICLES MARKET, BY END-USE
- 10.1 End-Use Summary
- 10.2 Market Attractive Index
- 10.3 Global Commercial Vehicles Market, by End-Use (2019-2032)
- SECTION 11 - GLOBAL COMMERCIAL VEHICLES MARKET, BY GEOGRAPHY
- 11.1 Regional Summary
- 11.2 Market Attractive Index
- 11.3 Global Commercial Vehicles Market, by Geography (2019-2032)
- SECTION 12 - NORTH AMERICA COMMERCIAL VEHICLES MARKET
- 12.1 North America Summary
- 12.2 Market Attractive Index
- 12.3 North America Commercial Vehicles Market, by Product (2019-2032)
- 12.4 North America Commercial Vehicles Market, by Propulsion Type (2019-2032)
- 12.5 North America Commercial Vehicles Market, by Power Source (2019-2032)
- 12.6 North America Commercial Vehicles Market, by Vehicle Class (2019-2032)
- 12.7 North America Commercial Vehicles Market, by End-Use (2019-2032)
- 12.8 North America Commercial Vehicles Market, by Country (2019-2032)
- 12.8.1 U.S.
- 12.8.2 Canada
- 12.8.3 Mexico
- 12.8.4 Rest of North America
- SECTION 13 - EUROPE COMMERCIAL VEHICLES MARKET
- 13.1 Europe Summary
- 13.2 Market Attractive Index
- 13.3 Europe Commercial Vehicles Market, by Product (2019-2032)
- 13.4 Europe Commercial Vehicles Market, by Propulsion Type (2019-2032)
- 13.5 Europe Commercial Vehicles Market, by Power Source (2019-2032)
- 13.6 Europe Commercial Vehicles Market, by Vehicle Class (2019-2032)
- 13.7 Europe Commercial Vehicles Market, by End-Use (2019-2032)
- 13.8 Europe Commercial Vehicles Market, by Country (2019-2032)
- 13.8.1 Germany
- 13.8.2 U.K.
- 13.8.3 France
- 13.8.4 Italy
- 13.8.5 Spain
- 13.8.6 Russia
- 13.8.7 The Netherlands
- 13.8.8 Belgium
- 13.8.9 Turkey
- 13.8.10 Rest of Europe
- SECTION 14 - ASIA-PACIFIC COMMERCIAL VEHICLES MARKET
- 14.1 Asia-Pacific Summary
- 14.2 Market Attractive Index
- 14.3 Asia-Pacific Commercial Vehicles Market, by Product (2019-2032)
- 14.4 Asia-Pacific Commercial Vehicles Market, by Propulsion Type (2019-2032)
- 14.5 Asia-Pacific Commercial Vehicles Market, by Power Source (2019-2032)
- 14.6 Asia-Pacific Commercial Vehicles Market, by Vehicle Class (2019-2032)
- 14.7 Asia-Pacific Commercial Vehicles Market, by End-Use (2019-2032)
- 14.8 Asia-Pacific Commercial Vehicles Market, by Country (2019-2032)
- 14.8.1 China
- 14.8.2 India
- 14.8.3 Japan
- 14.8.4 South Korea
- 14.8.5 Singapore
- 14.8.6 Malaysia
- 14.8.7 Australia
- 14.8.8 Thailand
- 14.8.9 Philippines
- 14.8.10 Rest of Asia-Pacific
- SECTION 15 - SOUTH AMERICA COMMERCIAL VEHICLES MARKET
- 15.1 South America Summary
- 15.2 Market Attractive Index
- 15.3 South America Commercial Vehicles Market, by Product (2019-2032)
- 15.4 South America Commercial Vehicles Market, by Propulsion Type (2019-2032)
- 15.5 South America Commercial Vehicles Market, by Power Source (2019-2032)
- 15.6 South America Commercial Vehicles Market, by Vehicle Class (2019-2032)
- 15.7 South America Commercial Vehicles Market, by End-Use (2019-2032)
- 15.8 South America Commercial Vehicles Market, by Country (2019-2032)
- 15.8.1 Brazil
- 15.8.2 Argentina
- 15.8.3 Chile
- 15.8.4 Colombia
- 15.8.5 Rest of South America
- SECTION 16 - MIDDLE EAST AND AFRICA COMMERCIAL VEHICLES MARKET
- 16.1 Middle East and Africa Summary
- 16.2 Market Attractive Index
- 16.3 Middle East and Africa Commercial Vehicles Market, by Product (2019-2032)
- 16.4 Middle East and Africa Commercial Vehicles Market, by Propulsion Type (2019-2032)
- 16.5 Middle East and Africa Commercial Vehicles Market, by Power Source (2019-2032)
- 16.6 Middle East and Africa Commercial Vehicles Market, by Vehicle Class (2019-2032)
- 16.7 Middle East and Africa Commercial Vehicles Market, by End-Use (2019-2032)
- 16.8 Middle East and Africa Commercial Vehicles Market, by Country (2019-2032)
- 16.8.1 Kingdom of Saudi Arabia
- 16.8.2 South Africa
- 16.8.3 U.A.E.
