Commercial Vehicle Market Analysis

Fuel Type (Internal Combustion Engine (ICE), Electric Vehicles)

The electric vehicle segment is estimated to hold 60% share of the global commercial vehicle market during the projected time frame. The growth of the segment can be attributed to the rising pollution, along with the surge in the demand for electric vehicles worldwide. In addition, the rising support from the governments to produce zero-emission vehicles is also projected to fuel the segment growth. For instance, as per a study, nearly 60% of companies fear losing customers within the next 3 years if they are unable to meet the consumer's demand for deliveries with little or zero CO2 emissions. Medium and heavy trucks were responsible for 22% of the global CO2 emissions.

Vehicle Type (Light Commercial, Heavy Commercial, Buses)

The light commercial vehicle market is predicted to witness the largest revenue by the end of 2037. The segmental growth can be attributed to the fact that light commercial vehicles are easy to maintain, that is, the maintenance cost for these vehicles is lower in comparison to the other vehicle types. Moreover, the demand and the production of light vehicles are also significantly increasing all over the world. In addition, the LCVs, or light commercial vehicles, weigh between 3.5 and 7 tons. Vehicles such as mini trucks, pickup trucks, and minivans within the above-mentioned weight range fall under the LCV category. These trucks can be used to carefully package and deliver a variety of items, including fruits, vegetables, white goods, market loads, beverages, and much more. These cars are fuel-efficient and have a good payload or capability for hauling loads

Our in-depth analysis of the global market includes the following segments: