Commercial Vehicles Market Size, Share & Trends Report

Commercial Vehicles Market Size, Share & Trends Analysis Report By Product (LCVs, Heavy Trucks, Buses & Coaches), By End-use (Industrial, Mining & Construction), By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-2-68038-538-0
  • Number of Pages: 110
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2021
  • Industry: Technology

Research Methodology

A three-pronged approach was followed for deducing the commercial vehicles market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for commercial vehicles market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of commercial vehicles market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Commercial Vehicles Market Categorization:

The commercial vehicles market was categorized into three segments, namely product (Light Commercial Vehicles, Heavy Trucks, Buses & Coaches), end-use (Industrial, Mining & Construction, Logistics, Passenger Transportation), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The commercial vehicles market was segmented into product, end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The commercial vehicles market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into nine countries, namely, the U.S.; Canada; the UK.; Germany; China; India; Japan; Brazil; and Mexico

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Commercial vehicles market companies & financials:

The commercial vehicles market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Ashok Leyland - Ashok Leyland is engaged in the manufacturing of commercial vehicles, including trucks and buses. Apart from these light vehicles, the company also provides power products for electric power generation, agricultural harvester combines, industrial compressors, and earth moving and construction equipment. Ashok Leyland also has joint ventures with various companies such as Global TVS, a joint venture between Ashok Leyland and TVS & Sons, manufacturers of commercial vehicles, passenger vehicles, and utility and sports vehicles. Similarly, Leyland Deere, a joint venture between Ashok Leyland and John Deere of U.S., manufactures construction equipment. Ashley Alteams, a joint venture between Ashok Leyland and Alteams Group of Finland, produces High Pressure Die Casting (HPDC) aluminum components required in the telecommunications and automobile industries.

  • Bosch Rexroth AG - Bosch Rexroth AG is a wholly owned subsidiary of Robert Bosch GmbH. The company manufactures components and devices for drive and control technology. The company also provides industrial application services, such as repair, service agreements, modernization, product training, and services for old brands, among others. Additionally, the company is also engaged in providing mobile application services such as hotlines, field service, and customized services, among others. Bosch Rexroth AG provides components for assembly technology, gear technology, industrial hydraulics, linear motion technology, tightening technology, and welding technology. These components are used in construction machinery, excavators, agricultural & forestry machinery, and material handling equipment. The company has marked its presence across the globe and has offices in Europe, Asia Pacific, North America, and South America. Furthermore, in 2017, the company expended USD 7,653.0 million on research and development activities, which accounted for 9.2% of its sales revenues for the year.

  • Daimler AG - Daimler AG is one of the leading producers of premium cars and global leaders in the manufacturing of commercial vehicles. The company’s business units include Mercedes-Benz Cars, Daimler Trucks, MercedesBenz Vans, Daimler Buses, and Daimler Financial Services. It also provides services such as Financial Services, Mobility Services, and Mercedes me. Daimler AG is one of the largest manufacturers of trucks and buses. The company has established various partnerships to enhance its manufacturing network. For instance, BharatBenz offers light-, medium-, and heavy-duty trucks as well as Bharat-Benz buses for the Indian commercial vehicle market. Similarly, Daimler Trucks has been offering trucks under the FUSO brand in several countries. In Indonesia, the FUSO brand has been leading the market for over 40 years. In China, the company has formed a joint venture with Beiqi Foton Motor called Beijing Foton Daimler Automotive (BFDA).

  • Volkswagen AG - Volkswagen AG is primarily engaged in the production of automobiles and commercial vehicles. The company’s product portfolio includes passenger cars, sports cars, Sports Utility Vehicles (SUVs), premium cars, vans, sports bikes, trucks, and buses. Volkswagen AG includes 12 different brands, namely Volkswagen, SEAT, Audi, SKODA, Bentley, Ducati, Volkswagen Commercial Vehicles, Scania, Bugatti, Lamborghini, Porsche, and MAN. The company also offers a range of financial services, including dealer and customer financing, banking and insurance services, and fleet management. Volkswagen AG’s commercial vehicle subsidiary is called Volkswagen Truck and Bus GmbH. The subsidiary offers its products under brand names MAN, Scania, Volkswagen Caminhões e Ônibus, and Rio.

