Commercial Vehicles (Trucks) Market by Type (Light Duty, Medium Duty, Heavy Duty), By Application (Construction, Industrial, Oil & Gas, Others), by Services (Aftermarket, Other Services), and by Region (North America, South America, Africa, Asia Pacific, Europe, and the Middle East), Global forecast, 2022-2030

Market Analysis and Insights:

The international commercial vehicle market is predicted to increase to USD 1.36 trillion in 2022 CAGR of 3.8% from 2023 to 2030.

Factors such as the demand for goods for logistics and e-commerce, the expansion of the building sector, and the increasing usage of innovative technology in commercial vehicles are driving market growth. The growing need for such automobiles in the building, mining, and transport industries is driving the expansion of the industry. The need for logistical services is rising due to the expansion of the e-commerce sector, and this is driving up demand for commercial trucks. The need for logistical services is growing along with the e-commerce industry, which in turn is driving up demand for commercial vehicles. The e-commerce sector's expansion is enhancing the demand for logistical services, which in turn raises the demand for commercial trucks. Building industry expansion is also increasing demand for business-purpose vehicles, which are used to transport building materials and equipment. Manufacturers of commercial vehicles are rapidly embracing sophisticated technology such as electric automobiles and self-driving vehicles. In the upcoming years, these technologies are anticipated to have a major impact on the growth of the commercial vehicle industry. The commercial automobile market is alive and well, and it is growing. To address the changing needs of customers, market leaders are always inventing and producing new products and technologies. The market is predicted to increase at an acceptable price.

Commercial Vehicles (Trucks) Market Scope :

Market Definition

Any vehicle used for business reasons, such as transporting goods or people, is referred to as a commercial vehicle. Trucks, vans, and buses are examples of commercial vehicles that are often larger than passenger automobiles. Commercial vehicles in the United States are categorized according to their gross vehicle weight rating (GVWR). The GVWR is the maximum load of the vehicle, that involves the weight of the automobile, cargo, and people. Commercial vehicles are critical to the economy. They help keep the marketplace going by transporting products and people. Commercial vehicles also assist businesses and provide jobs.

Key Market Segmentation:

Insights on Key Types:

The most prevalent kind of commercial transportation worldwide is the pickup truck. Pickup vehicles are popular among individuals and companies for a variety of reasons. The pickup truck market is likely to expand further in the future, driven by a growing need for these vehicles for goods and passenger transportation. Pickup trucks are a more prevalent type of commercial vehicle on the planet. They serve many functions, including hauling freight, towing trailers, and carrying passengers. Pickup trucks are considered light-duty trucks because their GVWR is less than 6,000 pounds. The most popular pickup trucks available are the Ram 1500, Chevrolet Silverado, and Ford F-150.

Box Trucks: Cargo trailers is transported using box trucks. They are usually surrounded by a metal roof and sidewalls. Box trucks come in a wide range of sizes, ranging from small vans to massive semi-trailer vehicles. The most popular box trucks on the market are the Ford Transit, Ram ProMaster, and Mercedes-Benz Sprinter.

Semi-Trailer Trucks: These vehicles are used for moving heavy loads. They are made up of a tractor and a trailer. A fifth-wheel coupling connects the trailer to the tractor. The largest form of commercial vehicle is a semi-trailer truck, which may have a GVWR of up to 40,000 pounds. The Freightliner Cascadia, Volvo VNL, and Kenworth T680 are the three most widely used semi-trailer trucks worldwide.

Vans: Vans are used to convey either people or goods. They are usually surrounded by a metal roof and sidewalls. Vans come in a variety of sizes, ranging from small cargo vans to huge passenger vans. The most popular vans in the world are the Ford Transit, Ram ProMaster, and Mercedes-Benz Sprinter.

Buses: Buses are vehicles that convey people. They are often bigger than vans and can transport more people. School buses, transit buses, and coach buses are all available in many layouts. The Blue Bird School Bus, Thomas Built Buses and Iveco Bus are the most popular in the world.

