Commercial Vehicle Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2022-2026
| Published: Apr 2022 | Pages: 120 | SKU: IRTNTR73134 |
The commercial vehicle market share is expected to increase by 3785.23 thousand units from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.06%.
This commercial vehicle market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers commercial vehicle market segmentations by vehicle type (light commercial vehicles and medium and heavy commercial vehicles) and geography (North America, APAC, Europe, South America, and MEA). The commercial vehicle market report also offers information on several market vendors, including AB Volvo, Ford Motor Co., General Motors, Hyundai Motor Co., Isuzu Motors Ltd., Mercedes Benz Group AG, Mitsubishi Motors Corp., Scania AB, Stellantis NV, and Tata Motors Ltd. among others.
What will the Commercial Vehicle Market Size be During the Forecast Period?
Download the Free Report Sample to Unlock the Commercial Vehicle Market Size for the Forecast Period and Other Important Statistics
Commercial Vehicle Market: Key Drivers, Trends, and Challenges
The rising preference for pickup trucks in emerging countries is notably driving the commercial vehicle market growth, although factors such as increasing cost pressures on OEMs may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the commercial vehicle industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Commercial Vehicle Market Driver
The rising preference for pickup trucks in emerging countries is one of the key drivers supporting the commercial vehicle market growth. Pickup trucks are conventional models of vehicles that can be used as both passenger cars and commercial vehicles. This dynamic nature of the vehicle is possible with the vehicle's design that has an enclosed passenger cabin with an open cargo area with a tailgate and low sides. The open cargo hold allowed people to customize the vehicle according to the needs of the user. It can be enclosed with a bigger cabin for storing cargo or converted into a passenger lounge. Such flexible features of pickup trucks will drive the commercial vehicle market growth during the forecast period.
Key Commercial Vehicle Market Trend
Integration of advanced safety technologies in passenger vehicles to gain higher safety ratings is one of the key commercial vehicle market trends that is contributing to the market growth. The global automotive industry is witnessing the development of safety technologies, which are making vehicles safe and reliable on roads. The high fatality rates with the growing number of accidents have pushed the OEMs to imbibe new safety features to make commercial vehicles safer to drive. The penetration rate of such advanced safety systems, such as emergency brake assist, lane departure warning systems, collision mitigation warning, and others, is found to be higher in premium trucks compared with entry-level trucks. Thus, such safety technologies are being introduced in commercial vehicles on a larger scale, which will propel market growth during the forecast period.
Key Commercial Vehicle Market Challenge
Increasing cost pressures on OEMs is one of the factors hindering the commercial vehicle market growth. For instance, in China, the population has become more affluent and has moved up the learning curve, leading to a higher cost of employment. This has led to a price war among manufacturers to retain talent in the company, which has increased the retention cost, thereby increasing the production cost. Such immense cost pressures are challenging OEMs to introduce advanced features of the premium truck segment to the entry-level and mid-segment trucks without hiking sticker prices. OEMs not offering a product differentiation to the entry-level and mid-segment trucks segment or the addition of a new feature may register low profits because of advantages. Hence, these factors will pose a threat to the growth of the global commercial vehicle market during the forecast period.
This commercial vehicle market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Parent Market Analysis
Technavio categorizes the commercial vehicle market as a part of the global automotive market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the commercial vehicle market during the forecast period.
Who are the Major Commercial Vehicle Market Vendors?
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
- AB Volvo
- Ford Motor Co.
- General Motors
- Hyundai Motor Co.
- Isuzu Motors Ltd.
- Mercedes Benz Group AG
- Mitsubishi Motors Corp.
- Scania AB
- Stellantis NV
- Tata Motors Ltd.
This statistical study of the commercial vehicle market encompasses successful business strategies deployed by the key vendors. The commercial vehicle market is fragmented and the vendors are deploying growth strategies such as growing their customer base and increasing investments in R&D to compete in the market.
Product Insights and News
- AB Volvo - The company offers commercial vehicle that includes Volvo penta marine leisure, Volvo penta marine commercial, Volvo penta industrial, Volvo trucks, Volvo buses, Volvo construction equipment, Volvo autonomous solutions.
- Ford Motor Co. - The company offers a commercial vehicle that includes series stripped chassis, stripped chassis, chassis cab, e-transit, transit connect, e-series cutaway.
- General Motors - The company offers a commercial vehicle that includes low cab forward, express cutway, colorado, silverado hd, sierra hd.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The commercial vehicle market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Commercial Vehicle Market Value Chain Analysis
Our report provides extensive information on the value chain analysis for the commercial vehicle market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the automotive market includes the following core components:
- Inputs
- Inbound logistics
- Automobile manufacturers
- Distribution and logistics
- Marketing and sales
- Aftermarket and service
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
Which are the Key Regions for Commercial Vehicle Market?
