Report

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Commercial Vehicle Market 2025-2029

Snapshot
Table Of Contents
Methodology

Commercial Vehicle Market Size (2025–2029)

The commercial vehicle market is projected to grow by USD 149.2 billion between 2024 and 2029, registering a CAGR of 3.5% during the forecast period.

This growth is largely fueled by the expansion of the e-commerce sector and the growing shift toward electrification and alternative fuel vehicles. As major e-commerce platforms scale their delivery networks, the demand for commercial vehicles has surged and is expected to rise further alongside increasing online sales. Parallelly, the transport industry is moving toward sustainable practices through electrification, supported by advancements in GPS tracking and connected vehicle technologies that improve fleet efficiency and logistics.

Leading manufacturers are investing heavily in R&D to launch electric and hybrid commercial vehicles. However, this transition brings challenges such as high vehicle costs, the need for infrastructure development, and persistent supply chain disruptions—exacerbated by events like the COVID-19 pandemic, geopolitical tensions, and natural disasters. To address these issues, companies are adopting resilient supply chains and enhanced fleet management strategies, such as predictive maintenance and real-time performance monitoring.

Market Drivers

  • E-commerce Expansion: Rising online sales are significantly boosting demand for last-mile delivery and logistics vehicles.
  • Alternative Fuels and Comfort: Growing use of fuel-efficient vehicles, along with improvements in air conditioning, braking systems, and safety features, support driver well-being and operational safety.

Market Trends

  • Electrification: Global sales of electric commercial vehicles surpassed 50,000 units in 2023. China leads the sector, contributing 60% of global electric bus sales.
  • Fleet Innovation: Technologies such as fuel efficiency monitors, infotainment systems, and advanced safety features are becoming standard, especially in light-duty and medium-duty segments.

Market Challenges

  • Supply Chain Disruptions: Natural disasters (e.g., Hurricane Helene) and geopolitical instability have exposed vulnerabilities in sourcing and production.
  • Semiconductor Shortages: Key component scarcities are affecting EV production and vehicle delivery timelines.
  • High Costs & Infrastructure Needs: The adoption of electric and alternative fuel vehicles requires substantial capital investment in charging and maintenance infrastructure.

Key Companies in the Market

Top players are employing strategies such as mergers, partnerships, product launches, and regional expansions to strengthen their market position:

  • AB Volvo
  • Ashok Leyland Ltd.
  • BYD Co. Ltd.
  • Ford Motor Co.
  • Geely Auto Group
  • Hyundai Motor Co.
  • Mahindra & Mahindra Ltd.
  • Mercedes-Benz Group AG
  • PACCAR Inc.
  • Tata Motors Ltd.
  • Toyota Motor Corp.
  • Volkswagen AG, and others.

Companies are categorized based on qualitative attributes (e.g., industry-focused, diversified) and quantitative metrics (e.g., dominant, strong, tentative).

Table of Content

1 Executive Summary

1.1 Market overview

  • Executive Summary - Chart on Market Overview
  • Executive Summary - Data Table on Market Overview
  • Executive Summary - Chart on Global Market Characteristics
  • Executive Summary - Chart on Market by Geography
  • Executive Summary - Chart on Market Segmentation by Fuel Type
  • Executive Summary - Chart on Market Segmentation by Type
  • Executive Summary - Chart on Market Segmentation by Vehicle Type
  • Executive Summary - Chart on Incremental Growth
  • Executive Summary - Data Table on Incremental Growth
  • Executive Summary - Chart on Company Market Positioning

2 Technavio Analysis

2.1 Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

  • Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

2.2 Criticality of inputs and Factors of differentiation

  • Overview on criticality of inputs and factors of differentiation

2.3 Factors of disruption

  • Overview on factors of disruption

2.4 Impact of drivers and challenges

  • Impact of drivers and challenges in 2024 and 2029

3 Market Landscape

3.1 Market ecosystem

  • Parent Market
  • Data Table on - Parent Market

3.2 Market characteristics

  • Market characteristics analysis

3.3 Value chain analysis

  • Value chain analysis

4 Market Sizing

4.1 Market definition

  • Offerings of companies included in the market definition

4.2 Market segment analysis

  • Market segments

4.3 Market size 2024

4.4 Market outlook: Forecast for 2024-2029

  • Chart on Global - Market size and forecast 2024-2029 ($ billion)
  • Data Table on Global - Market size and forecast 2024-2029 ($ billion)
  • Chart on Global Market: Year-over-year growth 2024-2029 (%)
  • Data Table on Global Market: Year-over-year growth 2024-2029 (%)

