The Global Market for Commercial Vehicles is Projected to Reach 29.1 Million Units by 2020

Increased Demand for Transportation & Logistics Services Drives the Commercial Vehicles Market, According to a New Report by Global Industry Analysts, Inc.

GIA announces the release of a comprehensive global report on Commercial Vehicles. The global market for Commercial Vehicles is projected to reach 29.1 million units by 2020, driven by economic growth and growing commercial, business, and industrial activity, and the ensuing rise in demand for transportation and logistics services.

From enabling commercial transport between cities, states, and national borders, commercial vehicles support business, commercial, and trade activity. The growth in the market is reliant on the level of transportation and logistics activity, which in turn is dependent on economic growth and health of commercial, business, and industrial activity. Government spending on infrastructure projects like power generation, road construction, mining, mega and smart cities, will also help drive demand for a range of commercial vehicles used for transportation.

The commercial vehicles (CVs) market is influenced by a medley of factors including capital investments in the manufacturing industry, technology, price, competition and regulations. Factors such as production capacity, demand and supply dynamics and industry rationalization strategies also influence sales and manufacturer prospects in this market. Changing societal priorities, against a backdrop of new environmental and economic realities drives the automotive industry’s current transition both in terms of design and manufacturing. Stricter regulations surrounding environmental and occupant protection is stimulating technology transformation in this industry. Fuel-efficient vehicles, sophisticated safety features such as driver assistance systems, and stability control, and intelligent navigation technologies, are all poised to remain focal areas in the future.

Increase in fuel and energy prices coupled with rising customer eco-awareness will fuel innovation of low-emission and fuel efficient green vehicles. Low carbon emission laws will also help OEMs focus on developing environment friendly vehicles that consume lesser fuel and emit lower emissions. Innovations in technology such as Exhaust Gas Recirculation (EGR), Selective Catalytic Reduction (SCR), Compression Ignition Technology and Telematics, which improve the efficiency of CVs will help drive long-term growth. Hybrid and electric trucks are expected to grow in popularity as a result of government incentives, and functional improvements in the design of electric motors and hybrid engines.

The growing need to transport temperature sensitive products like food & beverage, pharmaceuticals, chemicals, plants, flowers, among others, is helping fuel demand for Refrigerated Vehicles. The rise in home delivery of frozen and chilled food and beverages, for instance, is helping spur market opportunities for refrigerated transportation. Increased online delivery of food services offered by restaurants and supermarkets is a key reason cited for the increase in home delivery of food and beverages.

As stated by the new market research report on Commercial Vehicles, the United States represents the largest and the fastest growing market worldwide with a CAGR of 5.9% over the analysis period. Asia-Pacific ranks as a production hub for commercial vehicles led by shifting of the automobile production base to low cost Asian countries. Rapid industrialization, development of road infrastructure, and steady rise in logistics, distribution and public transportation will drive growth in the region. The region is also expected to witness strong demand for buses encouraged by rapid urbanization and increasing need for safe and efficient public transportation in populous countries such as China and India. 

Key players covered in the report include AB Volvo Group, UD Trucks Corporation, BAIC Group, Chrysler Group LLC, China National Heavy Duty Truck Group, Daimler AG, Dongfeng Motor Corporation, FAW Group Corporation, Fiat Chrysler Automobiles N.V., Iveco S.p.A, Ford Motor Company, General Motors Corp., Hyundai Motor Company, Isuzu Motors Ltd., MAN Truck & Bus AG, Mitsubishi Fuso Truck and Bus Corporation, Navistar International Corporation, Nissan Motor Co. Ltd., PACCAR Inc., Scania AB, Tata Motors Ltd., Toyota Motor Corp., Hino Motors Ltd., and Volkswagen AG.

The research report titled “Commercial Vehicles: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of the commercial vehicles market, industry overview, trends, growth drivers and issues, and recent industry activity. The report provides market estimates and projections for commercial vehicles in volume sales and production in Units for major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (Australia, China, India, Indonesia, Malaysia, South Korea, Taiwan, Thailand and Rest of Asia-Pacific), Latin America (Argentina, Brazil, Mexico and Rest of Latin America) and Rest of World.