What is the Size of Commercial Vehicles Market ? :
The latest research study “Commercial Vehicles Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” the global commercial vehicles market size reached US$ 772.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 988.8 Billion by 2028, exhibiting a growth rate (CAGR) of 4.02% during 2023-2028.
Commercial vehicles are licensed automobiles widely used in the transportation of goods or materials. They are available in various shapes, sizes, and capabilities to meet the diverse needs of industries and businesses. They can be equipped with specialized features to support their intended use, such as refrigeration units for transporting perishable goods or hydraulic lifts for transporting heavy equipment. They offer several advantages, including less air and noise pollution, reduced fuel consumption and maintenance costs, increased payload capability, and enhanced reliability. Consequently, they are used for various applications, such as passenger transportation, logistics, industrial, and mining. Some commonly used commercial vehicles include freight vehicles, company vans, minivans, pick-up trucks, sports utility vehicles, heavy-duty trucks, buses, and coaches.
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Who is the Market Leader Commercial Vehicles ? :
The competitive landscape of the industry has also been examined along with the profiles of the key players being
What is the Growth of Commercial Vehicle Market ? :
The growing need for goods transportation across various industries is driving the global market. Coupled with this, the rising construction and mining activities, which are increasing requirements for material transportation worldwide, are contributing to the overall demand. Furthermore, numerous major companies are heavily investing in developing innovative vehicle designs for reducing load factors and size and providing customization according to weight regulations, which is providing a boost to the market. In line with this, the launch of semi-autonomous commercial vehicles and electric vehicles for the transportation of goods is acting as another growth-inducing factor. The market is further driven by other factors, including rising government initiatives to promote the uptake of EVs, expanding investments in road developments across geographically extended locations, and the increasing number of e-commerce activities.
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Key Market Segmentation:
Breakup by Vehicle Type:
Breakup by Propulsion Type:
Breakup by End Use:
Breakup by Region:
Key Highlights of the Report:
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