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DUBLIN--(BUSINESS WIRE)--Sep 16, 2022--
The "Commercial Vehicles - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Commercial Vehicles Market to Reach 27.9 Million Units by 2026
The global market for Commercial Vehicles estimated at 23.4 Million Units in the year 2022, is projected to reach a revised size of 27.9 Million Units by 2026, growing at a CAGR of 4.4% over the analysis period.
Growth in the commercial vehicles market is primarily driven by availability of freight, and level of transportation and logistics activity, which in turn is dependent on economic growth and health of commercial, business, and industrial activity. Government spending on infrastructure projects such as power generation, road constructions, mining, mega and smart cities will also drive demand for a range of commercial vehicles used for transportation in these segments.
Open trade environment, tax policies towards automobile sector, availability of consumer finance, fluctuation in exchange rates, varying inflation levels also influence the industry's growth prospects. Other factors that are critical to commercial vehicles market include stringent environmental laws, globalization of vehicle concepts, transportation infrastructure in place and technology advancements such as advanced driver assistance systems for passenger/vehicle safety and accident prevention.
The demand for automobiles, particularly commercial vehicles, is also highly influenced by fluctuations in international oil prices. This phenomenon is particularly prominent in developing nations. The demand for light commercial vehicles segment remains dominant in the market due to versatile performance of such vehicles in varied conditions, ease-of-maintenance, comfort and cost-effectiveness.
Growing levels of economic activity, increasing road transportation, and recovery in global production & trade are leading to increased consumer spending on trucks. Recovery in business spending in the year 2021 & beyond will bring back growth fundamentals currently forced into hiatus by the virus led disruption and economic recession.
Sales of commercial vehicles are witnessing a gradual increase in volumes in certain countries driven by an uptick in demand from construction, agriculture, and mining sectors. In addition, inventory push and heavy discounts offered by commercial vehicle manufacturers are also contributing to a certain extent towards the rise in volume sales.
The U.S. Market is Estimated at 11 Million Units in 2022, While China is Forecast to Reach 5.7 Million Units by 2026
The Commercial Vehicles market in the U.S. is estimated at 11 Million Units in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of 5.7 Million Units by the year 2026 trailing a CAGR of 6.5% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.9% and 3.2% respectively over the analysis period.
Within Europe, Germany is forecast to grow at approximately 3.4% CAGR. While the US continues to retain its standing as a leading commercial vehicle manufacturing nation, the Asia-Pacific market is developing into a region laden with tremendous potential in terms of production. China and India will continue to be growth engines for the market in the short to medium term period, owing to huge demand for commercial vehicles and subsequent rise in their production in these countries.
What's New for 2022?
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS (Total 124 Featured)
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/lgma0n
View source version on businesswire.com:https://www.businesswire.com/news/home/20220916005360/en/
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KEYWORD:
INDUSTRY KEYWORD: AUTOMOTIVE GENERAL AUTOMOTIVE
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 09/16/2022 10:35 AM/DISC: 09/16/2022 10:37 AM
http://www.businesswire.com/news/home/20220916005360/en