1. Market Research
  2. > Automotive
  3. > Motor Vehicle
  4. > Commercial Vehicle Market Trends
Global Commercial Vehicles Market By End User, By Type, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027

Global Commercial Vehicles Market By End User, By Type, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027

  • January 2022
  • 185 pages
  • ID: 6240983
  • Format: PDF
  • KBV Research


Table of Contents

The Global Commercial Vehicles Market size is expected to reach $1.6 Trillion by 2027, rising at a market growth of 4.5% CAGR during the forecast period.

Commercial vehicles are four-wheeled vehicles used for goods transportation. The weight difference between light vehicles and heavy trucks is expressed in tonnes (metric tonnes). Based on national and professional norms, this limit ranges between 3.5 and 7 tonnes. Buses and coaches are vehicles that have more than 8 seats along with the driver’s seat and a maximum mass larger than that of light automobiles (range from 3.5 to 7 tonnes).

Progress in the technology of electric and semi-autonomous commercial vehicles would open new growth avenues for the market. In addition, the use of Electric Cars (EVs) for business transportation is predicted to grow gradually as a result of the various advantages they have over ICE vehicles.

COVID-19 Impact

The COVID-19 pandemic caused an extraordinary drop in sales of cars in early 2020, impacting the automotive industry. To avoid the spread of the coronavirus, transportation, and manufacturing operations, as well as public transit, have been suspended. Because of the coronavirus’s growing influence on the commercial automobile sector, market demand and sales may fall dramatically. People are becoming increasingly anxious about the spread of the coronavirus, and many are wary of taking public transit. It is also anticipated that this may hinder the market growth.

Market Growth Factors:

Rapid Industrialization and adoption of Advanced Technologies and Electrification

The key causes for the considerable increase of good transport vehicles, globally, are fast population growth, rapid urbanization, the development of the industrial sector, and infrastructure development. The growth of the industrial sector, particularly in developing nations, is creating a great number of opportunities pertaining to jobs in a variety of industries, including mining, construction, and tourism. As a result, an increase in work possibilities leads to an increase of commuters, which has a significant influence on the requirement of public transportation solutions.

Thriving automotive industry

Due to technical improvements and the introduction of automobiles with efficient fuel consumption technologies, the automotive sector has experienced tremendous development in recent years. Several businesses, like Ashok Leyland and Tata Motors, have been designing and introducing innovative commercial vehicles to various regions throughout the world. For example, Ashok Leyland intended to launch a new line of light commercial vehicles (LCVs) in September 2020, with the goal of reducing the company’s exposure to future downturns.

Market Restraining Factors:

Low Battery capacity in Electric Commercial Vehicles

The batteries in today’s electric vehicles have low capacity and can only travel a short distance per charge. The performance and service life of batteries have a direct impact on electric vehicle performance and cost. Electric vehicles are now powered by lead-acid, nickel-cadmium, nickel-metal hydride, and lithium-ion batteries. Because lithium-ion batteries have a longer life span than lead-acid, nickel-cadmium, and nickel-metal hydride batteries, they are gradually replacing them in electric vehicles. Lithium-ion batteries, on the other hand, have insufficient capacity to power commercial vehicles. Batteries’ charging-discharging performance deteriorates dramatically in cold temperatures, making it difficult for them to produce maximum power.

End User Outlook

Based on End User, the market is segmented into Logistics, Industrial, Mining & Construction, Passenger Transportation, and Others. The passenger transportation segment held a significant revenue share of the overall Commercial Vehicles market in 2020. The increased use of public transit is expected to fuel demand for commercial cars.

Type Outlook

Based on Type, the market is segmented into Light Commercial Vehicles (LCVs), Heavy Trucks and Buses & Coaches. The buses and coaches segment procured promising revenue share of the overall commercial vehicles in 2020. The segment’s expansion can be attributable to the rising usage of buses and coaches in the healthcare industry and tourism sectors.

Regional Outlook

Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. In 2020, the Asia Pacific regional market collected a significant revenue share of the commercial vehicles market. This is due to the rising demand for warehousing, transportation, and unified logistics.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Tata Motors Limited, Toyota Motor Corporation, Mahindra & Mahindra Limited (Mahindra Group), Bosch Rexroth AG (Robert Bosch GmbH), Hyundai Motor Company, Volkswagen AG, Daimler AG, General Motor Co., Ford Motor Company, and Honda Motor Co. Ltd.

Recent strategies deployed in Commercial Vehicles Market

Product Launches and Product Expansions:

Nov-2021: Mahindra & Mahindra introduced 16 EV models across SUVs, LCVs. By this launch, the company aimed to strengthen its leading position in India’s electric mobility segment.

