Global Commercial Vehicles Market 2020 by Type, Share, Growth, Trends and Forecast To 2026

A commercial vehicle is a kind of vehicle meant to transport goods. Although the commercial vehicle market has borne witness to tough times recently, a recovery is anticipated in the near-future with an improved performance in rapidly industrializing emerging economies. The commercial vehicle market is intrinsically linked to the growth of the worldwide economy and resultant digitization efforts.

Connected commercial vehicles ignite global commercial vehicle market

Governments across both developed and developing nations have implemented stringent regulations to manage the size of goods transported in commercial vehicles. For example – the US Federal Motor Carrier Safety Administration (FMCSA) is tasked with the prevention of injuries and fatalities with respect to the commercial vehicle market. Telematics and connectivity options in particular, are revolutionizing the commercial vehicles market and automakers have responded to this trend by unveiling vehicles with connected options such as traffic data, enhanced safety, roadwork updates, and weather reports. Connected vehicles provide several advantages over their unconnected peers such as heightened safety and preventing unauthorized vehicle access. This is projected to benefit the commercial vehicles market.

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E-Commerce and construction sectors require raw material aplenty

In 2019, the expansion of the industrial sector in emerging economies coupled with the development of commercial operations in logistics boosted the demand for commercial vehicles. This demand is likely to rise in the days ahead. In addition to logistics, the e-commerce and construction boom led to a significant demand for raw material transportation, directly benefiting the commercial vehicle market. 

Go green or go home – governments forcing commercial automaker hand

A recent shift that could have massive implications for key stakeholders in the commercial vehicles market is the move towards electric commercial vehicles. This has been a government backed initiative with the implementation of strict emission norms, compelling manufacturers to shift their investment from diesel to electric mobility. Electric vehicles are offered numerous subsidies over conventional commercial vehicles and companies are advised to keep a close eye on this exciting segment of the commercial vehicle market. 

LCV’s cost-effective, flexible, and minimize harmful emissions

The commercial vehicles market can be further subdivided into light commercial vehicles, heavy commercial vehicles, and commercial vehicles (buses and coaches). The light commercial vehicle (LCV) segment comprised the majority of the commercial vehicles market and should retain this commanding position for the foreseeable future. Light commercial vehicles offer a high level of flexibility, as they can be easily modified to transport either goods or passengers. Furthermore, LCV’s are cost-effective and reduce carbon emissions. The heavy commercial vehicle segment has seen a sales decline in three strategic regions – Europe, ASEAN, and China due to three factors – strict trade policies, less tourism as a result of forex fluctuation, and slowing economic growth.

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Large-scale APAC strategic projects drive commercial vehicle market

The APAC region is where manufacturers should let their investments flow freely as it offers the best long-term growth prospects in the worldwide commercial vehicles market. Although APAC countries are introducing rigorous emission norms to control their runaway pollution levels, the insatiable demand for infrastructure remains unabated. For example – the Neom project in Saudi Arabia intends to build a high-tech smart city with a total length and area of 460 kms and 26,500 kms respectively. The project cost is approximately USD$ 500 billion and it is not the only one on this vast continent. China’s Belt and Road Initiative is even more ambitious in its scope and scale, and aims to unify Eurasia through a trifecta of road, rail, and sea routes – recreating the old Silk Route.

Global Commercial Vehicles Market Players are: BMW, Daimler, Toyota, General Motors, Ford, Volkswagen, Honda, Nissan, Peuggeot, FIAT, Foton, Dongfeng Motor

COVID-19 – Will automakers be able to withstand the sales slump?

The COVID-19 pandemic has sent the global economy into a tailspin and it was only a matter of time before the commercial vehicles market was hit. Major companies have already slashed their sales to levels not seen since the financial crisis of 2008. Global truck sales as a whole should fall in double digits. In China, truck sales slowly picked up in May and April 2020 as the country slowly inched back to normalcy. North America and Europe are still mostly under various kinds of lockdowns and sales there are not expected to improve until Q3 2020 at the earliest with the recovery far slower than the crash. In conclusion, the immediate term (one to three months) in the commercial vehicles market is going to be very difficult, while the medium term (over six months) should provide a degree a relief – meaning manufacturers are going to have to weather the current storm to eventually prevail.

KEY QUESTIONS ANSWERED IN THE REPORT

  • What is the market size and growth rate of the global and regional markets by various segments?
  • What is the market size and growth rate of the market for selective countries?
  • Which region or sub-segment is expected to drive the market during the forecast period?
  • What factors are anticipated to impact demand and supply trends in the market during the forecast period? 
  • What factors are likely to drive market revenue growth during the forecast period?
  • What are the key technology and other trends shaping the market?
  • What are the key opportunities in the market?
  • What are some of the strategies implemented by key companies operating in the market?
  • What is the COVID-19 impact on the market?

 

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