  • Toyota Motor Corporation - Toyota Motor Corporation is an automobile manufacturer. The company’s Lexus subsidiary produces premium cars. It also operates through a joint venture with General Motor Company known as New United Motor Manufacturing, Inc. Toyota Motor Corporation manufactures sports cars, passenger cars, Multi-Purpose Vehicles (MPVs)/vans, SUVs, commercial vehicles, hybrid vehicles, plug-in hybrid vehicles, and fuel cell vehicles. Toyota Motor Corporation’s non-automobile businesses include eTOYOTA Business, Energy, Biotechnology and Agriculture, Marine, and Powertrain Units Sales Business. Furthermore, the company’s vehicles are sold in over 170 countries and regions. As of December 2017, the company was conducting its business via 51 overseas manufacturing companies spread across 28 countries and regions.

  • Tata Motors Ltd. - Tata Motors Ltd. is engaged in the manufacturing of utility vehicles, buses, cars, trucks, and defense vehicles. The company is a member of Tata Group, which includes over a hundred independent operating companies. Additionally, Tata Motors Ltd. is a parent company of Tata Daewoo Commercial Vehicles and Jaguar Land Rover. Apart from manufacturing of automobiles, the company’s other operations business segments include information technology services and machine tools & factory automation services. The company’s product portfolio includes cargo trucks, people carriers, special application vehicles, passenger vehicles, defense & homeland security vehicles, premium cars, and sport cars. The company and its subsidiaries have manufacturing plants in India, Brazil, UK, Slovakia, Austria, and China. Furthermore, in 2018, the company’s research and development expenditure was USD 344.6 million.

  • Mahindra and Mahindra Ltd. - Mahindra and Mahindra Ltd. is engaged in automobile manufacturing. The company operates through 11 business segments, namely Mahindra Aftermarket, Mahindra Automotive, Mahindra Defence, Mahindra Farm Equipments, Mahindra Financial Services, Mahindra Hospitality, Mahindra IT, Mahindra Partners, Mahindra Real Estate, Mahindra Agri, and Mahindra Two Wheelers. Mahindra and Mahindra Ltd. is known for its rugged and reliable automobiles. The company caters to 20 different industries, including farming, IT, financial services, and hospitality.

  • Volvo Group - Volvo Group is one of the leading manufacturers of trucks, buses, construction equipment, and marine & industrial engines. The company is also involved in providing rental services, spare parts, preventive maintenance, financing solutions, insurance, service agreements, assistance services, and IT services. Volvo Group markets its products under various brands, including Volvo, Volvo Penta, UD, Terex Trucks, Shandong Lingong Construction Machinery (SDLG), Prevost, Nova Bus, Renault Trucks, Mack, Eicher, and Dongfeng Trucks. Volvo Group’s product portfolio of commercial vehicles includes trucks, buses, construction equipment, and cars. The company has a global presence with production facilities in 18 countries in Europe, North America, South America, Asia, Africa, and Oceania.

  • Xiamen Golden Dragon Bus Co., Ltd. - Xiamen Golden Dragon Bus Co., Ltd. is engaged in developing, selling, and manufacturing medium- and largesized light vans and luxury buses. Additionally, the company has collaborated with various companies such as MAN, ZF ,BOSCH, WABCO, Voith, Hino, and Hyundai for chassis and other bus components. The company has also collaborated with Enthoven Associates of Belgium and Bonetto Design Centre of Italy for designing the body of several of their buses. Xiamen Golden Dragon Bus Co., Ltd.’s product offerings include auto parts and accessories, consumer electronics, industrial equipment and components, manufacturing & processing machinery. The company offers commercial vehicles under the transportation segment. Its commercial vehicles are categorized under Coach & Intercity, City Bus, MiniBus & Vans, and Special Buses. Xiamen Golden Dragon Bus Co., Ltd. has developed a strong global distribution network. The company’s buses are exported to almost 80 countries in Asia, Africa, the Middle East, and South America, among others.

  • General Motors Company - General Motors Company is engaged in designing, building, and selling of cars, trucks, crossovers, and automobile parts. The company also provides automotive financing services through General Motors Financial Company, Inc. (GM Financial). Furthermore, to cater to various needs of the market, the company has multiple brands, which also operate as its subsidiaries. They include Chevrolet, Buick, GMC, Cadillac, Holden, Baojun, Wuling, Fawjiefang, Maven, and Onstar. The Chevrolet, Wuling, and GMC brands serve the commercial vehicle market. The product portfolio of General Motors includes various types of vehicles, including SUVs/crossovers, vans, trucks, and specialty vehicles, among others. The company has operation centers in North America, Central America, South America, Europe, Africa, Asia, Australia, and the Caribbean.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Commercial Vehicles Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Commercial Vehicles Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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