Commercial Vehicles Market Segmentation:
Vehicle Type Segment Analysis
The truck segment is set to capture over 87% commercial vehicles market share by 2035, owing to the increasing need for better logistics and Commercial vehicles. In August 2024, Volvo Trucks announced collaboration with DSV to supply 300 electric heavy-duty trucks which is among the biggest orders of electric trucks in Europe. This highlights the movement towards sustainable freight solutions to meet the increasing needs of e-commerce and industrial activities. Also, increasing spending on infrastructure projects across the globe also creates high demand for high-performance trucks. The segment’s growth is in line with sustainable development, while at the same time meeting the efficiency requirements of today’s supply chains.
Propulsion Type Segment Analysis
By 2035, ICE segment is expected to capture over 75% commercial vehicles market share, attributed to the well-developed infrastructure and relatively affordable prices compared to electric vehicles. In October 2024, Ashok Leyland unveiled plans for setting up separate assembly lines for ICE and alternative energy vehicles to meet the current and future demands of ICE vehicles while shifting focus towards environment-friendly vehicles. Even with the drive towards ZEVs, ICEs are still useful in areas with little charging or refueling facilities. The reliability and flexibility of ICE trucks in any working environment make them remain relevant in the market.
Our in-depth analysis of the global commercial vehicles market includes the following segments:
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Vehicle Type |
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Propulsion Type |
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Application |
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