Insights on Key Applications:

Logistics is the most dominant application segment in the commercial vehicle market. This is attributable to the rising demand for products and services, in addition to the expansion of e-commerce. Additional application segments are also expanding, albeit at a slower rate. The most prominent application sector, incorporating a major percentage of the market, is logistics. Trucks deliver commodities and supplies over large distances, both locally and internationally. The expansion of e-commerce and a growing need for quick and dependable shipping solutions are driving the expansion of this market.

Construction: Trucks are used to deliver materials such as cement, sand, and gravel in the construction sector. Heavy gear such as excavators and bulldozers are also transported in this manner. The growth of the construction industry is driving this market's expansion. Ore, coal, and other goods are transported in the mining sector using mining trucks. Large equipment, such as excavators and garbage trucks, are also moved using them. The growth of the mining industry is causing this market to grow.

Agriculture:Trucks are used in the farm sector to deliver crops, livestock, and fertilizer. They are also used to transport agricultural gear such as tractors and harvesters. The expansion of the agriculture industry drives the expansion of this category. 

Trash Management: Trucks are used for gathering and moving trash, such as rubbish and recyclables. They are also used to transport building debris and other commodities. The expansion of the waste handling industry drives the expansion of this category.

Passenger Transportation: Trucks, such as school buses and tour buses, transport passengers.

Emergency Services: Emergency services, including fire vehicles and ambulances, employ trucks.

Military: Trucks are used by the military to carry troops and materials.

Insights on Regional Analysis:

North America has the greatest market share in the commercial vehicle market. North America is the biggest commercial vehicle market, with a market share of more than 50% in 2022. The world's largest economy is that of the United States, and recent years have seen significant growth in the economies of Canada and Mexico as well. Due to this, there is a rise in the need for commercial vehicles to transport both people and commodities. The region's strong economic growth, expanding building and mining industries, and strong infrastructure all contribute to this. Following Canada and Mexico, the United States has the biggest customer base in North America. North America's infrastructure, which includes highways, railways, and ports is well-developed. This makes commercial vehicle transportation of goods and people easier.

Asia-Pacific: Asia-Pacific is home to the world’s second-largest business vehicle market, and it is predicted to develop at the quickest rate during the projection period. This is attributable to the region's fast economic development, increasing urbanization, and burgeoning e-commerce sector. China is Asia's largest market, accompanied by India, Japan, and South Korea.

Europe: The third-largest market for commercial vehicles is in Europe. The market in Europe is anticipated to expand steadily throughout the projected period due to the region's ageing population and declining industrial sector. Europe's three largest markets are Germany, France, and the United Kingdom.

Latin America: Latin America is the fourth-largest commercial vehicle market in the world. Due to the region's financial troubles and political uncertainties, the Latin American market is predicted to rise modestly throughout the projection periods. Brazil is Latin America's largest market, followed by Mexico and Argentina.

Middle East and Africa: The smallest commercial vehicle markets are in the Middle East and Africa. Due to the region's increasing infrastructure and oil and gas sectors, the Middle East and Africa market is anticipated to grow at a modest rate during the projected period. The largest market in the Middle East is Saudi Arabia, and Africa, accompanied by Turkey and South Africa.

Company Profiles:

Commercial vehicle sales are very competitive, and the industry's top rivals are always coming up with new ideas to keep ahead of the competition. They are also investing in R& D to create new technology that will increase the effectiveness and security of their vehicles Daimler AG (Germany), Volkswagen AG (Germany), Tata Motors (India), and Isuzu Motors (Japan).

COVID-19 Impact and Market Status

The commercial vehicle (truck) industry has seen a significant impact as a result of the COVID-19 outbreak. The epidemic has curtailed business activity, which has decreased demand for vehicles. Furthermore, the pandemic has impacted the vehicle supply chain, making it challenging for manufacturers to obtain the parts required to make trucks. The pandemic's influence on the commercial vehicle sector has varied across areas. The market has recovered somewhat in some regions, such as North America and Europe, as economies have reopened. However, the market remains poor in other regions, such as Asia-Pacific. Despite the pandemic's obstacles, the commercial vehicle sector is projected to rebound in the long run. Factors such as rising e-commerce demand and the expansion of the logistics business will boost growth.