For more insights on the market share of various regions Request for a FREE sample now!
44% of the market's growth will originate from North America during the forecast period. The US is the key market for the commercial vehicle market in North America. Market growth in this region will be faster than the growth of the market in APAC.
Regulations such as corporate fuel efficiency standards (CAFE) will facilitate the commercial vehicle market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In early 2020, the COVID-19 pandemic negatively impacted the automotive industry in North America. However, the introduction of COVID-19 vaccines at the beginning of 2021 led to the lifting of lockdown restrictions, which resulted in the reopening of manufacturing sites in the region. This has increased the sales of automobiles in the region. Thus, the regional commercial vehicle market is expected to witness growth during the forecast period.
What are the Revenue-generating Vehicle Type Segments in the Commercial Vehicle Market?
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The commercial vehicle market share growth by the light commercial vehicles segment will be significant during the forecast period. Light commercial vehicles come in various sizes, shapes, wheels, and weights. The segment is witnessing high sales across the globe, owing to its use for multiple applications. LCVs are primarily used for providing last-mile connectivity for logistical services. They are extensively favorable in stop-and-go traffic and for light construction and municipal applications. They are mainly used in space-strapped urban areas. Thus, the increase in construction and inter-city activities involving the transportation of man and material is driving the LCV market.
This report provides an accurate prediction of the contribution of all the segments to the growth of the commercial vehicle market size and actionable market insights on post COVID-19 impact on each segment.
You may be interested in:
Commercial Vehicle ADAS market - The market share is expected to increase by USD 1.65 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 10.25%.
Americas Commercial Vehicle Telematics market - The market share is expected to increase to USD 7.97 billion from 2021 to 2026, at a CAGR of 16.6%.
Commercial Vehicle Retarder market - The market share is expected to increase by USD 298.98 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.06%.
Electric Commercial Vehicle market - The market size is expected to grow by 816.82 thousand units, at a CAGR of 33.42%, between 2021 and 2025.
Commercial Vehicle Transmission market - The market share is expected to increase by USD 5.73 million from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 4.78%.
Hybrid Commercial Vehicle market - The market has the potential to grow by 529.93 thousand units during 2021-2025, and the market's growth momentum will decelerate at a CAGR of 34.92%.
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Commercial Vehicle Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.06% |
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Market growth 2022-2026 |
3785.23 th units |
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Market structure |
Fragmented |
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YoY growth (%) |
3.92 |
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Regional analysis |
North America, APAC, Europe, South America, and MEA |
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Performing market contribution |
North America at 44% |
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Key consumer countries |
US, China, India, Japan, and Germany |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
AB Volvo, Ford Motor Co., General Motors, Hyundai Motor Co., Isuzu Motors Ltd., Mercedes Benz Group AG, Mitsubishi Motors Corp., Scania AB, Stellantis NV, and Tata Motors Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
What are the Key Data Covered in this Commercial Vehicle Market Report?
- CAGR of the market during the forecast period 2022-2026
- Detailed information on factors that will drive commercial vehicle market growth during the next five years
- Precise estimation of the commercial vehicle market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the commercial vehicle industry across North America, APAC, Europe, South America, and MEA
- A thorough analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of commercial vehicle market vendors
