Latest Report and Statistics 2023 | Medium and Heavy Duty Commercial Vehicles Market to be Worth US$ 1.7 Trillion by 2030: Market Poised for Significant Growth

The global medium and heavy-duty commercial vehicles market is expected to surpass US$ 1,707.5 billion by 2030, with an annual growth rate of more than 4.2%, registering an incremental opportunity of more than US$ 423 billion between 2023 and 2030.

Global Medium and Heavy Duty Commercial Vehicles Market is valued at US$ 1,283.8 billion in 2023 and is expected to grow at a significant CAGR of over 4.2% over the forecast period of 2023-2030, according to the published market report by RationalStat

Market Definition, Market Scope, and Report Overview

The medium and heavy-duty commercial vehicles market is influenced by several drivers that contribute to its growth and development. The performance of the medium and heavy-duty commercial vehicles market is closely tied to the overall economic growth of a region or country. When economies are expanding, there is an increased demand for the transportation of goods and services, leading to higher sales of commercial vehicles.

Further, the development of infrastructure, including road networks, highways, and logistics hubs, plays a significant role in driving the demand for medium and heavy-duty commercial vehicles. Improved infrastructure enables efficient transportation and distribution of goods, thereby increasing the need for commercial vehicles.

• According to a deep-dive market assessment by RationalStat, the global medium and heavy-duty commercial vehicles market has been analyzed on the basis of market segments, including type, and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.

• Market intelligence for the global medium and heavy duty commercial vehicles market covers market sizes on the basis of market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.

• In addition, the long-term sector and products/services 10-year outlook and its implications on the global medium and heavy-duty commercial vehicles market. It also includes the industry's current state - Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.

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Global Medium and Heavy-Duty Commercial Vehicles Market: Segmental and Market Share Analysis

• On the basis of type, the Plug-in engine is anticipated to capture the majority of market share owing to the rising adoption of electric vehicles coupled with the supportive government regulations towards the sustainable sector.

Report Synopsis
Report Metrics Details
Base Year 2023
Forecast Period 2023-2030
Base Year Market Size US$ 1,283.8 billion
Market Size Forecast US$ 1,707.5 billion
Growth Rate 4.2%

Key Market Drivers
• Growing demand for logistics industry
• Rising demand from the construction sector
• Introduction of new technologies

Companies Profiled
• PACCAR Inc.
• Daimler AG
• Volvo Group
• MAN SE
• Tata Motors Limited
• Renault Trucks
• Isuzu Motors Ltd
• Scania AB
• FAW Group Corporation
• Hyundai Motor Company

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Competition Analysis and Market Structure

Some of the prominent players adopt various strategies to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, and partnerships and collaborations are some of the strategies followed by industry players. Some of the key developments in the global medium and heavy-duty commercial vehicles market include,

• In April 2021, Isuzu Motors completed the acquisition of UD Trucks from the Volvo Group as part of a strategic alliance between the Volvo Group and Isuzu Motors.

• In Mar 2021, Mitsubishi Fuso Truck and Bus Corporation (MFTBC), under the umbrella of Daimler Trucks Asia, announced the launch of the improved Canter Light-duty Truck, which complies with Japanese regulations.

Some of the prominent players and suppliers operating and contributing significantly to the global medium and heavy duty commercial vehicles market growth include PACCAR Inc., Daimler AG, Volvo Group, MAN SE, Tata Motors Limited, Mahindra, Ashok Leyland, Renault Trucks, Isuzu Motors Ltd, Scania AB, FAW Group Corporation, and Hyundai Motor Company among others.

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RationalStat has segmented the global medium and heavy-duty commercial vehicles market based on type, and region
• Global Medium and Heavy-Duty Commercial Vehicles Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Type
o IC Engine
o Plug-In Hybrid Electric
o Battery Electric
o Alternative Fuel Powered
• Global Medium and Heavy-Duty Commercial Vehicles Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
o North America Medium and Heavy-Duty Commercial Vehicles Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
 US
 Canada
o Latin America Medium and Heavy-Duty Commercial Vehicles Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
 Brazil
 Mexico
 Rest of Latin America
o Western Europe Medium and Heavy-Duty Commercial Vehicles Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
 Germany
 UK
 France
 Spain
 Italy
 Benelux
 Nordic
 Rest of Western Europe
o Eastern Europe Medium and Heavy-Duty Commercial Vehicles Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
 Russia
 Poland
 Hungary
 Other CIS Countries
 Rest of Eastern Europe
o Asia Pacific Medium and Heavy-Duty Commercial Vehicles Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
 China
 Japan
 India
 South Korea
 Australia
 ASEAN
• Indonesia
• Thailand
• Philippines
• Vietnam
• Malaysia
• Rest of ASEAN
 Rest of Asia Pacific
o Middle East & Africa Medium and Heavy-Duty Commercial Vehicles Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
 GCC
• Saudi Arabia (KSA)
• United Arab Emirates (UAE)
• Rest of the GCC
 South Africa
 Nigeria
 Turkey
 Rest of the Middle East & Africa

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Key Questions Answered in the Medium and Heavy-Duty Commercial Vehicles Report:
• What will be the market value of the global medium and heavy-duty commercial vehicles market by 2030?
• What is the market size of the global medium and heavy-duty commercial vehicles market?
• What are the market drivers of the global medium and heavy-duty commercial vehicles market?
• What are the key trends in the global medium and heavy-duty commercial vehicles market?
• Which is the leading region in the global medium and heavy-duty commercial vehicles market?
• What are the major companies operating in the global medium and heavy-duty commercial vehicles market?
• What are the market shares by key segments in the global medium and heavy-duty commercial vehicles market?

Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts' viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
• Defining the problem by understanding the type of market and data required by the client.
• Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
• Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
• Evaluating and analyzing the data by referring to data sources utilized and leveraged.
• Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.

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RationalStat LLC
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RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
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This release was published on openPR.