Commercial Vehicle Market to Rise at 8.7% CAGR from 2022 to 2029; Daimler Truck Announced the Launch of eEconic Electric Truck to Boost Electrification Portfolio

The global commercial vehicle market size will rise from USD 955.57 billion in 2022 to USD 1,712.44 billion by 2029. Automakers and OEMs have upped investments in the expansion and adoption of advanced technologies. Amidst rising air pollution, manufacturers are expected to shift toward sustainable energy. Governments have implemented rigorous regulations to minimize increasing emissions.

According to the latest research report by Fortune Business Insights™ titled, “Commercial Vehicle Market Size, Share & COVID-19 Impact Analysis, By Vehicle Type (Light Commercial Vehicle, Heavy Vehicle, and Buses), By Fuel Type (I.C. Engine, EV), and Regional Forecast, 2022-2029,” the market was valued at USD 821.28 billion in 2021. It is expected to witness 8.7% CAGR during the forecast period.

COVID-19 Pandemic-led Semiconductor Shortage Dented Growth Prospect

The onset of the COVID-19 pandemic prompted supply chain disruptions and a plunge in the production and sales of auto vehicles. Moreover, the potential shortage of semiconductors jolted the automotive industry. To illustrate, General Motors was reported to have temporarily halted the production in March 2020 while Toyota announced its plan to reduce annual production by 40% in 2021, largely due to a semiconductor shortage. The trend led several governments to emphasize long-term plans to minimize the dependency on semiconductor chip manufacturers in the Asia Pacific.

Viaduct Joined Hands with Paccar to Leverage Connected Data

Leading companies have upped investments in the automotive sector amidst prevailing challenges such as the COVID-19 pandemic and complexities in operating advanced systems. Major players are expected to prioritize telematics and AI to streamline services. For instance, Viaduct teamed up with Paccar to leverage connected vehicle data. The collaboration could integrate the latter’s diagnostics, telematics, and repair data pipelines with the former’s analytics platform and connected vehicle data. The commercial vehicle market share will gain impetus from investments in organic and inorganic strategies.

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

https://www.fortunebusinessinsights.com/commercial-vehicle-market-104284

Strong Demand for Electrification to Bolster Return on Investments

Soaring air pollution across emerging and advanced economies has prompted several manufacturing companies to prioritize sustainable solutions. A host of public transportation systems has sought electrification in freight vehicles to boost zero-emission public transportation. Moreover, the logistics sector has exhibited a trend for Electric Vehicles (EVs) as OEMs grapple with minimizing the cost of batteries. Major players, such as Volvo, Daimler, and Toyota, have spurred investments in EVs, thereby driving the commercial vehicle market growth. Furthermore, the trend for advanced Driving Assistance Systems (ADAS) will augur well for leading companies gearing to boost their return on investments. Meanwhile, high manufacturing costs and increased investments in research & development activities could impede the growth.

Stakeholders Focus on Collaboration to Tap into Markets

Major players are poised to inject funds into mergers & acquisitions, product launches, R&D activities, and technological advancements to propel their penetration. Furthermore, leading companies could infuse funds into innovations to expand their market presence across untapped areas.

Notable Industry Development

• April 2020: BYD and Hino inked a strategic business partnership agreement to emphasize collaboration in commercial electric vehicle development.
• March 2022: Daimler Truck announced the launch of eEconic electric truck. Volvo and Daimler are already delivering significant numbers of trucks, and the latter is preparing to launch its third electric truck.

 List of the Companies Profiled in the Report

• Daimler AG (Germany)
• PACCAR Inc. (U.S.)
• Hino (Japan)
• Scania (Sweden)
• Tata Motors (India)
• Navistar International Corp (U.S.)
• BYD Auto Co., Ltd. (China)
• AB Volvo (Sweden)
• Toyota Motor Corporation (Japan)

Further Report Findings

• In terms of vehicle type, the light commercial vehicle segment could exhibit the largest share of the global market due to increasing usage in logistics operations.
• North America market size was valued at USD 485.31 billion in 2021 and will grow with rising demand for fleet management’s long-distance operations.
• Asia Pacific market outlook will be strong due to robust government policies to boost the penetration of electric vehicles.

Table of Segmentation