Commercial Vehicle Market Outlook 2024 - 2028

Daily Updated Industry Statistics and Top Emerging Trends about the Commercial Vehicle Industry

Global Commercial Vehicle Trends in 2024

Commercial Vehicle is part of Motor Vehicle and includes a number of sub-sectors such as Bus and Truck. You may also be interested in Electric Vehicle, Motorcycle and Light Vehicle.

Global Diesel Truck Sales are projected to reach approximately $52.9 billion by 2028, down from $55.6 billion in 2023, reflecting an average annual decline of 0.1%. Since 2019, global demand has seen a modest annual growth rate of 1.2%. In 2023, the United States led the market with sales totaling $35.5 billion. France, Italy, and Germany followed in the rankings, securing the second, third, and fourth positions respectively. Notably, Slovenia experienced a year-on-year increase of 3.1%, while Sweden saw a decline of 4.1% annually since 2019. Global Commercial Vehicle Registrations are expected to rise to approximately 31.3 million units by 2028, up from 28.9 million units in 2023. This indicates an average annual growth rate of 1.3%. Since 2010, the global market has grown at an annual rate of 1.4%. In 2023, the United States again took the lead with 6.9 million units registered. Canada, Mexico, and Argentina ranked second, third, and fourth respectively. Greece stood out with a staggering year-on-year growth of 90.3%, while Honduras experienced a significant decline of 49.4% annually since 2010. Global Commercial Vehicle Production is forecasted to reach around 22.5 million units by 2028, up from 20.3 million units in 2023, growing at an average annual rate of 1.6%. Since 2019, global supply has increased by 5.7% year-on-year. With 8.1 million units produced in 2023, the United States topped the global production rankings. Mexico, China, and Canada followed, occupying the second, third, and fourth spots respectively. Ukraine saw a remarkable year-on-year increase of 41.4%, whereas Serbia experienced a yearly decline of 9.9% since 2019.

Top 10 countries

In 2024 major markets in the Commercial Vehicle Industry were:

World Commercial Vehicle Market Data and Forecasts

How much the Commercial Vehicle industry is expected to grow to 2028?

Forecast: World Commercial Vehicles Registrations
Forecast: World Light Commercial Vehicles Production
Forecast: Global Export of Trucks
Forecast: Global Export of Buses
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Global Commercial Vehicle Statistics

Global Commercial Vehicle Industry Database