Report Description Report Description and Highlights

Global Commercial Vehicles Market Trends :

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).