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.
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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.
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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.
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- 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)
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Global Commercial Vehicle Market Segmentation:
By Vehicle Type:
- Light Commercial Vehicle,
- Heavy Commercial Vehicle,
- Buses & Coaches
By Power Source Type:
- HEV / PHEV,
- Battery Electric Vehicle
- Fuel Cell Vehicle
- 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)
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