5 Historic Market Size

5.1 Global Commercial Vehicle Market 2019 - 2023

  • Historic Market Size - Data Table on Global Commercial Vehicle Market 2019 - 2023 ($ billion)

5.2 Fuel Type segment analysis 2019 - 2023

  • Historic Market Size - Fuel Type Segment 2019 - 2023 ($ billion)

5.3 Type segment analysis 2019 - 2023

  • Historic Market Size - Type Segment 2019 - 2023 ($ billion)

5.4 Vehicle Type segment analysis 2019 - 2023

  • Historic Market Size - Vehicle Type Segment 2019 - 2023 ($ billion)

5.5 Geography segment analysis 2019 - 2023

  • Historic Market Size - Geography Segment 2019 - 2023 ($ billion)

5.6 Country segment analysis 2019 - 2023

  • Historic Market Size - Country Segment 2019 - 2023 ($ billion)

6 Qualitative Analysis

6.1 Impact Analysis of U.S. Tariffs on Global Commercial Vehicle Market

7 Five Forces Analysis

7.1 Five forces summary

  • Five forces analysis - Comparison between 2024 and 2029

7.2 Bargaining power of buyers

  • Bargaining power of buyers - Impact of key factors 2024 and 2029

7.3 Bargaining power of suppliers

  • Bargaining power of suppliers - Impact of key factors in 2024 and 2029

7.4 Threat of new entrants

  • Threat of new entrants - Impact of key factors in 2024 and 2029

7.5 Threat of substitutes

  • Threat of substitutes - Impact of key factors in 2024 and 2029

7.6 Threat of rivalry

  • Threat of rivalry - Impact of key factors in 2024 and 2029

7.7 Market condition

  • Chart on Market condition - Five forces 2024 and 2029

8 Market Segmentation by Fuel Type

8.1 Market segments

  • Chart on Fuel Type - Market share 2024-2029 (%)
  • Data Table on Fuel Type - Market share 2024-2029 (%)

8.2 Comparison by Fuel Type

  • Chart on Comparison by Fuel Type
  • Data Table on Comparison by Fuel Type

8.3 ICE - Market size and forecast 2024-2029

  • Chart on ICE - Market size and forecast 2024-2029 ($ billion)
  • Data Table on ICE - Market size and forecast 2024-2029 ($ billion)
  • Chart on ICE - Year-over-year growth 2024-2029 (%)
  • Data Table on ICE - Year-over-year growth 2024-2029 (%)

8.4 EV - Market size and forecast 2024-2029

  • Chart on EV - Market size and forecast 2024-2029 ($ billion)
  • Data Table on EV - Market size and forecast 2024-2029 ($ billion)
  • Chart on EV - Year-over-year growth 2024-2029 (%)
  • Data Table on EV - Year-over-year growth 2024-2029 (%)

8.5 Market opportunity by Fuel Type

  • Market opportunity by Fuel Type ($ billion)
  • Data Table on Market opportunity by Fuel Type ($ billion)

9 Market Segmentation by Type

9.1 Market segments

  • Chart on Type - Market share 2024-2029 (%)
  • Data Table on Type - Market share 2024-2029 (%)

9.2 Comparison by Type

  • Chart on Comparison by Type
  • Data Table on Comparison by Type

9.3 Cargo trucks - Market size and forecast 2024-2029

  • Chart on Cargo trucks - Market size and forecast 2024-2029 ($ billion)
  • Data Table on Cargo trucks - Market size and forecast 2024-2029 ($ billion)
  • Chart on Cargo trucks - Year-over-year growth 2024-2029 (%)
  • Data Table on Cargo trucks - Year-over-year growth 2024-2029 (%)

