Latest News- Commercial Vehicle Market: ICE is expected to lead the Fuel Type segment during 2025-2029

The Commercial Vehicle Market is being driven by E-commerce growth

The Commercial Vehicle Market is expected to grow at a CAGR of 3% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 148.4 billion. The global commercial vehicle market is undergoing a significant transformation, with a clear trend toward electrification and the adoption of alternative fuels. In 2023, approximately 50,000 electric commercial vehicles (ECVs), including buses and trucks, were sold worldwide, bringing the total global electric fleet to over 635,000 units. China is leading this transition, accounting for approximately 60% of global electric bus sales. Projections indicate that electric light-duty vehicles will make up a substantial portion of global sales by the early 2030s. The growth in electric commercial vehicles is driven by the need to reduce emissions and enhance sustainability within the sector. In 2023, sales of electric trucks rose by 35% compared to the previous year. This trend is expected to continue as more companies commit to decarbonizing their commercial fleets. 

Get more information on Commercial Vehicle Market by requesting a sample report

Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Fuel Type
  • ICE
  • EV
• Type
  • Cargo trucks
  • Pick-up trucks
  • Buses
  • Trippers
  • Tractors
• Vehicle Type
  • Light-duty vehciles
  • Heavy-duty vehicles
  • Medium-duty vehicles
• Geography
  • North America
    • Canada
    • Mexico
    • US
  • APAC
    • China
    • India
    • Japan
  • Europe
    • Germany
    • UK
    • France
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• E-commerce growth
• Urbanization and infrastructure development
• Rapid industrialization in emerging economies

However, the market also witnesses some limitations, which are as follows:

• Supply chain disruptions
• Concern over recalls
• Driver shortage

Benefits of Buying Global Commercial Vehicle Market Research Report by Technavio

Rich Experience: 20+ years leading global market research, trusted insights across industries.

Unlock Business Potential with Technavio: Maximize ROI with Technavio's tailored market research: deep dives and actionable insights.

Your Guide to Market Success: Empower your business with Technavio's market research and future-proof your decisions.

Market Scope in Commercial Vehicle Market Research Report

Request Free Sample

Find out which segment is leading the market by accessing the free PDF report

Research Analysis Overview

The commercial vehicle industry, encompassing the trucking industry, focuses on freight transportation and is undergoing significant transformations. These include vehicle electrification, autonomous trucking, connected fleet management, predictive maintenance, and driver training. Freight brokers and third-party logistics companies utilize supply chain optimization, sustainable transportation, and logistics solutions. Vehicle connectivity, performance metrics, engine performance, fuel economy, emission regulations, safety technologies, and fleet maintenance are essential aspects. Commercial vehicle financing, insurance, and trucking operations are also key components, along with logistics technology, transportation networks, cargo handling, and advanced driver assistance systems.

Market Research Overview

In the automobile industry, the commercial vehicle sector encompasses the manufacturing of heavy-duty vehicles, including commercial trucks and fleet management solutions. This segment is a significant contributor to the global automobile market, which comprises companies producing passenger cars, commercial vehicles, and all-terrain vehicles. The market's expansion is influenced by the integration of advanced technologies, such as electronic components, secured safety systems, autonomous capabilities, and emission standardization. These features enhance fuel efficiency through electronic fuel control and enable vehicle customization, thereby attracting customers and driving growth in the commercial vehicle sector.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/