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Commercial Vehicle Market Trends and Demand Analysis to 2027 | Future Scope, Price Structure, Industry Share and Forecast to 2027 by Fortune Business Insights™

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Commercial Vehicle Market size is

projected to reach USD 621.1 billion by the end of 2027. The increasing IT

sector and rapid industrialization across the globe will emerge in favor of

market growth. According to a report published by Fortune Business Insights,

titled “

Commercial Vehicle Market Size


Share & COVID-19 Impact Analysis, By Vehicle Type (Light Commercial

Vehicle, Heavy Commercial Vehicle, and Buses & Coaches), By Power Source

(Gasoline, Diesel, HEV / PHEV, Battery Electric Vehicle (BEV), Fuel Cell

Vehicle) and Regional Forecast, 2020-2027” the market was worth USD 748.6

billion in 2019 and will exhibit a CAGR of 2.3% during the forecast period


A commercial vehicle is used for

transportation of goods or to carry passengers. Accounting to the rising daily

commute rate and increasing long-distance transportation and trade activities,

there is a massive demand for commercial type of vehicles across the world. The

presence of several large scale companies in several countries across the world

has resulted in healthy market competition. Thus, SMEs are finding it difficult

to operate seamlessly. As large scale companies hold the privilege to acquire

smaller companies as well as other large scale companies, SMEs look to

implement newer strategies that will help them attract a wider consumer base.

Although the market looks set to perform well in the long run, there surely are

a few short term hurdles, mainly due to the pandemic.


Decline in Product Sales to have a

Severe Impact on Market Growth during the Covid-19 Pandemic

The recent coronavirus outbreak has had

a negative impact on several businesses across the world. With unified efforts

taken to curb the spread of the disease, businesses across the world have been

compelled to shut down. The measures taken to minimize the impact of the

disease will ultimately affect several manufacturing units, with strict

measures forcing people to stay indoors. The commercial vehicle sector is among

the few industries that have been hit the most among all industries during the

Coovid-19 pandemic. With social distancing practices implemented across the

world, commercial vehicle businesses have dramatically gone down and it will be

a while until we may see newer variants at a similar pace to that in the past

few years.


Company Mergers are an Increasing Trend

Among Major Companies in the Global Market

The report encompasses several factors

that have contributed to the growth of the market in recent years. Among all

factors, the increasing number of company mergers and acquisitions, as well as

collaborations, has made the highest impact on the growth of the market.

Accounting to increasing market competition, it is observed that major

companies are benefiting from collaborations and joint ventures. In July 2019,

Daimler announced that it has entered into a strategic partnership with BMW for

developing new technology for automatic parking as well as a driver assistance

system on highways. This partnership will also help the companies to achieve a

higher level of automation in urban centers. The increasing number of company

mergers and acquisitions will have a massive impact on the growth of the global

market in the coming years.


North America to Emerge Dominant;

Increasing Production of Commercial Vehicles will Bode well for Market Growth

The report analyses the ongoing market

trends across five major regions, including North America, Latin America,

Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the

market in North America is projected to emerge dominant in the coming years.

The presence of several large scale companies in this region will have a direct

impact on the growth of the regional market. The increasing adoption of these

vehicles is attributable to the increasing application of the product across

diverse industries. As of 2019, the market in North America was worth USD 332.9

billion and this value is projected to rise at a considerable pace in the

coming years. The market in Asia Pacific will derive growth from the rising

population and the use of commercial vehicles as a medium for the daily



List of the Leading Companies Profiled

in the Global Commercial Vehicle Market are:

  • Daimler AG (Stuttgart, Germany)

  • PACCAR Inc. (Washington, United States)

  • Hino (Tokyo, Japan)

  • SCANIA (Södertälje, Sweden)

  • Tata Motors (Mumbai, India)

  • Navistar International Corp (Illinois, United States)

  • BYD Auto Co., Ltd. (Shenzhen, China)

  • AB Volvo (Gothenburg, Sweden)

  • Toyota Motor Corporation (Toyota, Aichi, Japan)

  • Proterra, Inc. (California, United States)


Industry Developments:

April 2020: 

The Volvo Group and Daimler Truck AG announced that

they have formed a new joint venture. This collaboration is aimed at the

development and production of commercializing advanced fuel cell systems for

heavy commercial vehicle applications.

Browse Detailed Summary of Research

Report with TOC:


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