9.4 Pick-up trucks - Market size and forecast 2024-2029

  • Chart on Pick-up trucks - Market size and forecast 2024-2029 ($ billion)
  • Data Table on Pick-up trucks - Market size and forecast 2024-2029 ($ billion)
  • Chart on Pick-up trucks - Year-over-year growth 2024-2029 (%)
  • Data Table on Pick-up trucks - Year-over-year growth 2024-2029 (%)

9.5 Buses - Market size and forecast 2024-2029

  • Chart on Buses - Market size and forecast 2024-2029 ($ billion)
  • Data Table on Buses - Market size and forecast 2024-2029 ($ billion)
  • Chart on Buses - Year-over-year growth 2024-2029 (%)
  • Data Table on Buses - Year-over-year growth 2024-2029 (%)

9.6 Trippers - Market size and forecast 2024-2029

  • Chart on Trippers - Market size and forecast 2024-2029 ($ billion)
  • Data Table on Trippers - Market size and forecast 2024-2029 ($ billion)
  • Chart on Trippers - Year-over-year growth 2024-2029 (%)
  • Data Table on Trippers - Year-over-year growth 2024-2029 (%)

9.7 Tractors - Market size and forecast 2024-2029

  • Chart on Tractors - Market size and forecast 2024-2029 ($ billion)
  • Data Table on Tractors - Market size and forecast 2024-2029 ($ billion)
  • Chart on Tractors - Year-over-year growth 2024-2029 (%)
  • Data Table on Tractors - Year-over-year growth 2024-2029 (%)

9.8 Market opportunity by Type

  • Market opportunity by Type ($ billion)
  • Data Table on Market opportunity by Type ($ billion)

10 Market Segmentation by Vehicle Type

10.1 Market segments

  • Chart on Vehicle Type - Market share 2024-2029 (%)
  • Data Table on Vehicle Type - Market share 2024-2029 (%)

10.2 Comparison by Vehicle Type

  • Chart on Comparison by Vehicle Type
  • Data Table on Comparison by Vehicle Type

10.3 Light-duty vehciles - Market size and forecast 2024-2029

  • Chart on Light-duty vehciles - Market size and forecast 2024-2029 ($ billion)
  • Data Table on Light-duty vehciles - Market size and forecast 2024-2029 ($ billion)
  • Chart on Light-duty vehciles - Year-over-year growth 2024-2029 (%)
  • Data Table on Light-duty vehciles - Year-over-year growth 2024-2029 (%)

10.4 Heavy-duty vehicles - Market size and forecast 2024-2029

  • Chart on Heavy-duty vehicles - Market size and forecast 2024-2029 ($ billion)
  • Data Table on Heavy-duty vehicles - Market size and forecast 2024-2029 ($ billion)
  • Chart on Heavy-duty vehicles - Year-over-year growth 2024-2029 (%)
  • Data Table on Heavy-duty vehicles - Year-over-year growth 2024-2029 (%)

10.5 Medium-duty vehicles - Market size and forecast 2024-2029

  • Chart on Medium-duty vehicles - Market size and forecast 2024-2029 ($ billion)
  • Data Table on Medium-duty vehicles - Market size and forecast 2024-2029 ($ billion)
  • Chart on Medium-duty vehicles - Year-over-year growth 2024-2029 (%)
  • Data Table on Medium-duty vehicles - Year-over-year growth 2024-2029 (%)

10.6 Market opportunity by Vehicle Type

  • Market opportunity by Vehicle Type ($ billion)
  • Data Table on Market opportunity by Vehicle Type ($ billion)

11 Customer Landscape

11.1 Customer landscape overview

  • Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

12 Geographic Landscape

12.1 Geographic segmentation

  • Chart on Market share by geography 2024-2029 (%)
  • Data Table on Market share by geography 2024-2029 (%)