Oct-2021: Tata Motors launched 21 commercial vehicles across all segments. By this launch, the company aimed to fulfill its commitment to supporting the economic growth of India. Through this launch, the company aimed to maintain its leading position in the commercial vehicle segment by delivering a superior value proposition to consumers by introducing smart, future-ready services and products.

Sep-2021: GM’s BrightDrop unveiled a smaller van for Verizon. The van would have more than 400 cubic feet of cargo space and measure just under 20 feet overall in length. By this launch, the company aimed to provide a vehicle that is perfect for work in crowded spaces such as urban areas, mainly in the online grocery delivery & Telcom maintenance segments.

Aug-2021: GM launched a new electric van and truck for commercial consumers. From this acquisition, the company aimed to add a full-size battery-electric cargo van for Chevrolet and a medium-duty truck for service and utility vehicles. The medium-duty truck would be offered as a battery-electric vehicle with GM’s Ultium Cells also its Hydrotec fuel cells.

Partnerships, Collaborations and Agreements:

Dec-2021: Mahindra Group entered into a partnership with Reliance, an Indian multinational conglomerate. From this partnership, the companies aimed to speed up EV adoption in India with high-performance and swappable batteries which would help in dispelling range anxiety. In addition, the memorandum of understanding also covers evaluating EV charging solutions by Jio-bp for Mahindra electric vehicles which include electric three and four-wheelers, quadricycles, and electric small commercial vehicles.

Mar-2021: Toyota came into partnership with Isuzu, a Japanese commercial vehicle and diesel engine manufacturing company. Under this partnership, the companies aimed to design small commercial truck which includes vehicles & fuel cell technologies together in the future. In addition, the launch would grow the competition for traditional automakers.

Feb-2021: Daimler partnered with Cummins, a global power leader, and independent engine manufacturer. Under this partnership, Cummins would invest in the development of medium-duty engine systems for Daimler trucks and Buses.

Acquisitions and Mergers:

Jun-2021: Hyundai Motor Group took over Boston Dynamics, an American engineering and robotics design company from SoftBank. Through this acquisition, the company aimed to speed up the development of cutting-edge robotics featuring the latest mobility, manipulation, and vision capabilities. By using Boston Dynamics, the company would create a robotic value chain, from robot component manufacturing to smart logistics solutions.

Apr-2021: Toyota took over the autonomous vehicle division of Lyft, an American company. In addition, Toyota also signed an agreement to use the system & fleet data of Lyft. By this acquisition, the company aimed to put together the resources, infrastructure, and people which would help the company to transform the world and live in through mobility technologies that would bring about a happier, safer future.

Sep-2020: GM completed the acquisition of an 11 percent stake in Nikola, a leading manufacturer of heavy-duty commercial battery-electric vehicles. Under this acquisition, GM would help Nikola in manufacturing its battery-electric and hydrogen fuel cell vehicles which include the Badger pickup truck.

Scope of the Study

Market Segments covered in the Report:

By End User

• Logistics

• Industrial

• Mining & Construction

• Passenger Transportation

• Others

By Type

• Light Commercial Vehicles (LCVs)

• Heavy Trucks

• Buses & Coaches

By Geography

• North America

o US

o Canada

o Mexico

o Rest of North America

• Europe

o Germany

o UK

o France

o Russia

o Spain

o Italy

o Rest of Europe

• Asia Pacific

o China

o Japan

o India

o South Korea

o Singapore

o Malaysia

o Rest of Asia Pacific


o Brazil

o Argentina


o Saudi Arabia

o South Africa

o Nigeria

o Rest of LAMEA

Companies Profiled

• Tata Motors Limited

• Toyota Motor Corporation

• Mahindra & Mahindra Limited (Mahindra Group)

• Bosch Rexroth AG (Robert Bosch GmbH)

• Hyundai Motor Company

• Volkswagen AG

• Daimler AG

• General Motor Co.

• Ford Motor Company

• Honda Motor Co. Ltd.

Unique Offerings

• Exhaustive coverage

• Highest number of market tables and figures

• Subscription based model available

• Guaranteed best price

• Assured post sales research support with 10% customization free

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
  • 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.

ReportLinker may already be registered as a supplier with your company. If you want to Order by PO, check with us first and we'll let you know if we are a registered supplier and what the vendor number is. Otherwise, we'll provide you with the necessary information to register ReportLinker as a vendor.

Grace helps you find the right report:

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

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

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

  • 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 [email protected] 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 - [email protected] 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


Reportlinker.com © Copyright 2022. 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