We can help! Our analysts can customize this report to meet your requirements. Get in touch
***1. Executive Summary
**1.1 Market Overview
*Exhibit 01: Key Finding 1
*Exhibit 02: Key Finding 2
*Exhibit 03: Key Finding 3
*Exhibit 04: Key Finding 5
*Exhibit 05: Key Finding 6
*Exhibit 06: Key Finding 7
*Exhibit 07: Key Finding 8
***2. Market Landscape
**2.1 Market ecosystem
*Exhibit 08: Parent market
*Exhibit 09: Market Characteristics
**2.2 Value chain analysis
*Exhibit 10: Value chain analysis: Automotive
*2.2.1 Inputs
*2.2.2 Inbound logistics
*2.2.3 Automobile manufacturers
*2.2.4 Distribution and logistics
*2.2.5 Marketing and sales
*2.2.6 Aftermarket and service
***3. Market Sizing
**3.1 Market definition
*Exhibit 11: Offerings of vendors included in the market definition
**3.2 Market segment analysis
*Exhibit 12: Market segments
**3.3 Market size 2021
**3.4 Market outlook: Forecast for 2021 - 2026
*Exhibit 13: Global - Market size and forecast 2021 - 2026 (thousand units)
*3.4.1 Estimating growth rates for emerging and high-growth markets
*3.4.2 Estimating growth rates for mature markets
*Exhibit 14: Global market: Year-over-year growth 2021 - 2026 (%)
***4. Five Forces Analysis
**4.1 Five Forces Summary
*Exhibit 15: Five forces analysis 2021 & 2026
**4.2 Bargaining power of buyers
*Exhibit 16: Bargaining power of buyers
**4.3 Bargaining power of suppliers
*Exhibit 17: Bargaining power of suppliers
**4.4 Threat of new entrants
*Exhibit 18: Threat of new entrants
**4.5 Threat of substitutes
*Exhibit 19: Threat of substitutes
**4.6 Threat of rivalry
*Exhibit 20: Threat of rivalry
**4.7 Market condition
*Exhibit 21: Market condition - Five forces 2021
***5. Market Segmentation by Vehicle type
**5.1 Market segments
*The segments covered in this chapter are:
- Light commercial vehicles
- Medium and heavy commercial vehicles
*Exhibit 22: Vehicle type - Market share 2021-2026 (%)
**5.2 Comparison by Vehicle type
*Exhibit 23: Comparison by Vehicle type
**5.3 Light commercial vehicles - Market size and forecast 2021-2026
*Exhibit 24: Light commercial vehicles - Market size and forecast 2021-2026 (thousand units)
*Exhibit 25: Light commercial vehicles - Year-over-year growth 2021-2026 (%)
**5.4 Medium and heavy commercial vehicles - Market size and forecast 2021-2026
*Exhibit 26: Medium and heavy commercial vehicles - Market size and forecast 2021-2026 (thousand units)
*Exhibit 27: Medium and heavy commercial vehicles - Year-over-year growth 2021-2026 (%)
**5.5 Market opportunity by Vehicle type
*Exhibit 28: Market opportunity by Vehicle type
***6. Customer landscape
**6.1 Overview
*Exhibit 29: Customer landscape
***7. Geographic Landscape
**7.1 Geographic segmentation
*The regions covered in the report are:
- North America
- APAC
- Europe
- South America
- MEA
*Exhibit 30: Market share by geography 2021-2026 (%)
**7.2 Geographic comparison
*Exhibit 31: Geographic comparison
**7.3 North America - Market size and forecast 2021-2026
*Exhibit 32: North America - Market size and forecast 2021-2026 (thousand units)
*Exhibit 33: North America - Year-over-year growth 2021-2026 (%)
**7.4 APAC - Market size and forecast 2021-2026
*Exhibit 34: APAC - Market size and forecast 2021-2026 (thousand units)
*Exhibit 35: APAC - Year-over-year growth 2021-2026 (%)
**7.5 Europe - Market size and forecast 2021-2026
*Exhibit 36: Europe - Market size and forecast 2021-2026 (thousand units)
*Exhibit 37: Europe - Year-over-year growth 2021-2026 (%)
**7.6 South America - Market size and forecast 2021-2026
*Exhibit 38: South America - Market size and forecast 2021-2026 (thousand units)
*Exhibit 39: South America - Year-over-year growth 2021-2026 (%)
**7.7 MEA - Market size and forecast 2021-2026
*Exhibit 40: MEA - Market size and forecast 2021-2026 (thousand units)
*Exhibit 41: MEA - Year-over-year growth 2021-2026 (%)
**7.8 Key leading countries
*Exhibit 42: Key leading countries
**7.9 Market opportunity by geography
*Exhibit 43: Market opportunity by geography (thousand units)
***8. Drivers, Challenges, and Trends
**8.1 Market drivers
*8.1.1 Rising preference for pickup trucks in emerging countries
*8.1.2 Increasing demand for logistics by roadways
*8.1.3 Robust growth in industrial, construction and mining activities
**8.2 Market challenges
*8.2.1 Increasing cost pressures on OEMs
*8.2.2 Slowdown in the Chinese manufacturing and real estate sector
*8.2.3 Growing focus on green transportation
*Exhibit 44: Impact of drivers and challenges
**8.3 Market trends
*8.3.1 Integration of advanced safety technologies in passenger vehicles to gain higher safety ratings
