Dublin, Sept. 15, 2022 (GLOBE NEWSWIRE) -- The "Commercial Vehicles - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Commercial Vehicles Market to Reach 27.9 Million Units by 2026
The global market for Commercial Vehicles estimated at 23.4 Million Units in the year 2022, is projected to reach a revised size of 27.9 Million Units by 2026, growing at a CAGR of 4.4% over the analysis period.
Growth in the commercial vehicles market is primarily driven by availability of freight, and level of transportation and logistics activity, which in turn is dependent on economic growth and health of commercial, business, and industrial activity. Government spending on infrastructure projects such as power generation, road constructions, mining, mega and smart cities will also drive demand for a range of commercial vehicles used for transportation in these segments.
Open trade environment, tax policies towards automobile sector, availability of consumer finance, fluctuation in exchange rates, varying inflation levels also influence the industry`s growth prospects. Other factors that are critical to commercial vehicles market include stringent environmental laws, globalization of vehicle concepts, transportation infrastructure in place and technology advancements such as advanced driver assistance systems for passenger/vehicle safety and accident prevention.
The demand for automobiles, particularly commercial vehicles, is also highly influenced by fluctuations in international oil prices. This phenomenon is particularly prominent in developing nations. The demand for light commercial vehicles segment remains dominant in the market due to versatile performance of such vehicles in varied conditions, ease-of-maintenance, comfort and cost-effectiveness.
Growing levels of economic activity, increasing road transportation, and recovery in global production & trade are leading to increased consumer spending on trucks. Recovery in business spending in the year 2021 & beyond will bring back growth fundamentals currently forced into hiatus by the virus led disruption and economic recession.
Sales of commercial vehicles are witnessing a gradual increase in volumes in certain countries driven by an uptick in demand from construction, agriculture, and mining sectors. In addition, inventory push and heavy discounts offered by commercial vehicle manufacturers are also contributing to a certain extent towards the rise in volume sales.
The U.S. Market is Estimated at 11 Million Units in 2022, While China is Forecast to Reach 5.7 Million Units by 2026
The Commercial Vehicles market in the U.S. is estimated at 11 Million Units in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of 5.7 Million Units by the year 2026 trailing a CAGR of 6.5% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.9% and 3.2% respectively over the analysis period.
Within Europe, Germany is forecast to grow at approximately 3.4% CAGR. While the US continues to retain its standing as a leading commercial vehicle manufacturing nation, the Asia-Pacific market is developing into a region laden with tremendous potential in terms of production. China and India will continue to be growth engines for the market in the short to medium term period, owing to huge demand for commercial vehicles and subsequent rise in their production in these countries.
What`s New for 2022?
Global competitiveness and key competitor percentage market shares
Market presence across multiple geographies - Strong/Active/Niche/Trivial
Online interactive peer-to-peer collaborative bespoke updates
Access to the digital archives
Complimentary updates for one year
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Influencer Market Insights
World Market Trajectories
Impact of Covid-19 and a Looming Global Recession
COVID-19 Impact on Commercial Vehicles Market
CV Industry Likely to See Significant Changes in Post COVID Period
Rise in Uptake of Autonomous Vehicles & Truck Platooning
Telematics & Uptime Support
Commercial Vehicles: A Prelude
Disparity in Classification of CVs by Region
Categorization of Trucks based on GVW
Categorization of Trucks based on Class and End-Use
Correlation Between the CV Market & the Transportation Industry
Developing Markets to Lend Traction to Market
Nearshoring Trend Positions Brazil & Mexico as a Strong Production Centers for CVs
Light Commercial Vehicles Commands Largest Share
Trucks: Backbone of Logistics Industry
Global Industrial Truck Market: An Overview
Manufacturers Focus on Supplier-End User Relationship
Recent Market Activity
2. FOCUS ON SELECT PLAYERS(Total 124 Featured)
Ashok Leyland Limited
Dongfeng Motor Corporation
Ford Motor Corporation
General Motors Company
Hino Motors, Ltd.
Hyundai Motor Company
Isuzu Commercial Truck of America, Inc.
Mitsubishi Fuso Truck of America, Inc.
Tata Motors Ltd
Toyota (GB) PLC
3. MARKET TRENDS & DRIVERS
COVID-19 Galvanizes Electric Light Commercial Vehicles to Play as Backbone of Delivery Infrastructure
Buzzing Trends with Potential to Redefine Commercial Vehicle Space
Vehicle Efficiency Gains Focus
Trend Towards Alternative Fuels & Diesel
Electrification of Commercial Vehicles Gains Momentum
Select Developments in Commercial Electric Vehicles Space
Marking an Era of Automated & Autonomous Vehicles
Disruptions in Traditional Vehicle Architecture
Servitization Garners Pace
Use of Insurance Packages
Rise in Use of Advanced Tracking Systems
Driverless Systems Seek Role in CV Industry
Digitalization of Logistics & Market Changes Prompt Truck Operators to Rush Headlong into Automation Drive
Cloud Computing Experiences Increasing Adoption
Connected Technology to Revolutionize Commercial Vehicle Ecosystem
IoT Supports Roll Out of Connected CVs
Focus on Smart Highway to Elevate the Image of Connected CV
The Growing Need to Bridge Infrastructure Gap Which is the Highest for Roadways Promises Robust Opportunity for Smart Highways
On-Road Safety Drives Business Case for Connected CV
Rising Average Vehicle Life Provides a Fertile Environment for New CV Purchases
Average Age of Trucks and Buses in the EU (in Years): 2016-2018
Trend Towards Low-Emission and Fuel Efficient Vehicles
Hybrid Commercial Vehicles in the Spotlight
Safety Features Gain Precedence
Growing Focus On Telematics as a Key Value Addition in Trucking Industry
Rising Demand for Refrigerated Vehicles Augurs Well for CV Market
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
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