Segments covered: By Type – Light Commercial Vehicle, Heavy Trucks, Buses And Coaches; By Fuel Type – Gasoline, Diesel, Others; By Application – Mining & Construction, Logistics, Passenger Transportation, Others; By Propulsion Type – IC Engine, Electric Vehicle

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According to The Business Research Company’s research report on the commercial vehicle market, major commercial vehicle manufacturers are investing in driverless car technologies to reduce traffic congestion, prevent accidents, and save fuel, while truck manufacturing companies are now using alternative drive systems to produce environmentally friendly low carbon emission trucks.

Driverless Car Technologies

Automated trucks and buses will revolutionize the efficiency and mobility of logistics, which will create new opportunities for manufacturers bringing commercial vehicle automation technologies into the market. Driverless commercial vehicles are able to sense their surrounding environment and navigate through an area without the involvement of humans using radar, GPS, computer vision technology. With this technology becoming realistic, many companies are expected to be part of production and design of driverless vehicles. For instance, in January 2021, TuSimple, a San Diego-based startup plans to deploy autonomous trucks that drive themselves from pickup to delivery without anybody on board. Partnering with shipping giant UPS and as well as truck manufacturer the company is conducting test operation in Arizona and Texas, including depot-to-depot autonomous runs.

Alternative Drive Systems

Alternative drive systems are hydrogen-powered, electric or hybrid vehicles. They have significantly low carbon emissions, make use of renewable fuels and lower fuel costs by up to 50%. For example, Mercedes-Benz manufactures trucks with alternative drive systems using biogas as fuel, thus making them sustainable, inexpensive and CO2 neutral. Daimler has the world’s largest truck fleet with hybrid drives. Hybrid trucks are being commercially used in North America, Europe and Japan.

The Business Research Company’s report titled Commercial Vehicle Global Market Report 2021: COVID-19 Impact and Recovery to 2030 covers major commercial vehicle companies, commercial vehicle market share by company, commercial vehicle manufacturers, commercial vehicle market size, and commercial vehicle market forecasts. The report also covers the global commercial vehicle market and its segments.

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Market Size And Coverage

The global commercial vehicle market is expected to grow from $719.08 billion in 2020 to $784.6 billion in 2021 at a compound annual growth rate (CAGR) of 9.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1132.57 billion in 2025 at a CAGR of 10%.

North America has the largest commercial vehicle market share, accounting for 65% of the market in 2020. Asia Pacific is the second largest region, accounting for 20% of the global commercial vehicle market. Eastern Europe was the smallest region in the global commercial vehicle market.

The commercial vehicle market is highly fragmented, with a large number of small players. The top ten competitors in the market made up to 21.9% of the total market in 2020. Major players in the market include Diamler AG, Volvo Group, PACCAR Inc., Dongfeng Motor Group Company Limited, Volkswagen AG and others.

Opportunities

The top opportunities in the commercial vehicle market segmented by type will arise in the light commercial vehicle market segment, which will gain $212.78 billion of the global annual sales by 2025. The top opportunities by fuel type will arise in the gasoline segment, which will gain $189.69 billion of the global annual sales by 2025. The top opportunities by propulsion type will arise in the IC engine segment, which will gain $343.89 billion of the global annual sales by 2025. The top opportunities by application will arise in the logistics segment, which will gain $199.63 billion of the global annual sales by 2025. The commercial vehicle market size will gain the most in the USA at $253.05 billion.

Strategies

Market-trend-based strategies for the commercial vehicle market include adopting predictive maintenance solutions in vehicles to reduce breakdowns, investing in driverless car technologies to reduce traffic congestion, focusing on the 3D printing technology to enhance the manufacturing process and reduce production costs, investing in the development of electric vehicles to improve energy efficiency and using alternative drive systems to produce environmentally friendly low carbon emission trucks.

Player-adopted strategies in the commercial vehicle market include reinforcing M&A strategies, expanding in other geographies, investing in research and development to improve product portfolio and improving technological capabilities by collaborating with technology companies to develop new vehicles.

Commercial Vehicle Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Here Is A List Of Similar Reports By The Business Research Company:

Global Electric Commercial Vehicle Market Report 2021: COVID-19 Growth And Change to 2030

Global Autonomous Commercial Vehicle Market Report 2021: COVID-19 Growth And Change to 2030

Global Light Commercial Vehicle Market Report 2021: COVID-19 Impact and Recovery to 2030

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