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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Ankur Gupta, Head Marketing & Communications