Commercial Vehicle Market Size, 2020 Industry Share and Global Demand | 2027 Forecast by Fortune Business Insights™
Commercial Vehicle Market size isprojected to reach USD 621.1 billion by the end of 2027. The increasing ITsector and rapid industrialization across the globe will emerge in favor ofmarket growth. According to a report published by Fortune Business Insights,titled “Commercial Vehicle Market Size,Share & COVID-19 Impact Analysis, By Vehicle Type (Light CommercialVehicle, Heavy Commercial Vehicle, and Buses & Coaches), By Power Source(Gasoline, Diesel, HEV / PHEV, Battery Electric Vehicle (BEV), Fuel CellVehicle) and Regional Forecast, 2020-2027” the market was worth USD 748.6billion in 2019 and will exhibit a CAGR of -2.3% during the forecast period2020-2027.
A commercial vehicle is used fortransportation of goods or to carry passengers. Accounting to the rising dailycommute rate and increasing long-distance transportation and trade activities,there is a massive demand for commercial type of vehicles across the world. Thepresence of several large scale companies in several countries across the worldhas resulted in healthy market competition. Thus, SMEs are finding it difficultto operate seamlessly. As large scale companies hold the privilege to acquiresmaller companies as well as other large scale companies, SMEs look toimplement 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 area few short term hurdles, mainly due to the pandemic.
Decline in Product Sales to have aSevere Impact on Market Growth during the Covid-19 Pandemic
The recent coronavirus outbreak has hada negative impact on several businesses across the world. With unified effortstaken to curb the spread of the disease, businesses across the world have beencompelled to shut down. The measures taken to minimize the impact of thedisease will ultimately affect several manufacturing units, with strictmeasures forcing people to stay indoors. The commercial vehicle sector is amongthe few industries that have been hit the most among all industries during theCoovid-19 pandemic. With social distancing practices implemented across theworld, commercial vehicle businesses have dramatically gone down and it will bea while until we may see newer variants at a similar pace to that in the pastfew years.
Company Mergers are an Increasing TrendAmong Major Companies in the Global Market
The report encompasses several factorsthat have contributed to the growth of the market in recent years. Among allfactors, the increasing number of company mergers and acquisitions, as well ascollaborations, has made the highest impact on the growth of the market.Accounting to increasing market competition, it is observed that majorcompanies are benefiting from collaborations and joint ventures. In July 2019,Daimler announced that it has entered into a strategic partnership with BMW fordeveloping new technology for automatic parking as well as a driver assistancesystem on highways. This partnership will also help the companies to achieve ahigher level of automation in urban centers. The increasing number of companymergers and acquisitions will have a massive impact on the growth of the globalmarket 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 markettrends across five major regions, including North America, Latin America,Europe, Asia Pacific, and the Middle East and Africa. Among all regions, themarket 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 directimpact on the growth of the regional market. The increasing adoption of thesevehicles is attributable to the increasing application of the product acrossdiverse industries. As of 2019, the market in North America was worth USD 332.9billion and this value is projected to rise at a considerable pace in thecoming years. The market in Asia Pacific will derive growth from the risingpopulation and the use of commercial vehicles as a medium for the dailycommute.
List of the Leading Companies Profiledin the Global Commercial Vehicle Market are:
- 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)
Industry Developments:
April 2020: The Volvo Group and Daimler Truck AG announced thatthey have formed a new joint venture. This collaboration is aimed at thedevelopment and production of commercializing advanced fuel cell systems forheavy commercial vehicle applications.
Browse Detailed Summary of ResearchReport with TOC:
https://www.fortunebusinessinsights.com/commercial-vehicle-market-104284
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