Commercial Vehicle Market Size

Commercial Vehicle Market size was valued at USD 1.1 trillion in 2024 and is set to exceed USD 3.09 trillion by the end of 2037, registering over 7.8% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of commercial vehicle is evaluated at USD 1.17 trillion.

The growth of this market can be ascribed to the growing penetration of commercial vehicles worldwide. It was found that commercial vehicle production globally increased to 23 million units in 2021. Furthermore, the expansion of the global market can also be majorly ascribed to the increasing individual disposable income, which in turn influences the purchase of vehicles for commercial purposes, and the growing demand and sales of vehicles all over the world.

The market growth for commercial vehicles is also influenced by rising industrialization, e-mobility acceptance in commercial sectors, and infrastructure development that supports these developments in the automotive industry.