1. Market Research
  2. > Automotive
  3. > Motor Vehicle
  4. > Commercial Vehicle Market Trends
Global Commercial Vehicles Market - Growth, Trends, and Forecast (2019 - 2024)

Global Commercial Vehicles Market - Growth, Trends, and Forecast (2019 - 2024)

  • February 2019
  • 118 pages
  • ID: 5778145
  • Format: PDF
  • By Mordor Intelligence LLP

Summary

Table of Contents

Search Inside

Market Overview
The commercial vehicles market is estimated to register a CAGR of over 5% during the forecast period, 2019-2024.

The expansion of the industrial sector in the emerging markets and the development of commercial operations in logistics led to a significant demand for commercial vehicles, in 2018. Moreover, this demand is anticipated to continue to increase, owing to improving economies across both developing and developed regions. This is expected to drive the growth of the market in the coming years.
The increasing number of construction and e-commerce activities resulted in an increase in demand for material transportation, which, in turn, resulted in increased sales of commercial vehicles, worldwide. This is likely to drive the growth of the commercial vehicles market in the near future.
The shift toward electric vehicles is expected to provide growth opportunities in the market. The implementation of advances in technology and stringent emission regulations have led to automakers (OEMs) shifting toward electric vehicles. Moreover, various other players are shifting toward electric vehicles, which may result in growth opportunities in the market, in the years to come.

Scope of the Report
A commercial vehicle refers to any type of motorized vehicle that is used for the transportation of goods. The commercial vehicles market study includes analysis on vehicle type, which includes light commercial vehicle and heavy-duty commercial vehicle.

Key Market Trends
Heavy Duty Commercial Vehicle Segment projected to grow at a high pace

Currently, the heavy-duty commercial vehicle segment has the highest share out of all the segments. Heavy-duty commercial vehicles (HCV) include vehicles with a gross vehicle weight rating greater than 16 metric ton, such as heavy trucks and buses. The demand for heavy-duty commercial vehicles is likely to increase in the coming years, owing to increasing tourism, construction, mining, and logistics activities, worldwide. Countries, such as North America, India, and Japan, witnessed positive sales for HCV, in 2018. Automotive companies are now targeting potential regions, such as Asia-Pacific, Europe, and North America, in order to expand the sales of heavy-duty commercial vehicles. Thus, the increasing focus on this segment shall lead to its expected high CAGR.

North America is expected to see the highest growth

In the commercial vehicles market, the growth of the North American region is expected to be more during the forecast period. The sales of commercial vehicles have been rising significantly from 2016 - 2018. Moreover, in 2018, the commercial vehicles sales increased to 7.8%, when compared to that of 2017. This was majorly due to the significant increase of 30% in heavy commercial vehicle (such as trucks and buses) sales in 2018 from 2017. The rising concerns about environmental pollution have led to the US government consistently working and supporting various measures aimed at the growth of the electric vehicle industry in the North American region. The rising demand for commercial electric vehicles has led to a drastic increase in competition among commercial vehicle manufactures, and hence, to sustain in the market, players have started shifting their commercial vehicle production plans to electric vehicles. Thus, such developments are expected to drive the growth of the commercial vehicles market in the North American region.

Competitive Landscape
The market is captured by major players, like Daimler AG, Toyota Motor Corporation, ISUZU, Mitsubishi Motor Corporation, and Hino Motors, among others. Daimler AG is the leading player in the commercial vehicles market. Others companies, like UD Trucks, BAIC, Renault Trucks, etc., are operating in the market, capturing minimal shares. ISUZU captures the major market share in Thailand, with the LCV category dominating the market, followed by Toyota and other companies. Various initiatives taken by companies have led them to strengthen their presence in the market. For example, in 2018, Isuzu Motors Limited established a new factory to produce a new series of diesel engines for light-duty trucks. The location is on the premises of its Tochigi Plant.

Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client’s requirements
- 3 months of analyst support

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
10% Off

($4250)

  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.
Ahmad helps you find the right report:
Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

FAQ
  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at researchadvisor@reportlinker.com to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - researchadvisor@reportlinker.com or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.
Purchase Reports From Reputable Market Research Publishers
Automotive Wiring Harness Market by Application, Transmission Type, Category, ICE & Electric Vehicle, Component, Material And Region - Global Forecast to 2027

Automotive Wiring Harness Market by Application, Transmission Type, Category, ICE & Electric Vehicle, Component, Material And Region - Global Forecast to 2027

  • $ 4950
  • November 2019

Rapid developments in technology coupled with increasing vehicle production is projected to drive the automotive wiring harness marketThe automotive wiring harness market, by value, is projected to grow ...

Buses Markets in China

Buses Markets in China

  • $ 4000
  • October 2019

China’s demand for Buses has grown at a fast pace in the past decade.In the next decade, both production and demand will continue to grow. The Chinese economy maintains a high speed growth which has ...

Trucks Markets in China

Trucks Markets in China

  • $ 4000
  • October 2019

China’s demand for Trucks has grown at a fast pace in the past decade.In the next decade, both production and demand will continue to grow. The Chinese economy maintains a high speed growth which has ...

Pickup Truck Markets in China $ 4000 October 2019


ref:plp2019

Reportlinker.com © Copyright 2019. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on