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The latest report by IMARC, titled “ 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. Commercial vehicles are automobiles licensed for transporting goods, materials, freights, and passengers. It includes buses, coaches, vans, cabs, pickup trucks, tippers, trailers, lorries, transit mixers, specialty vehicles, and heavy equipment. Commercial vehicles are powered by various sources, such as gasoline, diesel, electricity, battery, and fuel cells. They are widely used to transport industrial goods, farming produce, construction materials, dirt, gravel, and demolition wastes. Commercial vehicles are highly efficient and durable machines that can carry large quantities of load, help reduce overall costs, and save time while requiring low maintenance.
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The extensive utilization of commercial vehicles in construction activities for laying concrete, hauling lumber to job sites, mixing cement, and transporting equipment and various aggregate materials, such as gravel and dirt, is majorly driving the market growth. In addition to this, increasing investments by several governments in various infrastructural development projects, such as roads, bridges, public spaces, airports, and railways, are acting as another growth-inducing factor. Furthermore, the widespread product employment in the logistic industry to transport goods, merchandise, and couriers and provide home delivery and postal services, owing to their costeffectiveness, lower fuel consumption, and large storage capacity, is positively influencing the market growth. Additionally, the increasing demand for e-mobility that reduces carbon dioxide emissions, offers a better range, and improves energy efficiency due to rising environmental concerns and increasing fossil fuel prices is propelling the market growth. In line with this, the implementation of various government initiatives to minimize the rising pollution levels and promote the electrification of vehicles is favoring the market growth. Moreover, the widespread product adoption in mining activities to transport mineral ores, coal, and demolition waste is driving the market growth. Other factors, including rising import and export activities, rapid industrialization, and significant growth in the e-commerce and automotive industries, are anticipated to drive the market growth. On account of the aforementioned factors, the market value is expected to reach US$ 988.8 Billion by 2028, exhibiting a CAGR of 4.02% during 2023-2028.
Looking forward, the market value is projected to reach a strong growth during the forecast period (2023-2028).
Market Summary:
Breakup by Vehicle Type:
• Light Commercial Vehicle
• Medium and Heavy-duty Commercial Vehicle
Breakup by Propulsion Type:
• IC Engine
• Electric Vehicle
Breakup by End Use:
• Industrial
• Mining and Construction
• Logistics
• Passenger Transportation
• Others
Breakup by Region:
• North America
• United States
• Canada
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Others
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Russia
• Others
• Latin America
• Brazil
• Mexico
• Others
• Middle East and Africa
Note: We are updating our reports, If you want latest primary and secondary data (2023-2028) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report.
Competitive Landscape with Key Players:
Ashok Leyland (Hinduja Group)
Ford Motor Company
General Motors Company
Hyundai Motor Company
ISUZU Motors Limited
Mahindra & Mahindra Limited
Mercedes-Benz Group AG
Mitsubishi Motors Corporation
Robert Bosch GmbH
Tata Motors Limited
Toyota Motor Corporation
• Volkswagen AG.
View Full Report with TOC & List of Figure: https://www.imarcgroup.com/commercial-vehicles-market
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