Commercial Vehicle Global Market Report 2024

The commercial vehicle market size has grown strongly in recent years. It will grow from $877.05 billion in 2023 to $952.5 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth observed in the historical period can be attributed to factors such as the expansion of global trade, infrastructure development, increased manufacturing and industrial activity, government regulations influencing the commercial vehicle market, and the transportation of consumer goods.

The commercial vehicle market size is expected to see strong growth in the next few years. It will grow to $1333.39 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The anticipated growth in the forecast period can be attributed to the growth of e-commerce logistics, the development of last-mile delivery solutions, a focus on sustainable and green logistics practices, efforts to enhance efficiency in the supply chain, and an increased emphasis on supply chain efficiency. Major trends expected in the forecast period include the integration of telematics for fleet management, the incorporation of advanced safety systems, customization to meet industry-specific needs, the adoption of aerodynamics for fuel efficiency, and the advancement of autonomous driving technology in the commercial vehicle sector.

Continued technological advancements are anticipated to be a key driver of market growth in the forecast period for the commercial vehicle industry. Over the last decade, the sector has witnessed significant technological progress, a trend expected to intensify. Forbes highlighted ten notable features in 2020, including 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 poised to propel the commercial vehicle market in the forecast period.

The growth of the commercial vehicle market is expected to be propelled by the increasing demand for efficient transportation. Transportation, encompassing the intentional movement of people, animals, and goods, necessitates an expanded fleet of commercial vehicles to meet growing needs. This surge in demand includes trucks, vans, buses, and other modes of transportation. According to a report by the Bureau of Transportation Statistics in November 2022, transportation services contributed $1.3 trillion (5.6%) to the increased U.S. gross domestic product (GDP) of $23.7 trillion in 2021. The demand for efficient transportation is a significant driver fostering the growth of the commercial vehicle market.

The outbreak of the COVID-19 pandemic acted as a substantial restraint on the commercial vehicle market in 2020. Supply chains were disrupted, consumption declined due to lockdowns, and governments imposed trade restrictions. The virus's impact led to a decline in consumer demand, resulting in a significant decrease in new automobile sales. However, as it is considered a "black swan" event and not indicative of ongoing market weaknesses, the commercial vehicle market is expected to recover over the forecast period.

Major commercial vehicle manufacturers are making substantial investments in driverless car technologies to reduce traffic congestion, prevent accidents, and save fuel. Driverless commercial vehicles leverage radar, GPS, and computer vision technology to sense their environment and navigate autonomously. Companies such as UPS and Amazon are conducting tests with driverless commercial vehicles to enhance operational efficiencies and cut costs.

Leading companies in the commercial vehicles market are diversifying their product offerings, introducing innovations such as commercial vehicle cooling systems to cater to broader customer bases, boost sales, and increase revenue. Commercial vehicle cooling systems regulate engine and component temperatures in vehicles such as trucks, buses, and construction machinery. For example, DENSO Corporation launched Everycool, an innovative cooling system for commercial vehicles in September 2023. This system enhances driver comfort during summer heat, reduces environmental impact, and improves energy efficiency by consuming 57% less power than conventional cabin-wide cooling systems in Japan. It achieves this efficiency by relying on the vehicle's original battery.

Major companies operating in the commercial vehicle market report are Volkswagen AG, Toyota Motor Corp., Ford Motor Company, General Motors Company, Bayerische Motoren Werke AG, Beijing Automotive Group Co. Ltd., Kia Motors Corp., BYD Motors Inc., Volvo AB, TRATON GROUP, PACCAR Inc., Peugeot, Scania AB, Tata Motors Ltd., Dongfeng Motor Corporation, Hino Motors Ltd., Navistar Inc., Science Applications International Corporation Inc., Trimble Inc., PTC Inc., Rivian Automotive Inc., Mack Trucks Inc., Isuzu Commercial Truck of America Inc., American Coleman, Lytx Inc., Daimler AG, Motor Co. ltd., Mercedes-Benz Group AG, Fleetmatics Pvt.Ltd., International Lonestar.

North America was the largest region in the commercial vehicles market in 2023. Asia-Pacific was the second-largest region in the commercial vehicle market. The regions covered in the commercial vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the commercial vehicle market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.

The primary types in the commercial vehicle market include light commercial vehicles, heavy trucks, buses, and coaches. Light commercial vehicles typically weigh no more than 3.5 metric tons. These vehicles can be powered by various fuel types such as gasoline, diesel, and other alternative fuels. The propulsion types for commercial vehicles include internal combustion (IC) engines and electric vehicles. Commercial vehicles find applications in various sectors, including mining and construction, logistics, passenger transportation, and other commercial applications.

The commercial vehicles market research report is one of a series of new reports that provides commercial vehicle market statistics, including commercial vehicle industry global market size, regional shares, competitors with a commercial vehicle market share, detailed commercial vehicle market segments, market trends and opportunities, and any further data you may need to thrive in the commercial vehicle industry. This commercial vehicle market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The commercial vehicle market consists of sales of trucks, buses, trailers, taxis, heavy equipment, trailers, and travel trailers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.


The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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