San Francisco, 16 October 2018 , The
global commercial vehicles market size is expected to reach USD 2.27 trillion by
2025, according to a study conducted by Grand View Research, Inc. The market is
projected to expand at a CAGR of 7.1% during the forecast period. Increased
urbanization, coupled with rising spending on infrastructure development in
emerging economies such as China, India, and Turkey, are expected to drive the
market over the forecast period. Several suppliers are shifting their focus on
improving R&D capabilities while enhancing operational efficiency, which is
also projected to play a pivotal role in boosting market growth.
In addition,
increasing penetration of electric commercial vehicles is also anticipated to
contribute toward market expansion over the coming years. Adoption of electric
vehicles (EVs) is primarily driven by need to meet emission reduction standards
and regulations enforced by government bodies worldwide. Commercial vehicle
telematics is another trend that is gaining traction and is anticipated to have
a positive impact on the market over the forecast period.
To meet
changing market needs, original equipment manufacturers (OEMs) across the globe
are focusing on integrating innovative technologies, such as keyless
entry/ignition, engine diagnostics, mobile connectivity, and an array of novel
applications that assist in vehicle control. All these efforts by OEMs are
expected to significantly contribute to global market growth over the coming
years.
Full Research Report On commercial vehicles
market Analysis:
www.grandviewresearch.com/industry-analysis/commercial-vehicle-market
www.grandviewresearch.com/industry-analysis/commercial-vehicle-market
Further key findings from the study suggest:
·
Expanding e-commerce industry and
availability of easy finance options are anticipated to play a key role in
boosting the commercial vehicles market growth
·
Increasing spending on infrastructural
development and efforts taken by OEMs to provide value-added services focused
on enhancing in-vehicle experience are projected to drive market demand
·
The global market is expected to register a
volume-based CAGR of over 6.0% from 2018 to 2025, primarily as a result of
sustained economic activity in emerging markets
·
The light commercial vehicles (LCVs)
segment recorded consistent growth from 2014 to 2017 and this trend is expected
to continue over the forecast period due to expansion into newer markets such
as Africa and Southeast Asia
·
The logistics segment is anticipated to
witness high demand for commercial vehicles, primarily due to rise in trade and
e-commerce activities across the globe
·
Rapid urbanization and improving road
infrastructure in Asia Pacific are projected to drive the region to register a
revenue-based CAGR of more than 8.0% from 2018 to 2025
·
The market is marked by the presence of
numerous participants such as Tata Motors, Volkswagen AG, Ashok Leyland, Volvo
Car Corporation, and General Motors. These players implement various inorganic
and organic growth strategies to maintain their presence and withstand intense
competition.
Browse More Reports Of This Category By
Grand View Research At: www.grandviewresearch.com/industry/automotive-and-transportation
Grand View Research has segmented the
global commercial vehicles market based on product, end use, and region:
Commercial
Vehicles Product Outlook (Volume, Thousand Units; Revenue, USD Billion, 2014 -
2025)
·
Light Commercial Vehicles (LCVs)
·
Heavy Trucks
·
Buses & Coaches
Commercial
Vehicles End-use Outlook (Volume, Thousand Units; Revenue, USD Billion, 2014 -
2025)
·
Industrial
·
Mining & Construction
·
Logistics
·
Passenger Transportation
·
Others
Commercial
Vehicles Regional Outlook (Volume, Thousand Units; Revenue, USD Billion, 2014 -
2025)
·
North America
o
U.S.
o
Canada
·
Europe
o
U.K.
o
Germany
o
France
o
Spain
o
Italy
o
Netherlands
o
Belgium
o
Sweden
o
Denmark
·
Asia Pacific
o
China
o
India
o
Japan
o
South Korea
o
Indonesia
o
Thailand
o
Australia
o
Malaysia
o
Singapore
o
Taiwan
·
Latin America
o
Brazil
o
Mexico
·
Middle East & Africa
o
South Africa
o
Turkey
Access Full Press Release of this Report:
www.grandviewresearch.com/press-release/global-commercial-vehicle-market
www.grandviewresearch.com/press-release/global-commercial-vehicle-market
About Grand View
Research
Grand View Research, Inc.
is a U.S. based market research and consulting company, registered in the State
of California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com/
