Global Commercial Vehicles Market Size & Outlook
Global commercial vehicles market, 2018-2030 (US$M)
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Global commercial vehicles market highlights
- The global commercial vehicles market generated a revenue of USD 1,170,243.1 million in 2023 and is expected to reach USD 1,534,411.3 million by 2030.
- The market is expected to grow at a CAGR (2024 - 2030) of 3.9% by 2030.
- In terms of segment, light commercial vehicle accounted for a revenue of USD 906,267.3 million in 2023.
- Light Commercial Vehicle is the most lucrative product segment registering the fastest growth during the forecast period.
- In terms of region, North America was the largest revenue generating market in 2023.
- Country-wise, Mexico is expected to register the highest CAGR from 2024 to 2030.
Global data book summary
| Market revenue in 2023 | USD 1,170,243.1 million |
| Market revenue in 2030 | USD 1,534,411.3 million |
| Growth rate | 3.9% (CAGR from 2023 to 2030) |
| Largest segment | Light commercial vehicle |
| Fastest growing segment | Light Commercial Vehicle |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Light Commercial Vehicle, Heavy Trucks, Buses & Coaches |
Other key industry trends
- In terms of revenue, the North America accounted for 70.7% of the global commercial vehicles market in 2023.
- By country, the U.S. is projected to lead the global market in terms of revenue in 2030.
- By country, Mexico is the fastest growing regional market and is projected to reach USD 22,506.5 million by 2030.
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Commercial Vehicles Market Scope
Commercial Vehicles Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
Global commercial vehicles market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to commercial vehicles market will help companies and investors design strategic landscapes.
Light commercial vehicle was the largest segment with a revenue share of 77.44% in 2023. Horizon Databook has segmented the Global commercial vehicles market based on light commercial vehicle, heavy trucks, buses & coaches covering the revenue growth of each sub-segment from 2018 to 2030.
According to the World Health Organization, approximately 1.24 million people die while about 20-50 Million people get injured in road accidents every year. If the situation persists, road accidents would emerge as the seventh leading cause of death by 2030.
As a result, enhanced safety features are being increasingly integrated into vehicles as part of the efforts to prevent road accidents. Moreover, prominent government organizations, such as the National Highway Traffic Safety Administration (NHTSA), a U.S. government agency, and leading automakers are collaborating actively toward enhancing the vehicular safety.
For instance, an agreement signed between 20 prominent automakers operating in the U.S., the NHTSA, and the Insurance Institute for Highway Safety, a U.S. nonprofit organization, in March 2017 envisages automated emergency brakes being offered as a standard feature on all light trucks and cars by 2022.
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Horizon Databook provides a detailed overview of global-level data and insights on the Global commercial vehicles market , including forecasts for subscribers. This global databook contains high-level insights into Global commercial vehicles market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Global commercial vehicles market size, by regions, 2018-2030 (US$M)
Top 10 countries: Commercial vehicles market size, 2023 (US$M)
Global commercial vehicles market share, by product, 2023 & 2030 (%, US$M)
Commercial vehicles market: Opportunity assessment by country
Global commercial vehicles market, by region, 2023 (US$M)
| Product | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | CAGR |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| North America | 746,431.7 | 746,819.8 | 676,110.0 | 742,717.8 | 779,874.6 | 827,288.7 | 862,532.4 | 898,085.9 | 933,951.1 | 970,130.2 | 1,006,625.4 | 1,043,361.8 | 1,080,397.8 | 3.9% |
| Europe | 21,626.1 | 22,921.3 | 19,231.6 | 24,586.6 | 25,821.9 | 27,393.8 | 28,559.2 | 29,730.9 | 30,908.4 | 32,091.3 | 33,279.3 | 34,466.6 | 35,657.8 | 3.8% |
| Asia Pacific | 216,247.1 | 214,286.1 | 234,654.4 | 238,576.1 | 251,296.0 | 267,340.6 | 280,546.5 | 293,920.5 | 307,452.9 | 321,134.0 | 334,953.0 | 349,078.2 | 363,337.5 | 4.5% |
| Latin America | 27,064.7 | 30,758.3 | 26,328.8 | 33,573.3 | 34,743.5 | 36,306.5 | 37,199.0 | 37,971.2 | 38,693.3 | 39,364.3 | 39,983.3 | 40,552.6 | 41,068.1 | 1.8% |
| MEA | 20,317.0 | 18,246.7 | 19,135.0 | 10,627.9 | 11,190.2 | 11,913.5 | 12,417.9 | 12,939.7 | 12,981.2 | 13,017.6 | 13,049.7 | 13,922.7 | 13,950.1 | 2.3% |
| Overall | 1,031,686.5 | 1,033,032.2 | 975,459.6 | 1,050,081.7 | 1,102,926.2 | 1,170,243.1 | 1,221,255.0 | 1,272,648.1 | 1,323,986.8 | 1,375,737.3 | 1,427,890.7 | 1,481,381.8 | 1,534,411.3 | 4.0% |
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