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Commercial Vehicle Market Trends

Report ID: GMI7430
Published Date: Nov 2023
Report Format: PDF

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Commercial Vehicle Market Trends

The commercial vehicle industry was witnessing a growing emphasis on electrification and sustainable technologies. With increased environmental awareness and stricter emission standards, there was a notable shift toward electric and hybrid commercial vehicles. As per the International Energy Agency's Global EV Outlook, the electric car market is witnessing significant growth, as sales exceeded 10 million in 2022. Electric vehicles constituted 14% of total new car sales in 2022, reflecting a substantial rise from the approximately 9% recorded in the preceding year, 2021. This trend is expected to continue, driven by advancements in battery technology, government incentives, and a growing demand for eco-friendly transportation solutions.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of commercial vehicle reached USD 8.8 trillion in 2022 and is set to witness 6% CAGR from 2023 to 2032, attributed to the stringent emission standards and fuel efficiency regulations across several economies worldwide.

The logistics & transportation end-use segment accounted for 37% of the revenue share in 2022, driven by the increasing volume of global trade, e-commerce expansion, and the need for timely and cost-effective delivery.

North America held more than 30% of the market share in 2022, owing to the economic growth and increased trade activities in the region.

Some of the leading companies are Toyota Motor Corporation, Ford Motor Company, AB Volvo, General Motors, Paccar Inc, BYD Motors, Scania AB, and Dongfeng Motor Corporation.