DUBLIN, July 25, 2023 /PRNewswire/ — The Commercial Vehicle Global Market Report 2023 report has been added to ResearchAndMarkets.com’s offering.
The global commercial vehicle market has shown significant growth, with revenues reaching $819.24 billion in 2022 and further increasing to $908.43 billion in 2023, at a Compound Annual Growth Rate (CAGR) of 10.9%. However, the market faced challenges due to the Russia–Ukraine war, which disrupted the global economic recovery from the COVID-19 pandemic. Economic sanctions, supply chain disruptions, and inflation across goods and services affected various markets worldwide. Despite these challenges, the commercial vehicle market is projected to grow to $1.34 trillion in 2027, with a CAGR of 10.3%.
Impact of COVID-19 on the Market
The outbreak of COVID-19 had a significant negative impact on the commercial vehicle market in 2020. Trade restrictions and lockdowns disrupted supply chains, leading to a halt in production due to a lack of parts and components. Additionally, reduced consumer demand resulted in decreased sales of new automobiles. However, as COVID-19 is considered a ‘black swan’ event rather than a fundamental weakness in the market or the global economy, it is expected that the market will recover from the shock over the forecast period.
Advances in Technology Driving Market Growth
Technological advancements are expected to be a driving force for market growth in the forecast period. Innovations in autonomous driving, driverless vehicles, and smart in-car technologies are creating opportunities for commercial vehicle manufacturers. Driverless commercial vehicles using radar, GPS, and computer vision technology can improve operational efficiencies and reduce costs for companies like UPS and Amazon.
Regional Analysis
In 2022, North America held the largest share in the commercial vehicle market, followed by Asia-Pacific as the second-largest region. The regions covered in the commercial vehicles market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Key Players
Major companies in the commercial vehicles market include Volkswagen AG, Daimler AG, Toyota Motor Corp, Peugeot, General Motors Co, Ford Motor Co, SAIC Motor Co Ltd., Volvo AB, Bayerische Motoren Werke AG, and Kia Motors Corp.
Conclusion
The commercial vehicle market is experiencing strong growth, driven by technological advancements, increasing demand for driverless vehicles, and a recovery from the impact of the COVID-19 pandemic and geopolitical events. With a comprehensive global market report available, stakeholders can gain valuable insights into market statistics, regional shares, competitors, market segments, trends, and opportunities, allowing them to make informed decisions and thrive in the commercial vehicle industry.
Key Topics Covered
1. Executive Summary
2. Report Structure
3. Commercial Vehicle Market Characteristics
4. Commercial Vehicle Market Product Analysis
5. Commercial Vehicle Market Supply Chain
6. Commercial Vehicle Market Customer Information
7. Commercial Vehicle Market Trends and Strategies
8. Commercial Vehicle Market – Macro Economic Scenario
9. Commercial Vehicle Market Size and Growth
10. Commercial Vehicle Market Regional Analysis
11. Commercial Vehicle Market Segmentation
12. Commercial Vehicle Market Metrics
13. Asia-Pacific Commercial Vehicle Market
14. Western Europe Commercial Vehicle Market
15. Eastern Europe Commercial Vehicle Market
16. North America Commercial Vehicle Market
17. South America Commercial Vehicle Market
18. Middle East Commercial Vehicle Market
19. Africa Commercial Vehicle Market
20. Commercial Vehicle Market Competitive Landscape
21. Key Mergers and Acquisitions in the Commercial Vehicle Market
22. Market Background: Motor Vehicles Market
23. Recommendations
24. Appendix
A selection of companies mentioned in this report includes:
- Volkswagen AG
- Daimler AG
- Toyoto Motor Corp.
- Peugeot
- General Motors Co.
- Ford Motor Co.
- SAIC
- Motor Co. Ltd.
- Volvo AB
- Bayerische Motoren Werke AG
- Kia Motors Corp.
For more information about this report visit https://www.researchandmarkets.com/r/rh4fmr
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SOURCE Research and Markets