- 16.8.4 Egypt
- 16.8.5 Rest of Middle East and Africa
- SECTION 17 - COMPANY SHARE ANALYSIS
- 17.1 Global Commercial Vehicles Market, Company Share Analysis
- 17.2 North America Commercial Vehicles Market, Company Share Analysis
- 17.3 Europe Commercial Vehicles Market, Company Share Analysis
- 17.4 Asia-Pacific Commercial Vehicles Market, Company Share Analysis
- SECTION 18 - COMPANY PROFILES
- 18.1 AB Volvo
- 18.1.1 Company Snapshot
- 18.1.2 Financial Overview
- 18.1.3 Product Portfolio
- 18.1.4 Recent Developments
- 18.2 Ashok Leyland
- 18.2.1 Company Snapshot
- 18.2.2 Financial Overview
- 18.2.3 Product Portfolio
- 18.2.4 Recent Developments
- 18.3 Scania
- 18.3.1 Company Snapshot
- 18.3.2 Financial Overview
- 18.3.3 Product Portfolio
- 18.3.4 Recent Developments
- 18.4 Daimler
- 18.4.1 Company Snapshot
- 18.4.2 Financial Overview
- 18.4.3 Product Portfolio
- 18.4.4 Recent Developments
- 18.5 Volkswagen AG
- 18.5.1 Company Snapshot
- 18.5.2 Financial Overview
- 18.5.3 Product Portfolio
- 18.5.4 Recent Developments
- 18.6 Toyota Motor Corporation
- 18.6.1 Company Snapshot
- 18.6.2 Financial Overview
- 18.6.3 Product Portfolio
- 18.6.4 Recent Developments
- 18.7 Mahindra and Mahindra
- 18.7.1 Company Snapshot
- 18.7.2 Financial Overview
- 18.7.3 Product Portfolio
- 18.7.4 Recent Developments
- 18.8 TATA Motors
- 18.8.1 Company Snapshot
- 18.8.2 Financial Overview
- 18.8.3 Product Portfolio
- 18.8.4 Recent Developments
- 18.9 Golden Dragon
- 18.9.1 Company Snapshot
- 18.9.2 Financial Overview
- 18.9.3 Product Portfolio
- 18.9.4 Recent Developments
- 18.10 General Motors
- 18.10.1 Company Snapshot
- 18.10.2 Financial Overview
- 18.10.3 Product Portfolio
- 18.10.4 Recent Developments
- SECTION 19 - RELATED REPORTS
- SECTION 20 - DISCLAIMER
RESEARCH METHODOLOGY
The research methodology employed in Uniprism Market Research involves four basic steps namely research and data collection, data pre-processing, modeling and forecasting, quality assurance and output.
RESEARCH AND DATA COLLECTION
A tripod model research technique is followed for research and data collection in which various approaches such as primary research, secondary research, and product mapping are considered.
Primary research basically involves the process of conducting personalized interviews with market related professionals of major market players, investors, distributors, vendors and many more.
The secondary research include data published by government, annual reports, press releases, investor presentations of companies, white papers, certified publications, annual manufacturing limit of the respective industries related to the market, production consumption analysis of certain products respective to the market and many more.
Below mention are few of the sources which we have considered while estimating the market size:
For instance,
- Research articles published on Technium
- Science and MDPI
- Research publications by government approved associations and societies
Product mapping means the process of mapping the list of products that a key player contributes to the market as well as estimating the revenue of those products in order to define the Global Company share analysis of the respective Global Company in global, regional, and country level markets.
DATA PRE-PROCESSING
The term "data pre-processing" refers to the collection of procedures and methods used to clean, modify, and make ready for analysis the raw data gathered during research and data collection. The completion of this phase is necessary to guarantee that the data are reliable, consistent, and appropriate for statistical analysis and other data-driven tasks. The data pre-processing ensures that the information gathered from research and data collection is comparable and expressed in standard units, by the integration of missing data pointers and algorithmic approaches.
MODELING AND FORECASTING
The process of developing mathematical, statistical, or computational representations of real-world occurrences or relationships is known as modelling. These models are intended to replicate and explain market interactions, interdependence, and dynamics. These models are used by Uniprism Market Research to acquire a better knowledge of numerous market characteristics such as customer preferences, pricing elasticity, competition dynamics, and more. Depending on the individual study aims, many types of models are utilized, such as regression models, econometric models, decision tree models, and machine learning models.
Forecasting is the process of predicting future market conditions, trends, and occurrences using past data and models. Forecasting is used by Uniprism Market Research to estimate future sales, demand for products or services, market growth, and other important performance metrics. Forecasting accurately can assist organizations in making educated decisions about resource allocation, pricing, inventory management, and marketing tactics.
We create standardized bottom-up or top-down models that scale by leveraging data science and machine learning technology. All our market models consider the unique market characteristics of each country. Forecasting is based on major market indicators and a combination of traditional methodologies, such as exponential smoothing, time series analysis, regression analysis, and more modern techniques such as machine learning algorithms are all forecasting methodologies. The method chosen is determined on the nature of the data and the specific forecasting aims.
QUALITY ASSURANCE AND OUTPUT
Quality assurance and output involves the process of validation, adjustments, further publications of key market indicators. Extensive plausibility and consistency tests are performed on derived time series to ensure the high degree of quality of our market analysis. This quality assurance procedure also includes rigorous inspection, validation, and editing by an experienced management team to assure the dependability of the published data.