Report Forecast [2022-2028], Global Commercial Vehicle Air Deflector and Commercial Vehicle Market Size, Share, Growth, Trends, Competitive Landscape, Forecast Report

Pune, India, Jan. 20, 2022 (GLOBE NEWSWIRE) -- Part I: Commercial Vehicle Air Deflector Market Research Report:

The global commercial vehicle air deflector market size is set to experience dynamic growth in the upcoming years owing to the rising production of commercial vehicles across the world, finds Fortune Business Insights™ in its report, titled “Commercial Vehicle Air Deflector Market, 2021-2028”.

The vehicle air deflectors play a vital role in protecting the vehicle’s interior part and give an attractive look to the vehicle. The air deflectors also help in improving the efficiency and speed of the vehicles, and therefore, these deflectors are in huge demand from the automotive industry. Over the years, there has been an increasing production of commercial vehicles across the world owing to the rising disposable income of the people worldwide, which is anticipated to bolster the growth of this market during the forecast period.

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However, the inappropriate design of air deflectors can have an adverse effect on the vehicle performance, which is projected to hinder the growth of this market.

COVID-19 Impact:

With the increasing lockdown restrictions worldwide due to the COVID-19 pandemic, there has been a decline in the demand for commercial vehicle air deflectors across several regions of this market. Thus, this pandemic has had a negative impact on the growth of the commercial vehicle air deflector market.

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Market Segmentation:

On the basis of material type, this market is classified into plastic steel, hard plastic resin, aluminum alloy, fiberglass, and others. Based on application type, the market is divided into light commercial vehicle and heavy commercial vehicle. In terms of geography, the market is clubbed into North America, Europe, Asia Pacific, and the rest of the world.

Highlights/Summary:

The report provides a bird’s eye-view analysis of the industry trends and outlook, as well as supplies a meticulous study of all market segments. In addition, the report contains an in-depth assessment of the market drivers and challenges and also offers an exhaustive evaluation of the regional dynamics and competitive landscape of the market.

Drivers/Restraints:

Increasing Production of Customized Design of Air Deflectors in Vehicles to Fuel the Market

The companies involved in the manufacturing of vehicle air deflectors are focusing on customized and accurate design of air deflectors for the vehicles in order to decrease the drag and improve the vehicle efficiency. Thus, there is a high demand for air deflectors across various regions, which is projected to fuel the growth of this market.

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Regional Insights:

Increasing Number of Agriculture Industries to Boost the North America Market Growth

The North America region is projected to witness substantial growth in the commercial vehicle air deflector market share on account of the increasing number of manufacturing and agriculture industries in the countries such as the US and Canada.

Asia Pacific region is anticipated to grow at a decent pace in this market due to the increasing sale and production of vehicles in the developing nations such as India and China.

Competitive Landscape:

Rising Adoption of Enhanced Car-Safety Features to Intensify Competition

The prominent companies in the commercial vehicle air deflector market are focusing on the adoption of enhanced car-safety features in order to increase the fuel efficiency and performance of the vehicle. This has resulted in the increasing competition among key companies which will enable them to diversify their product portfolio and widen their market presence.

List of Key Players Covered in the Commercial Vehicle Air Deflector Market Report:

• ELLEDI srl - P.I. e C.F.,
• Peterburg Industrial & Design Co. Ltd.,
• Spoiler Factory,
• Hatcher Components,
• HEKO, 
• FARAD Group,
• Flauraud, BUSHWACKER AUTOMOTIVE GROUP LLC.,
• Climair UK Ltd.

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Part II: Commercial Vehicle Market Research Report:

The global commercial vehicle market size is projected to reach USD 621.1 billion by the end of 2027. The increasing IT sector and rapid industrialization across the globe will emerge in favor of market growth. According to a report published by Fortune Business Insights, titled “Global Commercial Vehicle Market Size, Share & Industry Analysis, By Vehicle Type (Light Commercial Vehicle, Heavy Commercial Vehicle and Buses & Coaches), By Power Source (Gasoline, Diesel, HEV / PHEV, Battery Electric Vehicle (BEV), Fuel Cell Vehicle) and Regional Forecasts, 2020-2027,” the market was worth USD 748.6 billion in 2019 and will exhibit a CAGR of -2.3% during the forecast period 2020-2027.

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A commercial vehicle is used for transportation of goods or to carry passengers. Accounting to the rising daily commute rate and increasing long distance transportation and trade activities, there is a massive demand for commercial vehicles across the world. The presence of several large scale companies in several countries across the world has resulted in a healthy market competition. Thus, SMEs are finding it difficult to operate seamlessly. As large scale companies hold the privilege to acquire smaller companies as well as other large scale companies, SMEs look to implement newer strategies that will help them attract a wider consumer base. Although the market looks set to perform well in the long run, there surely are a few short term hurdles, mainly due to the pandemic.

Industry Developments:

April 2020: The Volvo Group and Daimler Truck AG announced that they have formed a new joint venture. This collaboration is aimed at development and production of commercialize advanced fuel cell systems for heavy commercial vehicle applications.

COVID-19 Impact:

With the increasing lockdown restrictions worldwide due to the COVID-19 pandemic, there has been a decline in the demand for commercial vehicle air deflectors across several regions of this market. Thus, this pandemic has had a negative impact on the growth of the commercial vehicle air deflector market.

Click here to get the short-term and long-term impact of COVID-19 on this market. Please visit: https://www.fortunebusinessinsights.com/commercial-vehicle-market-104284

Company Mergers are an Increasing Trend Among Major Companies in the Global Market

The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of company mergers and acquisitions as well as collaborations has made the highest impact on the growth of the market. Accounting to increasing market competition, it is observed that major companies are benefiting from collaborations and joint ventures. In July 2019, Daimler announced that it has entered into a strategic partnership with BMW for developing a new technology for automatic parking as well as driver assistance system on highways. This partnership will also help the companies to achieve a higher level of automation in urban centres. Increasing number of company mergers and acquisitions will have a massive impact on the growth of the global market in the coming years.

North America to Emerge Dominant; Increasing Production of Commercial Vehicles will Bode well for Market Growth

The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is projected to emerge dominant in the coming years.  The presence of several large scale companies in this region will have a direct impact on the growth of the regional market. The increasing adoption of commercial vehicles is attributable to the increasing application of the product across diverse industry.  As of 2019, the market in North America was worth USD 332.9 billion and this value is projected to rise at a considerable pace in the coming years. The market in Asia Pacific will derive growth form the rising population and the use of commercial vehicles as a medium for daily commute.

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Key Players Operating in The Commercial Vehicle Market Include:

• Daimler AG (Stuttgart, Germany)
• PACCAR Inc. (Washington, United States)
• Hino (Tokyo, Japan)
• SCANIA (Södertälje, Sweden)
• Tata Motors (Mumbai, India)
• Navistar International Corp (Illinois, United States)
• BYD Auto Co., Ltd. (Shenzhen, China)
• AB Volvo (Gothenburg, Sweden)
• Toyota Motor Corporation (Toyota, Aichi, Japan)
• Proterra, Inc. (California, United States)

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