Commercial Vehicles Market worth 6.7% CAGR by 2026
" COVID-19 Impact on Commercial vehicle market, size, share, growth, industry analysis, and forecast 2020-2026 "
A commercial vehicle is a vehicle used for the commercial purpose of transporting goods and passengers for an individual or an organization's profit. Commercial motor vehicles carry passengers and goods where they have to go. Commercial vehicles are used for various applications such as in logistics, passenger transport, and many more. There have been various developments in commercial vehicles to enhance the business.
Governments worldwide have implemented various regulations and policies to efficiently manage the volume of goods being transferred in a commercial vehicle. For instance, in the U.S., the Federal Motor Carrier Safety Administration is in charge of avoiding injuries and fatalities associated with these vehicles. In line with this, the authority has implemented a regulation concerning the size of goods being carried in a vehicle. Therefore, with the implementation of such regulations, there will be a high demand for more commercial vehicles for the transportation of goods, which, eventually, will spur market growth.
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The growth of the industrial sector in the developing markets and increase in the commercial operations in logistics resulted in a surging demand for commercial vehicles. Further, this increasing demand is projected to continue due to improving economies among developing and developed countries, which is likely to drive the market's growth in the prevailing years. Furthermore, telematics and connectivity are transforming operations. The number of original equipment manufacturers has introduced vehicles equipped with various connected services, including weather updates, accident alerts, traffic data, and road works updates.
The Commercial Vehicles Market research report titled “Commercial Vehicles Market based on the Product, End-use and Geography – Global Forecast up to 2026.”
The top leading competitors of the market are Piaggio Vehicles Private Limited, Ashok Leyland Limited, Tata Motors Limited, SML Isuzu Limited, Force Motors Limited,
North America has a major contribution to the market. On the other hand, the Asia Pacific region has the highest growth rate in the market due to the increasing manufacturing facilities and the rising road infrastructures due to the cost of beneficial labor and raw materials.
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The report consists of 72 Tables and 45 charts depicting the in-depth market study and the impact analysis of COVID-19. View detailed TOC here.
Commercial Vehicles Market based on the Product
- Light Commercial Vehicles (LCVs)
- Heavy Trucks
- Buses & Coaches
Commercial Vehicles Market based on the End-use
- Mining & Construction
- Passenger Transportation
Commercial Vehicles Market based on the Geography
- North America
- Asia Pacific
- Rest of the World