12.2 Geographic comparison

  • Chart on Geographic comparison
  • Data Table on Geographic comparison

12.3 North America - Market size and forecast 2024-2029

  • Chart on North America - Market size and forecast 2024-2029 ($ billion)
  • Data Table on North America - Market size and forecast 2024-2029 ($ billion)
  • Chart on North America - Year-over-year growth 2024-2029 (%)
  • Data Table on North America - Year-over-year growth 2024-2029 (%)

12.4 APAC - Market size and forecast 2024-2029

  • Chart on APAC - Market size and forecast 2024-2029 ($ billion)
  • Data Table on APAC - Market size and forecast 2024-2029 ($ billion)
  • Chart on APAC - Year-over-year growth 2024-2029 (%)
  • Data Table on APAC - Year-over-year growth 2024-2029 (%)

12.5 Europe - Market size and forecast 2024-2029

  • Chart on Europe - Market size and forecast 2024-2029 ($ billion)
  • Data Table on Europe - Market size and forecast 2024-2029 ($ billion)
  • Chart on Europe - Year-over-year growth 2024-2029 (%)
  • Data Table on Europe - Year-over-year growth 2024-2029 (%)

12.6 South America - Market size and forecast 2024-2029

  • Chart on South America - Market size and forecast 2024-2029 ($ billion)
  • Data Table on South America - Market size and forecast 2024-2029 ($ billion)
  • Chart on South America - Year-over-year growth 2024-2029 (%)
  • Data Table on South America - Year-over-year growth 2024-2029 (%)

12.7 Middle East and Africa - Market size and forecast 2024-2029

  • Chart on Middle East and Africa - Market size and forecast 2024-2029 ($ billion)
  • Data Table on Middle East and Africa - Market size and forecast 2024-2029 ($ billion)
  • Chart on Middle East and Africa - Year-over-year growth 2024-2029 (%)
  • Data Table on Middle East and Africa - Year-over-year growth 2024-2029 (%)

12.8 US - Market size and forecast 2024-2029

  • Chart on US - Market size and forecast 2024-2029 ($ billion)
  • Data Table on US - Market size and forecast 2024-2029 ($ billion)
  • Chart on US - Year-over-year growth 2024-2029 (%)
  • Data Table on US - Year-over-year growth 2024-2029 (%)

12.9 China - Market size and forecast 2024-2029

  • Chart on China - Market size and forecast 2024-2029 ($ billion)
  • Data Table on China - Market size and forecast 2024-2029 ($ billion)
  • Chart on China - Year-over-year growth 2024-2029 (%)
  • Data Table on China - Year-over-year growth 2024-2029 (%)

12.10 Canada - Market size and forecast 2024-2029

  • Chart on Canada - Market size and forecast 2024-2029 ($ billion)
  • Data Table on Canada - Market size and forecast 2024-2029 ($ billion)
  • Chart on Canada - Year-over-year growth 2024-2029 (%)
  • Data Table on Canada - Year-over-year growth 2024-2029 (%)

12.11 India - Market size and forecast 2024-2029

  • Chart on India - Market size and forecast 2024-2029 ($ billion)
  • Data Table on India - Market size and forecast 2024-2029 ($ billion)
  • Chart on India - Year-over-year growth 2024-2029 (%)
  • Data Table on India - Year-over-year growth 2024-2029 (%)

12.12 Mexico - Market size and forecast 2024-2029

  • Chart on Mexico - Market size and forecast 2024-2029 ($ billion)
  • Data Table on Mexico - Market size and forecast 2024-2029 ($ billion)
  • Chart on Mexico - Year-over-year growth 2024-2029 (%)
  • Data Table on Mexico - Year-over-year growth 2024-2029 (%)

12.13 Japan - Market size and forecast 2024-2029

  • Chart on Japan - Market size and forecast 2024-2029 ($ billion)
  • Data Table on Japan - Market size and forecast 2024-2029 ($ billion)
  • Chart on Japan - Year-over-year growth 2024-2029 (%)
  • Data Table on Japan - Year-over-year growth 2024-2029 (%)

12.14 Brazil - Market size and forecast 2024-2029

  • Chart on Brazil - Market size and forecast 2024-2029 ($ billion)
  • Data Table on Brazil - Market size and forecast 2024-2029 ($ billion)
  • Chart on Brazil - Year-over-year growth 2024-2029 (%)
  • Data Table on Brazil - Year-over-year growth 2024-2029 (%)

