The global commercial vehicle market size was valued at USD 821.28 billion in 2021. The market could surge from USD 955.57 billion in 2022 to USD 1,712.44 billion by 2029 at a CAGR of 8.7% during the forecast period. Fortune Business Insights™ has deep-dived these inputs in its latest research report titled, “Commercial Vehicle Market, 2022-2029.”
According to the analysis, freight vehicles, including heavy and light vehicles have become sought-after to streamline business operations. Governments have triggered investments to utilize and develop freight vehicles. To illustrate, the European Union has reportedly regulated automakers to install Advanced Driver Assistance Systems (ADAS), Lane Departure Warning (LDW), and AEB in all heavy vehicles with a weight of almost 15,400 pounds.
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Market Highlights:
Industrialization and Digital Transformation to Steer Growth
The expansion of e-commerce could foster the commercial vehicle market share during the forecast period. Burgeoning industrialization will drive technological advancements and innovations globally. The growth of the e-commerce sector has encouraged automakers and OEMs to emphasize the production of light & heavy vehicles. Moreover, the tourism sector has become one of the major recipients of automobile, largely due to the trend for destination weddings boosting the penetration of rental vehicles. Stakeholders also expect infrastructure developments, including smart city and residential projects and the need for bridges and flyovers to trigger the vehicle demand. However, high manufacturing costs and complexity in operating advanced systems could impede the growth prospect.
However, as various companies, such as Europcar Mobility Group, Hertz, and Avis Budget Group are majorly dependent on air rental services for generating income, the COVID-19 pandemic has created huge losses because of strict lockdowns and travel bans. It may hinder the commercial vehicle rental and leasing market growth in the upcoming years.
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