A commercial vehicle is a type of motor
vehicle used for transporting goods or materials. Commercial vehicles are
generally used for business. These vehicles are usually being able to carry
two, three or more passengers. These vehicles uses behind the seat for carry
materials or goods. Commercial vehicles are classified as panel van, drop side
van, double-cab-in-van, tipper van and chassis cab etc.
According to study, “Commercial
Vehicle Global Market Report 2019” the key companies operating in the
global commercial vehicle market are Daimler AG, Man Truck & Bus, Volvo
Group, Hino Motors, Scania, Ashok Leyland, Volkswagen AG, Bosch Rexroth AG,
Toyota Motor Corp., Tata Motors, Mahindra and Mahindra Ltd., General Motors,
Golden Dragon, SML Isuzu Motors Ltd., VE Commercial Vehicles Ltd., Fiat
Chrysler Automobile, Ford Motor Company, Hyundai Motor Co. Ltd., Piaggio
Vehicles private Ltd., Hino Motors Limited, IVECO SpA (Industrial Vehicle
Corporation), Scania AB, Mitsubishi Motor Corporation. The key players implement
various organic & inorganic growth strategies to maintain their presence
and endure intense competition.
Based on product, global commercial vehicle
market is segmented into Light Commercial Vehicles (LCVs) and heavy-duty
commercial vehicle (buses & coaches and heavy trucks (mini truck, van and
pickup truck)). The demand for heavy-duty commercial vehicles is expected to
increase during the forecast period owing to rise in tourism and increase in
construction & mining. Based on carrier type, market is segmented into
passenger carrier and load carrier. Based on fuel type, market is segmented
into petrol & CNG, diesel and others. Based on fuel injection type, market
is segmented into Direct Injection (DI), Common rail direct injection (CRDI),
indirect injection engine (IDI) and others. Based on technology type, market is
segmented into plug-in hybrid technology, hybrid technology, battery electric
technology and fuel cell technology. In addition, based on end-use, market is
segmented into industrial, logistics, mining & construction, passenger
transportation and others. The logistics segment is expected to witness high
demand for commercial vehicles due to rise in trade & e-commerce activities
across the globe.
The commercial vehicle market is driven by
increase in preference for connected commercial vehicles, followed by
integration of secure safety features and rise in demand in logistics industry.
However, rise in diesel prices, environmental concerns associated with
commercial vehicles and stringent government regulations may impact the market.
In addition, an introduction of autonomous & electrical commercial vehicles
is a key opportunity for market. Electric vehicles have significantly low
carbon emissions, make use of renewable fuels and lower fuel costs by up to
50%.
Based on geography, the North-American region
holds major share in commercial vehicle market owing to increase in financing
options, rise in focus of governments on in-house automotive production and
continuous investment in infrastructure development in the region.
Asian-Pacific region is expected to witness higher growth rate due to increase
in road infrastructure and rise in manufacturing facilities on account of
cost-effective labor & raw materials, especially in developing economies
such as India & China. Additionally, The Middle East and Europe markets are
anticipated to witness moderate growth with rise in industrialization in these
regions. With rise in demand of goods transportation coupled with increase in
economy the scope for the market is expected to considerably rise in the
forecast period.
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