12.15 UK - Market size and forecast 2024-2029

  • Chart on UK - Market size and forecast 2024-2029 ($ billion)
  • Data Table on UK - Market size and forecast 2024-2029 ($ billion)
  • Chart on UK - Year-over-year growth 2024-2029 (%)
  • Data Table on UK - Year-over-year growth 2024-2029 (%)

12.16 France - Market size and forecast 2024-2029

  • Chart on France - Market size and forecast 2024-2029 ($ billion)
  • Data Table on France - Market size and forecast 2024-2029 ($ billion)
  • Chart on France - Year-over-year growth 2024-2029 (%)
  • Data Table on France - Year-over-year growth 2024-2029 (%)

12.17 Germany - Market size and forecast 2024-2029

  • Chart on Germany - Market size and forecast 2024-2029 ($ billion)
  • Data Table on Germany - Market size and forecast 2024-2029 ($ billion)
  • Chart on Germany - Year-over-year growth 2024-2029 (%)
  • Data Table on Germany - Year-over-year growth 2024-2029 (%)

12.18 Market opportunity by geography

  • Market opportunity by geography ($ billion)
  • Data Tables on Market opportunity by geography ($ billion)

13 Drivers, Challenges, and Opportunity/Restraints

13.1 Market drivers

13.2 Market challenges

13.3 Impact of drivers and challenges

  • Impact of drivers and challenges in 2024 and 2029

13.4 Market opportunities/restraints

14 Competitive Landscape

14.1 Overview

14.2 Competitive Landscape

  • Overview on criticality of inputs and factors of differentiation

14.3 Landscape disruption

  • Overview on factors of disruption

14.4 Industry risks

  • Impact of key risks on business

15 Competitive Analysis

15.1 Companies profiled

  • Companies covered

15.2 Company ranking index

  • Company ranking index

15.3 Market positioning of companies

  • Matrix on companies position and classification

15.4 AB Volvo

  • AB Volvo - Overview
  • AB Volvo - Business segments
  • AB Volvo - Key news
  • AB Volvo - Key offerings
  • AB Volvo - Segment focus
  • SWOT

15.5 Ashok Leyland Ltd.

  • Ashok Leyland Ltd. - Overview
  • Ashok Leyland Ltd. - Product / Service
  • Ashok Leyland Ltd. - Key offerings
  • SWOT

15.6 BYD Co. Ltd.

  • BYD Co. Ltd. - Overview
  • BYD Co. Ltd. - Business segments
  • BYD Co. Ltd. - Key news
  • BYD Co. Ltd. - Key offerings
  • BYD Co. Ltd. - Segment focus
  • SWOT

15.7 Ford Motor Co.

  • Ford Motor Co. - Overview
  • Ford Motor Co. - Business segments
  • Ford Motor Co. - Key offerings
  • Ford Motor Co. - Segment focus
  • SWOT

15.8 Geely Auto Group

  • Geely Auto Group - Overview
  • Geely Auto Group - Product / Service
  • Geely Auto Group - Key offerings
  • SWOT

15.9 Hyundai Motor Co.

  • Hyundai Motor Co. - Overview
  • Hyundai Motor Co. - Business segments
  • Hyundai Motor Co. - Key news
  • Hyundai Motor Co. - Key offerings
  • Hyundai Motor Co. - Segment focus
  • SWOT

15.10 Mahindra and Mahindra Ltd.

  • Mahindra and Mahindra Ltd. - Overview
  • Mahindra and Mahindra Ltd. - Business segments
  • Mahindra and Mahindra Ltd. - Key news
  • Mahindra and Mahindra Ltd. - Key offerings
  • Mahindra and Mahindra Ltd. - Segment focus
  • SWOT

15.11 Mercedes Benz Group AG

  • Mercedes Benz Group AG - Overview
  • Mercedes Benz Group AG - Product / Service
  • Mercedes Benz Group AG - Key offerings
  • SWOT