*8.3.2 Emergence of engine manufacturing using 3D printing technology
*8.3.3 Growing integration of smartphones and tablets in automobiles
***9. Vendor Landscape
**9.1 Overview
*Exhibit 45: Vendor landscape
**9.2 Landscape disruption
*Exhibit 46: Landscape disruption
*Exhibit 47: Industry risks
***10. Vendor Analysis
**10.1 Vendors covered
*Exhibit 48: Vendors covered
**10.2 Market positioning of vendors
*Exhibit 49: Market positioning of vendors
**10.3 AB Volvo
*Exhibit 50: AB Volvo - Overview
*Exhibit 51: AB Volvo - Business segments
*Exhibit 52: AB Volvo- Key news
*Exhibit 53: AB Volvo - Key offerings
*Exhibit 54: AB Volvo - Key offerings
**10.4 Ford Motor Co.
*Exhibit 55: Ford Motor Co. - Overview
*Exhibit 56: Ford Motor Co. - Business segments
*Exhibit 57: Ford Motor Co. - Key offerings
*Exhibit 58: Ford Motor Co. - Segment focus
**10.5 General Motors
*Exhibit 59: General Motors - Overview
*Exhibit 60: General Motors - Business segments
*Exhibit 61: General Motors - Key offerings
*Exhibit 62: General Motors - Segment focus
**10.6 Hyundai Motor Co.
*Exhibit 63: Hyundai Motor Co. - Overview
*Exhibit 64: Hyundai Motor Co. - Business segments
*Exhibit 65: Hyundai Motor Co. - Key offerings
*Exhibit 66: Hyundai Motor Co. - Segment focus
**10.7 Isuzu Motors Ltd.
*Exhibit 67: Isuzu Motors Ltd. - Overview
*Exhibit 68: Isuzu Motors Ltd. - Business segments
*Exhibit 69: Isuzu Motors Ltd.- Key news
*Exhibit 70: Isuzu Motors Ltd. - Key offerings
*Exhibit 71: Isuzu Motors Ltd. - Segment focus
**10.8 Mercedes Benz Group AG
*Exhibit 72: Mercedes Benz Group AG - Overview
*Exhibit 73: Mercedes Benz Group AG - Product and service
*Exhibit 74: Mercedes Benz Group AG - Key offerings
**10.9 Mitsubishi Motors Corp.
*Exhibit 75: Mitsubishi Motors Corp. - Overview
*Exhibit 76: Mitsubishi Motors Corp. - Business segments
*Exhibit 77: Mitsubishi Motors Corp. - Key offerings
*Exhibit 78: Mitsubishi Motors Corp. - Segment focus
**10.10 Scania AB
*Exhibit 79: Scania AB - Overview
*Exhibit 80: Scania AB - Business segments
*Exhibit 81: Scania AB.- Key news
*Exhibit 82: Scania AB - Key offerings
*Exhibit 83: Scania AB - Segment focus
**10.11 Stellantis NV
*Exhibit 84: Stellantis NV - Overview
*Exhibit 85: Stellantis NV - Business segments
*Exhibit 86: Stellantis NV-Key news
*Exhibit 87: Stellantis NV - Key offerings
*Exhibit 88: Stellantis NV - Segment focus
**10.12 Tata Motors Ltd.
*Exhibit 89: Tata Motors Ltd. - Overview
*Exhibit 90: Tata Motors Ltd. - Business segments
*Exhibit 91: Tata Motors Ltd.- Key news
*Exhibit 92: Tata Motors Ltd. - Key offerings
*Exhibit 93: Tata Motors Ltd. - Segment focus
***11. Appendix
**11.1 Scope of the report
*11.1.1 ????Market definition
*11.1.2 Objective
*11.1.3 Notes and caveats
**11.2 Currency conversion rates for US$
*Exhibit 94: Currency conversion rates for US$
**11.3 Research Methodology
*Exhibit 95: Research Methodology
*Exhibit 96: Validation techniques employed for market sizing
*Exhibit 97: Information sources
**11.4 List of abbreviations
*Exhibit 98: List of abbreviations
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
- Manufacturers and suppliers
- Channel partners
- Industry experts
- Strategic decision makers
Secondary sources
- Industry journals and periodicals
- Government data
- Financial reports of key industry players
- Historical data
- Press releases
DATA ANALYSIS
Data Synthesis
- Collation of data
- Estimation of key figures
- Analysis of derived insights
Data Validation
- Triangulation with data models
- Reference against proprietary databases
- Corroboration with industry experts
REPORT WRITING
Qualitative
- Market drivers
- Market challenges
- Market trends
- Five forces analysis
Quantitative
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
PURCHASE FULL REPORT OF
commercial vehicle market market
Key Questions Answered
- What are the key global market and the regional market share?
- What are the revenue-generating key market segments?
- What are the key factors driving and challenging this market’s growth?
- Who are the key market vendors and their growth strategies?
- What are the latest trends influencing the growth of this market?
- What are the variables influencing the market growth in the primary regions?
- What are the factors influencing the growth of the parent market?
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