Global commercial vehicle market expected to double in size by 2033, with shift towards electric vehicles.

From GlobeNewswire: 2024-07-19 04:00:00

The global commercial vehicle market is expected to grow from USD 1,072.84 billion in 2023 to USD 2,164.45 billion by 2033, with a CAGR of 7.27%. Commercial vehicles transport goods and individuals for payment, supporting economic activity. Demand for commercial vehicles is driven by infrastructure development and urbanization. The market is shifting towards electric vehicles to comply with fuel economy standards and reduce emissions.

The light commercial vehicle segment is projected to dominate the global commercial vehicle market due to lower emissions and tax advantages. Electric vehicles are expected to hold the largest share of the market, driven by rising fuel economy standards and decreasing battery costs. North America is expected to lead the market, while Asia Pacific is predicted to grow rapidly due to manufacturing facilities and improved infrastructure.

Key players in the global commercial vehicle market include Daimler AG, PACCAR Inc., Tata Motors, Scania, AB Volvo, and others. Recent developments include Tata Motors launching smart heavy-duty vehicles in South Africa. The market is segmented based on vehicle type, fuel type, end user, and region. Spherical Insights & Consulting provides market research and consulting services for businesses to achieve their objectives and strategic improvements.



Read more at GlobeNewswire: Global Commercial Vehicle Market Size To Worth USD 2,164.45