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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.
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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
List of the Companies Profiled in the Report
Further Report Findings
Table of Segmentation
Value (USD Billion) & Volume (Thousand Units)
By Vehicle Type
By Fuel Type