15.12 Mitsubishi Motors Corp.

  • Mitsubishi Motors Corp. - Overview
  • Mitsubishi Motors Corp. - Business segments
  • Mitsubishi Motors Corp. - Key news
  • Mitsubishi Motors Corp. - Key offerings
  • Mitsubishi Motors Corp. - Segment focus
  • SWOT

15.13 PACCAR Inc.

  • PACCAR Inc. - Overview
  • PACCAR Inc. - Business segments
  • PACCAR Inc. - Key news
  • PACCAR Inc. - Key offerings
  • PACCAR Inc. - Segment focus
  • SWOT

15.14 Stellantis NV

  • Stellantis NV - Overview
  • Stellantis NV - Business segments
  • Stellantis NV - Key news
  • Stellantis NV - Key offerings
  • Stellantis NV - Segment focus
  • SWOT

15.15 Tata Motors Ltd.

  • Tata Motors Ltd. - Overview
  • Tata Motors Ltd. - Business segments
  • Tata Motors Ltd. - Key news
  • Tata Motors Ltd. - Key offerings
  • Tata Motors Ltd. - Segment focus
  • SWOT

15.16 Toyota Motor Corp.

  • Toyota Motor Corp. - Overview
  • Toyota Motor Corp. - Business segments
  • Toyota Motor Corp. - Key news
  • Toyota Motor Corp. - Key offerings
  • Toyota Motor Corp. - Segment focus
  • SWOT

15.17 Volkswagen AG

  • Volkswagen AG - Overview
  • Volkswagen AG - Business segments
  • Volkswagen AG - Key news
  • Volkswagen AG - Key offerings
  • Volkswagen AG - Segment focus
  • SWOT

15.18 Xiamen King Long United Automotive Industry Co. Ltd.

  • Xiamen King Long United Automotive Industry Co. Ltd. - Overview
  • Xiamen King Long United Automotive Industry Co. Ltd. - Product / Service
  • Xiamen King Long United Automotive Industry Co. Ltd. - Key offerings
  • SWOT

Research Methodology

All our research reports employ a mixed-methods approach, leveraging both primary and secondary research techniques to develop a comprehensive and well-informed analysis. The methodology ensures a balanced perspective by combining data-driven insights with expert opinions.

1. Secondary Research

Secondary research formed the foundation of the study, offering a contextual understanding of the market landscape, historical trends, and existing data. This phase involved gathering and analyzing information from:

  • Industry reports and whitepapers (e.g., McKinsey, Deloitte, Statista)
  • Academic journals and case studies
  • Company reports, investor presentations, and press releases
  • Government databases and regulatory publications
  • Trade publications, industry blogs, and news articles

2. Primary Research

To validate and complement secondary findings, extensive primary research was conducted. This included both quantitative data collection and qualitative insights, particularly through expert consultations.

a. Expert Consultations (Qualitative Primary Research)

In-depth interviews were conducted with a wide range of industry stakeholders, including:

  • Industry experts and consultants
  • Senior executives and decision-makers
  • Product managers and supply chain professionals
  • Academic researchers and analysts

b. Surveys and Questionnaires (Quantitative Primary Research)

Structured surveys were distributed among:

  • End-users/consumers
  • Retailers and distributors
  • Business-to-business (B2B) buyers

3. Data Validation and Triangulation

Findings from secondary and primary sources were cross-validated through data triangulation to ensure accuracy, consistency, and reliability. This process involved comparing insights from different sources and reconciling discrepancies through expert feedback.

4. Analytical Tools and Frameworks

Various analytical models were applied to interpret the collected data:

  • SWOT Analysis for understanding strengths, weaknesses, opportunities, and threats
  • Porter’s Five Forces to assess market competitiveness
  • PESTLE Analysis to evaluate external macroeconomic influences
  • Forecasting Models using historical data trends and regression analysis

Conclusion

The combination of comprehensive secondary research and robust primary data collection—enhanced by expert consultations—ensured the development of a well-rounded and in-depth analysis. This approach enables strategic decision-making backed by both empirical evidence and industry expertise.

For detailed methodology for this particular report please write to us on info@syovi.com

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