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Commercial Vehicle Market to Reach $990.5 Billion by 2028; Collaboration of Mercedes Benz AG (Daimler AG) and Zhejiang Geely to Intensify Market

October 14, 2021 | Automotive & Transportation

The global commercial vehicle market size is projected to grow from USD 634.3 billion in 2021 to reach USD 990.5 billion by 2028. The increasing market competition will increase the number of mergers and collaborations among major players, which will aid the market growth. According to a report published by Fortune Business Insights, titled “Global Commercial Vehicle Market Size, Share & COVID-19 Impact Analysis, By Vehicle Type (Light Vehicle, Heavy Vehicle, and Buses & Coaches), By Power Source (Gasoline, Diesel, HEV / PHEV, Battery Electric Vehicle (BEV), Fuel Cell Vehicle) and Regional Forecasts, 2021-2028,” the market was USD 654.9 Billion in 2020 and is expected to exhibit a CAGR of 6.5% during the forecast period.

Commercial Vehicles (CV) are used to transport goods and equipment over longer distances and carry passengers for shorter and longer distances. The increasing use of CV is consequential to the rising applications across the world. Accounting for increasing demand for the product, there are several large-scale production units worldwide, which has created healthy market competition. With regard to increasing applications and subsequently rising demand, companies are looking to integrate advanced technologies with an aim of acquiring a broader consumer base. Recent advances in product manufacturing and built and enhanced features will bode well for the growth of the market in the forthcoming years.

Volvo Group Announces New Venture with Daimler Truck AG; Companies Hope to Ward off Barriers set by the Covid-19 Pandemic

The report highlights a few of the major industry developments of recent times and discusses their impact on the growth of the overall market. It is observed that there have been numerous company mergers in recent times, mainly due to the growing market competition and rising demand for the product across the world. In April 2020, Volvo Group announced that it has entered into a non-binding agreement to form a joint venture with Daimler Truck AG. Through this venture, the companies will look to achieve sustainable transportation and carbon neutrality in Europe; a unified target set till the year 2050. This venture will encourage other companies in this sector and given the massive global brand presence of Volvo Group, and the collaboration will also influence the growth of the market in the coming years.

To get a detailed report summary and research scope of this market, click here:


Rapid Advances in Infrastructure and Industrialization will Emerge in Favor of Market Growth

The rapid industrialization across the world will create the platform for growth for the companies operating in the market. Recent technological advances in industrial infrastructure will have a positive impact on the growth of the market in the foreseeable future. The increasing construction activities, coupled with the increasing employment rate, will have a direct impact on the growth of the market in the forthcoming years.

Daimler AG to Dominate the Global Market

The report highlights a few of the major companies in the global market and labels the strategies adopted by these companies. Accounting to healthy market competition, companies are looking to adopt newer strategies, with the bid to establishing a wider consumer base. Daimler AG is among the leading companies that have established a strong brand presence in the past few years.

List of Companies Profiled in the Report:

  • Daimler AG (Stuttgart, Germany)

  • PACCAR Inc. (Washington, U.S.)

  • Hino (Tokyo, Japan)

  • SCANIA (Södertälje, Sweden)

  •  Tata Motors (Mumbai, India)

  • Navistar International Corp (Illinois, U.S.)

  • BYD Auto Co., Ltd. (Shenzhen, China)

  • AB Volvo (Gothenburg, Sweden)

  • Toyota Motor Corporation (Toyota, Aichi, Japan)

  • Proterra, Inc. (California, U.S.)

Industry Developments:

  •  April 2021: Hino Motors Ltd introduced an ultra-low-floor, front-wheel-drive light-duty electric truck with a walk-through van style for the logistics sector that is both user-friendly and carbon-free at advanced levels.

  • January 2020: Mercedes Benz AG (Daimler AG) and Zhejiang Geely announced their new joint venture.

Further Report Findings:

  • Regional Insights: The market in APAC stood at USD 296.3 billion in 2020 and is projected to hold the largest commercial vehicle market share. The region is expected to reach USD 438.6 Billion by 2028, at a CAGR of 6.7% during the forecast period. The growth is attributed to the growing adoption of vital governmental initiatives and high sales of electric vehicles

  • Leading Segment: The diesel segment is expected to hold the largest market share during the forecast period. HEV/PHEV segment is also likely to experience promising growth due to the high demand for power sources and stringent regulations regarding fuel economy standards.

The global commercial vehicles market is segmented on the basis of:



Study Period


Base Year


Forecast Period


Historical Period



Value (USD Billion) & Volume (Thousand units)


By Vehicle Type

  • Light CV

  • Heavy CV

  • Buses & Coaches

By Power Source

  • Gasoline

  • Diesel

  • HEV / PHEV

  • Battery Electric Vehicle (BEV)

  • Fuel Cell Vehicle

By Geography

  • North America (U.S., Canada, and Mexico)

  • Europe (U.K., Germany, France, and Rest of Europe)

  • Asia Pacific (Japan, China, India, South Korea, and Rest of Asia Pacific)

  • Rest of the World

Global Commercial Vehicle Market
  • PDF
  • 2020
  • 2017-2019
  • 200


  • 4850

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