Commercial Vehicle Market Share

North America Market Forecasts

The commercial vehicle market in the North America is set to account for the largest share of 34% during the time period between 2023 – 2037. The growth of the market can be attributed majorly to the presence of a strong transportation network in the region, along with the rising demand for commercial vehicles. For instance, in 2019, there were more than 150,000 thousand units of commercial vehicles in use in the United States. Further, the presence of a large industrial sector in the region which requires heavy transportation works, along with the availability of supportive policies by the regulatory bodies that promote the market players to opt for the expansion of their corresponding businesses so as to develop fuel-efficient transportation options, are also estimated to contribute to the market growth in the region.

APAC Market Statistics

The commercial vehicle industry in the Asia Pacific region is expected to grow substantially during the anticipated timeframe.  Some of the aspects that will likely contribute to the expansion of the regional market include the improving road network and the simple accessibility of affordable labor and material costs. In addition, the subsequent rise in the number of production facilities, particularly in developing nations like China and India is further set to boost the market’s growth in the region.