The Business Research Company’s Commercial Vehicle Global Market Report 2021: COVID-19 Impact and Recovery to 2030
LONDON, GREATER LONDON, UK, April 26, 2021 /EINPresswire.com/ — Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reports
According to commercial vehicle market analysis, advances in technology are expected to be a continued driver of market growth in the forecast period. The commercial vehicle industry has experienced many technological advances in the last decade and this trend is expected to intensify. According to Forbes, the ten new features to expect in vehicles by 2020 include autonomous driving, driver override systems, biometric vehicle access, comprehensive vehicle tracking, active window displays, remote vehicle shutdown, active health monitoring, four-cylinder supercars, smart and personalized in-car marketing and reconfigurable body panels. These innovations are expected to drive the commercial vehicle market during the forecast period, including the electric commercial vehicle market, light commercial vehicle market, and small commercial vehicle market.
The commercial vehicles market consists of sales of commercial vehicles and related services by entities (organizations, sole traders and partnerships) that produce complete light trucks and utility vehicles such as light duty vans, minivans, pick-up trucks and sports utility vehicles, and complete heavy-duty trucks, buses, coaches, heavy duty motor homes and other special purpose heavy duty motor vehicles for highway use.
The global commercial vehicle market report is segmented by type into light commercial vehicle, heavy trucks, buses and coaches, by fuel type into gasoline, diesel, others, by application into mining & construction, logistics, passenger transportation, others, and by propulsion type into IC engine, electric vehicle.
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The global commercial vehicle market size is expected to grow from $719.08 billion in 2020 to $784.6 billion in 2021 at a compound annual growth rate (CAGR) of 9.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1132.57 billion in 2025 at a CAGR of 10%.
North America is the largest region in the global commercial vehicle market, accounting for 65% of the market in 2020. Asia Pacific is the second largest region, accounting for 20% of the global commercial vehicle market. Eastern Europe is the smallest region in the global commercial vehicle market.
The major players covered in the global commercial vehicle market are Daimler AG, Volvo Group, Man Truck & Bus, Hino Motors, Scania.
Commercial Vehicle Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provides commercial vehicle global market overview, forecast commercial vehicle global market size and growth for the whole market, commercial vehicle global market segments, and geographies, commercial vehicle global market trends, commercial vehicle global market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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