PUBLISHER: The Business Research Company | PRODUCT CODE: 1675088
PUBLISHER: The Business Research Company | PRODUCT CODE: 1675088
A commercial vehicle is a type of vehicle licensed for transporting goods or materials rather than passengers, and it is primarily used for commercial or business purposes.
The primary types in the commercial vehicle market include light commercial vehicles, heavy trucks, buses, and coaches. Light commercial vehicles typically weigh no more than 3.5 metric tons. These vehicles can be powered by various fuel types such as gasoline, diesel, and other alternative fuels. The propulsion types for commercial vehicles include internal combustion (IC) engines and electric vehicles. Commercial vehicles find applications in various sectors, including mining and construction, logistics, passenger transportation, and other commercial applications.
The commercial vehicles market research report is one of a series of new reports from The Business Research Company that provides commercial vehicle market statistics, including commercial vehicle industry global market size, regional shares, competitors with a commercial vehicle market share, detailed commercial vehicle market segments, market trends and opportunities, and any further data you may need to thrive in the commercial vehicle industry. This commercial vehicle market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The commercial vehicle market size has grown strongly in recent years. It will grow from $976.15 billion in 2024 to $1067.45 billion in 2025 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to global trade expansion, infrastructure development, manufacturing and industrial activity, government regulations, consumer goods transportation.
The commercial vehicle market size is expected to see strong growth in the next few years. It will grow to $1479.97 billion in 2029 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to e-commerce logistics growth, last-mile delivery solutions, sustainable and green logistics, efficiency in supply chain, efficiency in supply chain. Major trends in the forecast period include telematics integration for fleet management, integration of advanced safety systems, customization for industry-specific needs, aerodynamics for fuel efficiency, autonomous driving technology.
Technological advancements are expected to continue driving market growth during the forecast period. Over the past decade, the commercial vehicle industry has witnessed numerous technological innovations, and this trend is anticipated to accelerate. For example, the International Energy Agency, a France-based intergovernmental autonomous organization, reported that in 2022, around 66,000 electric buses and 60,000 medium- and heavy-duty trucks were sold globally, representing approximately 4.5% of total bus sales and 1.2% of truck sales worldwide. Sales of electric buses and trucks, which began to rise in 2021, continued to increase in 2022. These innovations are projected to propel the commercial vehicle market during the forecast period.
The growing demand for efficient transportation is expected to enhance the growth of the commercial vehicle market in the coming years. Transportation, or transport, refers to the deliberate movement of people, animals, and goods from one location to another. The rising transportation needs, whether for moving goods or people, necessitate a larger fleet of commercial vehicles. This, in turn, leads to increased sales of commercial vehicles, including trucks, vans, buses, and other modes of transport. For instance, in April 2024, a report from the Bureau of Transportation Statistics, a US-based agency, indicated that for-hire transportation contributed most significantly to the increase from 2021 to 2022, rising from 3.2% to 3.5%, while household transportation had a smaller impact, with a one percentage point increase during the same period. Therefore, the growing demand for efficient transportation is driving the expansion of the commercial vehicle market.
Major commercial vehicle manufacturers are making substantial investments in driverless car technologies to reduce traffic congestion, prevent accidents, and save fuel. Driverless commercial vehicles leverage radar, GPS, and computer vision technology to sense their environment and navigate autonomously. Companies such as UPS and Amazon are conducting tests with driverless commercial vehicles to enhance operational efficiencies and cut costs.
Leading companies in the commercial vehicles market are diversifying their product offerings, introducing innovations such as commercial vehicle cooling systems to cater to broader customer bases, boost sales, and increase revenue. Commercial vehicle cooling systems regulate engine and component temperatures in vehicles such as trucks, buses, and construction machinery. For example, DENSO Corporation launched Everycool, an innovative cooling system for commercial vehicles in September 2023. This system enhances driver comfort during summer heat, reduces environmental impact, and improves energy efficiency by consuming 57% less power than conventional cabin-wide cooling systems in Japan. It achieves this efficiency by relying on the vehicle's original battery.
Major companies operating in the commercial vehicle market include Volkswagen AG, Toyota Motor Corp., Ford Motor Company, General Motors Company, Bayerische Motoren Werke AG, Beijing Automotive Group Co. Ltd., Kia Motors Corp., BYD Motors Inc., Volvo AB, TRATON GROUP, PACCAR Inc., Peugeot, Scania AB, Tata Motors Ltd., Dongfeng Motor Corporation, Hino Motors Ltd., Navistar Inc., Rivian Automotive Inc., Mack Trucks Inc., Isuzu Commercial Truck of America Inc., Daimler AG, Mercedes-Benz Group AG, International Lonestar
North America was the largest region in the commercial vehicles market in 2024. Asia-Pacific was the second-largest region in the commercial vehicle market. The regions covered in the commercial vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the commercial vehicle market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.
The commercial vehicle market consists of sales of trucks, buses, trailers, taxis, heavy equipment, trailers, and travel trailers. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Commercial Vehicle Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on commercial vehicle market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for commercial vehicle ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The commercial vehicle market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.