Press "Enter" to skip to content

Global Commercial Vehicle Market Size 2021-2028, Share, Growth Factors, Revenue, Competitive Landscape, Forecast Report

Pune, India, Nov. 24, 2021 (GLOBE NEWSWIRE) — According to the report by Fortune Business Insights, Commercial Vehicle market size is expected to reach USD 990.5 billion by 2028, exhibiting a CAGR of 6.5% during the forecast period. The increasing IT sector and rapid industrialization across the globe will boost the market growth in the forthcoming years. According to a report published by Fortune Business Insights, titled “Global Commercial Vehicle Market, 2021-2028,” the market size stood at USD 654.9 Billion in 2020.

This market is fragmented into light vehicles, heavy vehicles, and buses & coaches. Various governments are also taking initiatives to develop and secure commercial vehicles on the road. Technical improvements in the CV field are constantly evolving, and some of these technologies quickly become mandatory requirements. For example, the European Union has regulated automakers to install Advanced Driver Assistance Systems (ADAS), AEB, and Lane Departure Warning (LDW) in all heavy vehicles weighing nearly 15,400 pounds.

Request a Sample Copy of the Research Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/commercial-vehicle-market-104284

Driving Factor:

Booming Industrialization and Infrastructure Development to Aid Growth

The major drivers of worldwide CV growth are fast population increase, urbanization industrial expansion, and infrastructural development. The expansion of the industrial sector, particularly in developing nations, has resulted in a huge number of employment openings in a variety of industries, including construction, mining, and tourism. As a result, as work possibilities grow, so does the number of commuters, which significantly influences public transportation demand.

The use of cloud computing in the vehicle industry is growing rapidly. Cloud computing plays a vital role in CV production, and its services range from operation to design to management of various systems. The functions that come with cloud computing can reduce costs, thereby minimizing and reducing waste. Cloud computing makes it possible to communicate with vehicles from remote locations and retrieve and store data.

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

Regional Insights:

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

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 market in North America.

The commercial vehicle market share in Asia Pacific is expected to experience an outstanding growth during the forecast period due to the increasing adoption of electric and autonomous vehicles. As of 2020, the APAC market stood at USD 296.3 billion, and this value is projected to rise at a CAGR of 6.7% during the forecast period. The market in Asia Pacific will derive growth from the of businesses such as mining and logistics in developing countries.

Quick Buy –  Commercial Vehicle Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/104284

Key Players:

  • 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)

Have Any Query? Ask Our Experts: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/commercial-vehicle-market-104284

Global Commercial Vehicle Market Segmentation:

By Vehicle Type:

  • Light Commercial Vehicle,
  • Heavy Commercial Vehicle,
  • Buses & Coaches

By Power Source Type:     

  • Gasoline,
  • Diesel,
  • HEV / PHEV,
  • Battery Electric Vehicle
  • Fuel Cell Vehicle

By Geography

  • North America (U.S. and Canada)
  • Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)

Get your Customized Research Report: https://www.fortunebusinessinsights.com/enquiry/customization/commercial-vehicle-market-104284

About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

At Fortune Business Insights™ we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.

Contact Us:

Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune – 411045, Maharashtra, India.

Phone:
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245
Email: sales@fortunebusinessinsights.com
Fortune Business Insights™
LinkedIn | Twitter | Blogs


Primary Logo

This post was originally published on this site

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *