Commercial Vehicles - Worldwide

Worldwide

In 2024, the Commercial Vehicles market is anticipated to witness unit sales of 24.93m vehicles worldwide.
Projections indicate that there will be a steady annual growth rate (CAGR 2024-2029) of -0.54%, resulting in a market volume of 24.27m vehicles by 2029.
This showcases the potential for significant expansion in the Commercial Vehicles market.
Furthermore, the production of Commercial Vehicles market is expected to reach 24.38m vehicles units by 2029, further highlighting the market's growth potential.
When considering the international landscape, it becomes evident that the in the United States will dominate sales with 11,630.00k vehicles units in 2024.
Despite the global economic slowdown, the demand for commercial vehicles in countries like China and India continues to rise due to their booming logistics and e-commerce sectors.

Definition

A commercial vehicle is a motor vehicle that is used for business or commercial purposes rather than personal use. These vehicles are designed and used for transporting goods and passengers or providing services in exchange for compensation. The specific definition of a commercial vehicle can vary from one jurisdiction to another, and it may encompass a wide range of vehicles, depending on their size, purpose, and usage.

Structure

The Commercial Vehicles market is structured into three markets:

Light Commercial Vehicles (LCVs): This market focuses on vehicles designed for the transportation of goods or provision of services on a relatively small scale. LCVs typically include vans, mini trucks, and small cargo vehicles used by businesses and individuals for local deliveries, trade, and various commercial applications. Light commercial vehicles are defined as vehicles meant for carrying goods or passengers with a gross vehicle weight rating (GVWR) of up to 3.5 tons with some variation based on specific vehicle models, designs, and regional regulations.
Buses: Buses are motor vehicles designed for the transportation of passengers, varying in size and capacity and ranging from small minibuses to large coaches. This market considers medium and heavy buses and coaches (MHBCs). The gross vehicle weight rating (GVWR) of MHBCs typically exceeds 3.5 tons.
Trucks: The Trucks market is dedicated to heavy-duty vehicles used for the transportation of goods over long distances. Trucks are motor vehicles designed to transport cargo, ranging from small delivery trucks to heavy-duty freight carriers. Only heavy commercial vehicles (HCVs) are considered in this market. HCVs are typically defined as vehicles with a GVWR of 16 tons or more.

Additional Information

The market includes the production and sales of commercial vehicles within a specific region, regardless of the brand or model. Private vehicles, recreational vehicles, construction, and agricultural vehicles, as well as specialty vehicles such as ambulances and fire engines, are not included in the Commercial Vehicles market.

Notable key players in the Commercial Vehicles market include industry giants such as Daimler AG, Volvo Group, and PACCAR Inc., as well as various regional manufacturers and specialized vehicle manufacturers. These companies play a pivotal role in shaping the market landscape and driving innovation within the industry.

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Analyst Opinion

The Commercial Vehicles market is experiencing significant growth worldwide, driven by various factors such as increasing urbanization, rising demand for transportation services, and the need for efficient logistics solutions.

Customer preferences: Customers in the Commercial Vehicles market are increasingly looking for vehicles that offer fuel efficiency, reliability, and advanced safety features. They also prioritize vehicles that are versatile and can be used for multiple purposes, such as delivery vans that can also be used for passenger transportation. Additionally, there is a growing demand for electric and hybrid commercial vehicles, as customers are becoming more environmentally conscious and governments are implementing stricter emissions regulations.

Trends in the market: One of the key trends in the Commercial Vehicles market is the adoption of telematics and connectivity solutions. These technologies enable fleet operators to monitor and manage their vehicles in real-time, improving operational efficiency and reducing costs. Telematics also provide valuable data on vehicle performance and driver behavior, which can be used to optimize maintenance schedules and improve overall fleet management. Another trend in the market is the increasing popularity of last-mile delivery services. With the rise of e-commerce, there is a growing need for efficient and timely delivery of goods to customers' doorsteps. This has led to an increased demand for smaller commercial vehicles, such as vans and light trucks, that are specifically designed for urban delivery operations. These vehicles are often equipped with advanced navigation systems and cargo management features to facilitate the last-mile delivery process.

Local special circumstances: In developed countries, the Commercial Vehicles market is driven by replacement demand, as businesses upgrade their aging fleets with newer and more technologically advanced vehicles. In emerging markets, on the other hand, the market is primarily driven by infrastructure development and the expansion of industries such as construction, manufacturing, and logistics. These countries often have unique challenges such as poor road conditions and inadequate transportation infrastructure, which require commercial vehicles that are rugged and capable of operating in harsh environments.

Underlying macroeconomic factors: The growth of the Commercial Vehicles market is closely tied to the overall economic conditions in each country or region. Factors such as GDP growth, industrial production, and consumer spending play a significant role in determining the demand for commercial vehicles. In addition, government policies and regulations, such as tax incentives for the purchase of commercial vehicles or restrictions on vehicle emissions, can also impact the market. In conclusion, the Commercial Vehicles market is experiencing strong growth worldwide, driven by factors such as customer preferences for fuel efficiency and advanced safety features, the adoption of telematics and connectivity solutions, the increasing popularity of last-mile delivery services, and the underlying macroeconomic factors in each country or region. As the market continues to evolve, manufacturers and fleet operators will need to adapt to these trends and special circumstances to stay competitive and meet the changing needs of customers.

Methodology

Data coverage:

The data encompasses B2B enterprises. Figures are based on unit sales and production of commercial vehicles.

Modeling approach:

Market sizes are determined through a combined Top-Down and bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Consumer Insights Global survey). In addition, we use relevant key market indicators and data from country-specific associations, such as consumer spending per capita on transportation and consumer price index for purchase of vehicles. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, linear regression, the S-curve function and exponential trend smoothing methods are applied.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.