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Global Commercial Vehicles Market to Reach 27.9 Million Units by 2026
Commercial vehicles represent an important means of business transport, and may include freight vehicles, company vans, and other such vehicles not owned by an individual for personal use. Growth in the commercial vehicles market is primarily driven by availability of freight, and level of transportation and logistics activity, which in turn is dependent on economic growth and health of commercial, business, and industrial activity. Government spending on infrastructure projects such as power generation, road constructions, mining, mega and smart cities will also drive demand for a range of commercial vehicles used for transportation in these segments. Open trade environment, tax policies towards automobile sector, availability of consumer finance, fluctuation in exchange rates, varying inflation levels also influence the industry`s growth prospects. Other factors that are critical to commercial vehicles market include stringent environmental laws, globalization of vehicle concepts, transportation infrastructure in place and technology advancements such as advanced driver assistance systems for passenger/vehicle safety and accident prevention.
Amid the COVID-19 crisis, the global market for Commercial Vehicles estimated at 21.6 Million Units in the year 2020, is projected to reach a revised size of 27.9 Million Units by 2026, growing at a CAGR of 4.4% over the analysis period. The demand for light commercial vehicles segment remains dominant in the market due to versatile performance of such vehicles in varied conditions, ease-of-maintenance, comfort and cost-effectiveness. Growing levels of economic activity, increasing road transportation, and recovery in global production & trade are leading to increased consumer spending on trucks. Recovery in business spending in the year 2021 & beyond will bring back growth fundamentals currently forced into hiatus by the virus led disruption and economic recession. Sales of commercial vehicles are witnessing a gradual increase in volumes in certain countries driven by an uptick in demand from construction, agriculture, and mining sectors. In addition, inventory push and heavy discounts offered by commercial vehicle manufacturers are also contributing to a certain extent towards the rise in volume sales.
The U.S. Market is Estimated at 10.6 Million Units in 2021, While China is Forecast to Reach 5.7 Million Units by 2026 Select Competitors (Total 124 Featured) -
The Commercial Vehicles market in the U.S. is estimated at 10.6 Million Units in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of 5.7 Million Units by the year 2026 trailing a CAGR of 6.5% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.9% and 3.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.4% CAGR. While the US continues to retain its standing as a leading commercial vehicle manufacturing nation, the Asia-Pacific market is developing into a region laden with tremendous potential in terms of production. China and India will continue to be growth engines for the market in the short to medium term period, owing to huge demand for commercial vehicles and subsequent rise in their production in these countries.
- AB Volvo
- Ashok Leyland Limited
- Daimler AG
- Dongfeng Motor Corporation
- Ford Motor Corporation
- General Motors Company
- Groupe Renault
- Hino Motors, Ltd.
- Hyundai Motor Company
- Isuzu Commercial Truck of America, Inc.
- Mitsubishi Fuso Truck of America, Inc.
- Scania AB
- Tata Motors Ltd
- Toyota (GB) PLC
- VDL Groep
- MAN SE