Latest Insights on the Commercial Vehicles (Trucks) Market: Some Key Questions
The commercial vehicles (trucks) market is projected to exhibit a CAGR of approx. 5.7% through the year 2025. The key players are considering the growth of the industrial sector as well as the development of the commercial operations in logistics to be the major driving factors for the market in the forecasted period. Moreover, the rise of the emerging economies has led to the increase in production of several industries spurring the growth and development of the commercial vehicles market.
What are the major causes of growth of the commercial vehicles market?
The global commercial vehicles market is expected to witness growth and expansion in the forecasted period. The rise in the commercial operations like construction work or e-commerce activities causes the increase in demand for transportation services which in turn increases the demand of the commercial vehicles like truck. This fuels the growth and development of the commercial vehicles market. In addition to this, the rise in adoption of electric vehicles is expected to spur the growth of the market owing to the increase in the manufacture of the electric commercial vehicles. Many major players have shifted towards the electric vehicles which have advanced built and are safe foe environment use. These are the major drivers for the commercial vehicles (trucks) market in the forecasted period.
What are the key restraints on the global commercial vehicles market?
The decline in the growth of various commercial industries during the recent years has caused a rapid fall in the demand of the commercial vehicles like trucks for moving and transportation purposes. The slow rate of economic growth, fall in tourism and related activities, and strict trade policies are responsible for the decline of the industrial growth. The mining industry has witnessed a slump owing to the lack of demand and non-negotiable trade policies regulated by the government which prevent the mining and distribution of minerals. This leads to the decline in the demand for heavy and light commercial vehicles by the mining industry which decreases the overall demand in the market. These are the major challenges posed to the commercial vehicles market.
What is the impact of COVID-19 on the commercial vehicles market?
The COVID-19 pandemic induced worldwide shutdowns of workshops and manufacturing units which caused severe damage to several industries including the automotive and transportation industry as well. The lockdown period caused a rapid fall in the demand of consumer goods and the production by various industries. This affected the commercial vehicles (trucks) market adversely as the transportation activities witnessed a steep decline. So, it can be said that the commercial vehicles market faced major hurdles during the lockdown which damaged the growth of the industry. The market is expected to recover from the losses incurred during the pandemic and continue to exhibit positive growth in the coming years due to subsequent rise in the supply of products from different industries post-COVID.
What is the regional distribution of the commercial vehicles market?
The Asia-Pacific region is expected to dominate the market in the forecasted period and gain a significant proportion of the total share of the global commercial vehicles market. The rise of the emerging economies like China, India and Japan has caused an increase in the production of various industries causing a high demand of commercial vehicles like trucks in the region. In addition to that, the rise in environment concerns, initiatives by the governments like subsidies and leniency of the trade laws encourage the companies to invest more time and money in the research and development (R&D), thus causing growth of the market.
What is the current market landscape of the global commercial vehicles market?
The key players in the market are working on innovation and research and development to create opportunities of growth for the market and gain a competitive edge over the other significant players.
Some of the major companies in the commercial vehicles market include Daimler AG, Toyota Motor Corporation, ISUZU, Mitsubishi Motor Corporation, and Hino Motors. The market is dominated by Daimler AG in terms of sales and revenue. The various companies are thriving to produce efficient transport solutions at a cheaper and faster rate to provide convenient services to customers all over the world.
The global commercial vehicles market is expected to witness growth and development in the forecasted period owing to the rise in several end-user industries and aids from the government. Multiple major companies are focusing on technological advancements to create efficient ways of transport throughout the world. The COVID-19 pandemic caused severe damage to the market but it is expected to revive from the losses in the coming years.