San Francisco,15
October 2018: The global commercial
vehicles market size is expected to reach USD 2.27 trillion
by 2025, according to a study conducted by Grand View Research, Inc. The market
is projected to expand at a CAGR of 7.1% during the forecast period. Increased
urbanization, coupled with rising spending on infrastructure development in
emerging economies such as China, India, and Turkey, are expected to drive the
market over the forecast period. Several suppliers are shifting their focus on
improving R&D capabilities while enhancing operational efficiency, which is
also projected to play a pivotal role in boosting market growth.
In addition, increasing penetration of
electric commercial vehicles is also anticipated to contribute toward market
expansion over the coming years. Adoption of electric vehicles (EVs) is
primarily driven by need to meet emission reduction standards and regulations
enforced by government bodies worldwide. Commercial vehicle telematics is
another trend that is gaining traction and is anticipated to have a positive
impact on the market over the forecast period.
To meet changing market needs, original
equipment manufacturers (OEMs) across the globe are focusing on integrating
innovative technologies, such as keyless entry/ignition, engine diagnostics,
mobile connectivity, and an array of novel applications that assist in vehicle
control. All these efforts by OEMs are expected to significantly contribute to
global market growth over the coming years.
Access
Research Report of Commercial Vehicles
Market @ www.grandviewresearch.com/industry-analysis/commercial-vehicle-market
Further key findings from the study suggest:
· Expanding e-commerce industry and
availability of easy finance options are anticipated to play a key role in
boosting the commercial vehicles market growth
· Increasing spending on infrastructural
development and efforts taken by OEMs to provide value-added services focused
on enhancing in-vehicle experience are projected to drive market demand
· The global market is expected to register a
volume-based CAGR of over 6.0% from 2018 to 2025, primarily as a result of
sustained economic activity in emerging markets
· The light commercial vehicles (LCVs)
segment recorded consistent growth from 2014 to 2017 and this trend is expected
to continue over the forecast period due to expansion into newer markets such
as Africa and Southeast Asia
· The logistics segment is anticipated to
witness high demand for commercial vehicles, primarily due to rise in trade and
e-commerce activities across the globe
· Rapid urbanization and improving road
infrastructure in Asia Pacific are projected to drive the region to register a
revenue-based CAGR of more than 8.0% from 2018 to 2025
· The market is marked by the presence of
numerous participants such as Tata Motors, Volkswagen AG, Ashok Leyland, Volvo
Car Corporation, and General Motors. These players implement various inorganic
and organic growth strategies to maintain their presence and withstand intense
competition.
Browse more reports of this category by Grand View
Research at: www.grandviewresearch.com/industry/automotive-and-transportation
Grand View Research has segmented the
global commercial vehicles market based on product, end use, and region:
Commercial Vehicles Product Outlook
(Volume, Thousand Units; Revenue, USD Billion, 2014 - 2025)
·
Light Commercial Vehicles (LCVs)
·
Heavy Trucks
·
Buses & Coaches
Commercial Vehicles End-use Outlook
(Volume, Thousand Units; Revenue, USD Billion, 2014 - 2025)
·
Industrial
·
Mining & Construction
·
Logistics
·
Passenger Transportation
·
Others
Commercial Vehicles Regional Outlook
(Volume, Thousand Units; Revenue, USD Billion, 2014 - 2025)
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
Middle East & Africa
Access Press Release of
Commercial Vehicles Market@ www.grandviewresearch.com/press-release/global-commercial-vehicle-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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