Commercial Vehicles Market Size, Share & Trends Report

Commercial Vehicles Market Size, Share & Trends Analysis Report By Product (Buses & Coaches, LCVs), By End Use (Industrial, Mining & Construction, Logistics), By Region, And Segment Forecasts, 2018 - 2025

  • Published Date: Jul, 2018
  • Base Year for Estimate: 2017
  • Report ID: GVR-2-68038-538-0
  • Format: Electronic (PDF)
  • Historical Data: 2014 - 2016
  • Number of Pages: 110

Report Overview

The global commercial vehicles market size was valued at USD 1.32 trillion in 2017 and is estimated to expand at a CAGR of 7.1% from 2018 to 2025. Although the market has been witnessing stagnant growth over the last few years, it is anticipated to recover with improved sales performance, particularly in emerging economies. Digitization along with increasing infrastructural spending is expected to elevate demand for commercial vehicles over the forecast period.

U.S. commercial vehicles market

Market development was initially closely related to the growth of the global economy and economic expansion; however, this interrelation is disintegrating rapidly. Major market trends such as integration of telematics services, demand for specific transport solutions by end users, and rising popularity of fleet sharing are expected to drive the market.

Governments across the globe have implemented numerous regulations and policies to effectively manage the size of goods being carried in a commercial vehicle. For instance, in U.S., the Federal Motor Carrier Safety Administration (FMCSA) is responsible for preventing injuries and fatalities related to these vehicles. In line with this, the body has implemented a regulation pertaining to the size of goods being carried in a vehicle. Thus, with the implementation of such regulations, there will be increased demand for additional commercial vehicles for transportation of goods, which, in turn, will spur market growth.

Telematics and connectivity are revolutionizing operations, owing to which, numerous original equipment manufacturers (OEMs) have launched vehicles equipped with several connected services, such as weather reports, accident warnings, traffic data, and updates on roadworks. Connected vehicles provide numerous benefits, including enhanced safety and preventing unauthorized access to vehicles, thereby avoiding vehicle abuse and wear and tear. This is anticipated to help boost market growth over the next few years.

Developments in the field of electric vehicles (EVs) as well as semi-autonomous commercial cars/trucks are expected to positively affect the market over the forecast period. Adoption of EVs in the commercial transportation segment, as a result of numerous benefits offered by them over conventional vehicles, will be a trend to watch for in the coming years. Furthermore, policies regulating the adoption of EVs in developed nations are expected to drive their adoption in the commercial vehicle segment, subsequently favoring market growth.

Product Insights

The commercial vehicles market can be largely categorized into light commercial vehicles (LCVs), heavy trucks, and buses and coaches. The LCVs segment accounted for more than 75.0% of the total market revenue in 2017 and is expected to register a CAGR of 7.5% over the forecast period. This growth can be attributed to the dynamic nature of these vehicles, which enables them to be modified and be used for transportation of passengers and goods. These vehicles are cost-effective and aid in reducing emissions, which also boosts segment growth.

The buses and coaches segment is anticipated to gain traction over the forecast years owing to increased adoption in the tourism and healthcare industries. Buses and coaches are the most cost-effective mode of transportation, which is a prominent factor positively affecting its sales. The heavy trucks segment is forecast to expand at a moderate growth rate from 2018 to 2025.

End-use Insights

The logistics segment witnessed significant demand and captured a sizeable market share in 2017. It is anticipated to expand at a value-based CAGR of over 8.0% over the forecast years. Increasing trade activities worldwide are expected to drive the segment in the coming years.

Global commercial vehicles market

Affordability and accessibility of passenger transport and rising expenditure on commute in developed and developing economies are important contributors to the growth of the passenger transportation segment, which is slated to register a revenue-based CAGR of just under 8.0% over the forecast period.

Regional Insights

The North America market captured the largest share by revenue as well as volume and is expected to exhibit a value-based CAGR of over 6.0% over the forecast period. Increase in financing options, continuous investment in infrastructure development, and rising focus of governments on in-house automotive production are key factors positively impacting regional growth.

The Asia Pacific market is projected to witness the highest CAGR of more than 8.0% over the forecast period, in terms of both volume and revenue. Increasing road infrastructure, coupled with rising manufacturing facilities owing to cost-effective labor and raw materials, especially in developing economies such as China and India, are expected to stimulate market growth. The MEA and Europe markets are expected to witness moderate growth with rising industrialization in these regions.

Key Companies & Market Share Insights

Prominent companies that captured a major share in the market in 2017 include Tata Motors, Volkswagen AG, Ashok Leyland, Volvo Car Corporation, and General Motors. OEMs in this market have established strong partnerships with raw material suppliers in order to speed up supply chain functions, as more than 50% of the components are sourced from these suppliers. Furthermore, major companies are continuously investing in R&D to come up with novel technologies in order to enjoy competitive advantage.

Commercial Vehicles Market Report Scope

Report Attribute


Market size value in 2020

USD 1,603.22 billion

Revenue forecast in 2025

USD 2,270.84 billion

Growth Rate

CAGR of 7.2% from 2018 to 2025

Base year for estimation


Historical data

2014 - 2016

Forecast period

2018 - 2025

Quantitative units

Revenue in USD billion and CAGR from 2018 to 2025

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

End use and region.

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; U.K.; Germany; France; Italy; Spain; Netherlands; Belgium; Sweden; Denmark; China; India; Japan; South Korea; Indonesia; Thailand; Australia; Malaysia; Singapore; Taiwan; Brazil; Mexico; South Africa; Turkey.

Key companies profiled

Tata Motors; Volkswagen AG; Ashok Leyland; Volvo Car Corporation; and General Motors.

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Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global commercial vehicles market report based on product, end use, and region:

  • Product Outlook (Volume, Thousand Units; Revenue, USD Billion, 2014 - 2025)

    • Light Commercial Vehicles (LCVs)

    • Heavy Trucks

    • Buses & Coaches

  • End-use Outlook (Volume, Thousand Units; Revenue, USD Billion, 2014 - 2025)

    • Industrial

    • Mining & Construction

    • Logistics

    • Passenger Transportation

    • Others

  • Regional Outlook (Volume, Thousand Units; Revenue, USD Billion, 2014 - 2025)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • France

      • Spain

      • Italy

      • Netherlands

      • Belgium

      • Sweden

      • Denmark

    • Asia Pacific

      • China

      • India

      • Japan

      • South Korea

      • Indonesia

      • Thailand

      • Australia

      • Malaysia

      • Singapore

      • Taiwan

    • Latin America

      • Brazil

      • Mexico

    • Middle East & Africa

      • South Africa

      • Turkey

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