Latest Trends and Innovation:

The following are the most current advances in the commercial vehicle (truck) market in 2023:

?  Electric trucks are becoming more popular. Several truck producers have declared plans to sell electric trucks in the years to come, and several have already begun doing so. Volvo Trucks, for example, has begun selling electric trucks in Malaysia, while Daimler Trucks plans to debut electric trucks in the United States in 2024.

? The development of self-driving trucks Several businesses are working on driverless truck technology, and some anticipate that they will be on the path within the next few years. TuSimple, for example, has already begun operating self-driving trucks on public highways in the United States.

? Increasing the size of the internet retail industry as the online retail industry grows, so does the demand for commercial vehicles to deliver products. Amazon, for example, is investing heavily in its delivery truck network.

? Introducing new security measures to make their trucks safer for both drivers and pedestrians, truck manufacturers are attempting to create new safety features. Volvo Trucks, for example, has developed technology that may autonomously brake to avoid crashes.

Significant Growth Factors:

The most prominent are increased urbanization and industrialization. The expansion of these two sectors is driving up the need for commercial vehicles, which are used to move both goods and individuals in urban and industrial locations. The expansion of urbanization and industrialization is driving the expansion of transportation and logistics sectors, which in turn is increasing the demand for commercial cars. The expanding e-commerce business is also fueling the need for commercial vehicles, which transport items from warehouses to retail stores. Increased construction of infrastructure, such as roads and highways, is increasing demand for business vehicles. Advanced technology such as telematics and safety measures are also driving up demand for corporate vehicles. Manufacturers are being forced to build more fuel-efficient and ecologically sound commercial vehicles as a result of stringent emission standards. The growing interest in electric vehicles is projected to increase the commercial vehicle market in the future years.

Restraining Factors:

Commercial cars are costly to buy and maintain. The vehicle itself is expensive, and the costs of fuel, repairs, and insurance can all be significant. This can make it hard for businesses, particularly during economic downturns, to afford commercial cars. Electric trucks have grown more widespread. This is due to increased public awareness of the detrimental environmental effects of petrol and diesel-powered automobiles. Electric trucks cost more than petrol or diesel trucks, however, they have reduced operational costs. This could reduce demand for gasoline- and diesel-powered trucks in future years. Commercial cars are being outfitted with cutting-edge technologies like telematics, security attributes, and driver support systems. These tools can be costly to design and execute, as well as complicated to use and maintain. This may make it challenging for firms, particularly those with limited resources, to implement new technologies. The commercial vehicle industry is experiencing a skilled manpower shortage. This is because the business is aging and not enough young individuals are entering the profession. This could cause delays in manufacturing and maintenance, slowing the market growth. The global economic situation is unpredictable, which could harm the commercial vehicle industry. Businesses may not be as likely to purchase new commercial vehicles if there is a recession. Despite these obstacles, the commercial vehicle market is likely to expand considerably in the coming years. The expansion of e-commerce businesses, rising urbanization, and the demand for improved infrastructure for transportation are all projected to boost the market.

Key Segments of the Global Commercial Vehicles (Trucks) Market 

Type Overview
? Pickup Vehicles 
? Box Trucks 
? Semi-trailer Trucks 
? Vans 
? Buses 

Application Overview
? Logistics 
? Construction 
? Mining 
? Agriculture 
? Trash Management 
? Passenger Transportation 
? Emergency Services 
? Military 

Regional Overview

North America 
? U.S. 
? Canada 
? Mexico 
Europe 
? Germany 
? France 
? U.K. 
? Spain 
? Italy 
? Russia 
? Rest of Europe 
Asia Pacific 
? China 
? India 
? South Korea 
? ASEAN 
? Australia 
? Rest of Asia Pacific 
Middle East & Africa 
? Saudi Arabia 
? UAE 
? South Africa 
? Egypt 
? Ghana 
? Rest of MEA 
Latin America 
? Brazil 
? Argentina 
? Colombia 
? Rest of Latin America