The market for commercial vehicles (trucks) is expanding as a result of rising industrial activity, expanding e-commerce, rising per capita income, and government efforts. An increase in construction projects throughout many locations that need heavy vehicles for transportation has been brought on by the increase in industrial activity. Because of its beneficial characteristics, such as a greater ability to load and move goods, heavy-duty commercial vehicles dominate this market. Additionally, as lightweight trucks are used for last-mile delivery services, the expansion of e-commerce has increased market demand for light-duty trucks. Additionally, rising personal vehicle sales due to rising per capita income in different countries has raised the demand for commercial vehicles.

The commercial vehicle market was valued at USD 1,236.2 billion in 2020 and is expected to reach USD 1,648.6 billion by 2030, growing at a CAGR of 3.00% between 2020 and 2030.

The market for commercial vehicles (trucks) is expanding as a result of rising industrial activity, expanding e-commerce, rising per capita income, and government efforts. An increase in construction projects throughout many locations that need heavy vehicles for transportation has been brought on by the increase in industrial activity. Because of its beneficial characteristics, such as a greater ability to load and move goods, heavy-duty commercial vehicles dominate this market. Additionally, as lightweight trucks are used for last-mile delivery services, the expansion of e-commerce has increased market demand for light-duty trucks. Additionally, rising personal vehicle sales due to rising per capita income in different countries has raised the demand for commercial vehicles.

Heavy-duty vehicles called commercial vehicles (trucks) are used to transport cargo and merchandise. They are economical and have a greater ability to load and transport cargo than other types of trucks. The market is divided into categories based on truck type, with light-duty, medium-duty, and heavy-duty trucks included. While medium and heavy-duty vehicles are primarily employed in the construction, industrial, and oil & gas industries, light-duty trucks are primarily used in the retail sector. The market is further divided into applications like oil & gas, industrial, construction, and others. Due to rising demand from numerous industries, the commercial vehicles (trucks) market is anticipated to have considerable expansion throughout the forecast period.

Due to fluctuating raw material prices and tightening emission standards, the market is now experiencing some difficulties that are predicted to impede its expansion. Over the past few years, the price volatility of raw materials like steel and aluminum has sharply increased, increasing the expenses for original equipment manufacturers (OEMs). This in turn raises expenses for the producers and has an impact on the market for commercial vehicles (trucks) profit margins. In addition, the development of this market is anticipated to be hampered by the strict emission standards that various countries have put on automobiles. These rules are intended to lower commercial vehicle emissions and enhance air quality across various areas. Despite all the challenges, the market is anticipated to expand as a result of the rising demand for commercial cars as a result of their numerous potential uses in the future.

Tata Motors, Ashok Leyland Limited, Volvo Group, Isuzu Motors Limited, Navistar International Corporation, Sinotruck Motor Co. LTD., Daimler AG, FAW Group Corporation, MAN Truck & Bus AG, and Dongfeng Motor Group Company Limited are some of the major players in the world market for commercial vehicles (trucks). To meet the rising demand from diverse industries, these businesses are working to create cutting-edge commercial vehicles (trucks). They are also putting a lot of effort into developing a reliable distribution network in various areas. Additionally, they have used tactics including product releases, partnerships, and acquisitions to improve their market position.

Segment Analysis

The Heavy-Duty Segment emerged as the Most Lucrative Type

The market is divided into three categories: Light Duty, Medium Duty, and Heavy Duty. Because these vehicles have a larger load capacity and are employed in the construction, industrial, and oil & gas industries, the Heavy-Duty category is predicted to dominate the market. Growing infrastructure development initiatives in numerous nations are another element boosting demand for Heavy Duty Trucks.

The Most Prominent Application is the Construction Sector

Construction, Industrial, Oil & Gas, and Others are the market segments based on Applications. Given that these vehicles are employed in several infrastructures and building projects, the construction application category is anticipated to hold the biggest market share. In addition, the demand for building activities is rising as urbanization spreads across many nations, which is propelling the development of this market.

The Aftermarket Service to emerging as the Most Promising Service Type

The market is divided into Aftermarket and Other Services based on Services. Since these services are necessary for the upkeep and repair of automobiles, the aftermarket services category is predicted to dominate the market. Additionally, the market's demand for aftermarket services is growing as more cutting-edge technologies like telematics are adopted.

The Asia Pacific Region to render Ample Financing Opportunities

The market is divided into North America, South America, Asia Pacific, Europe, and the Middle East & Africa based on region. Because there are so many manufacturers in places like China and India, the Asia Pacific area is predicted to have the largest market share among these. The demand in this region is also being driven by rising investments in infrastructure construction projects.

COVID-19 Impact and Market Status

The COVID-19 pandemic has had a favorable effect on the commercial vehicle (truck) sector. The epidemic has increased demand for commercial trucks, which are needed to convey necessities like products and services. The extensive use of working from home and restrictions on international travel are to blame for this. As a result, there is a greater need for commercial vehicles to convey important commodities and services.

Recent Developments in the Commercial Vehicles (Trucks) Market

•   The commercial vehicle market underwent several changes in 2020, including the adoption of electric vehicles and the advent of cutting-edge technologies like autonomous driving. The e-commerce industry's rising need for trucks is also contributing to the market's expansion.
•  In 2021, it is anticipated that rising R&D expenditures for the creation of new technology and more effective trucks will drive the global market for commercial vehicles. Additionally, the growing need for commercial cars in developing nations will promote future market expansion.

Commercial Vehicles (Trucks) Market Scope

Key Segments of the Global Commercial Vehicles (Trucks) Market

Type Overview (USD Billion)

• Light Duty
• Medium Duty
• Heavy Duty

Application Overview (USD Billion)

• Construction
• Industrial
• Oil & Gas
• Others

Services Overview (USD Billion)

• Aftermarket
• Other Services

Regional Overview (USD Billion)

North America

• U.S
• Canada

Europe

• Germany
• France
• UK
• Rest of Europe

Asia Pacific

• China
• India
• Japan
• Rest of Asia Pacific

South America

• Mexico
• Brazil
• Rest of South America

Middle East and South Africa