Market Overview:
The global heavy commercial vehicles market is expected to grow at a CAGR of 5.5% during the forecast period 2018-2030. The growth in the market can be attributed to factors such as, increase in demand for commercial vehicles for transportation and construction applications, and rise in disposable income of consumers across the globe. However, stringent emission norms and regulations are likely to restrain the growth of this market during the forecast period. On the basis of type, diesel type heavy commercial vehicles are expected to dominate the global market during 2018-2030 owing to their high efficiency and low fuel consumption as compared to gas type heavy commercial vehicles. On account of growing environmental concerns, many countries have started implementing stringent emission norms which is likely to favor sales of electric or hybrid electric heavy commercial vehicles over diesel or gas powered ones during the forecast period. Based on application, transportation is estimated to be one of key segments for sales growth within global heavyweight Commercial Vehicles Market throughout 2030 with construction coming up close behind it by exhibiting highest CAGR over forthcoming years .Asia Pacific excluding Japan (APEJ) region would register maximum revenue share contribution from Heavy Commercial Vehicles Market by 2030 end due rising industrialization & infrastructural developments happening in countries such as China & India .
Product Definition:
Heavy commercial vehicles are those that weigh more than 10,000 pounds. They are used to transport goods and materials over long distances. The importance of heavy commercial vehicles is that they can transport large amounts of cargo, which can help businesses save money on shipping costs.
Diesel Type:
Diesel Type is a fuel type used in heavy commercial vehicles for transportation of goods. It has high energy content as compared to petrol and other fuels. Diesel being a liquid type, it can be stored in large quantities and transported using bulk tankers or pipelines.
Gas Type:
The global heavy commercial vehicles (HCV) market is expected to witness significant growth over the forecast period. The increasing demand for fuel efficient and environment friendly transportation has led to a rise in demand for natural gas type HCVs.
Growing environmental concerns owing to high carbon emissions from conventional fuels have resulted in increased adoption of natural gas as an alternative fuel across various regions globally.
Application Insights:
The transportation application segment dominated the global heavy commercial vehicles market in 2017, accounting for a share of over 60.0% owing to the high demand from various industries such as automotive, logistics and supply chain, and transport services among others. The construction industry is anticipated to be one of the fastest-growing segments over the forecast period due to increasing investments in developing countries such as India and China on account of their rapid industrialization along with population growth.
The construction segment is projected to witness significant growth during the forecast period on account of increasing infrastructure development activities across regions including Asia Pacific and Middle East & Africa which are majorly driven by government funding support through public-private partnerships (PPP). In addition, favorable government regulations related to vehicle weight reduction will also boost product demand in this segment over the coming years.
Regional Analysis:
Asia Pacific dominated the global heavy commercial vehicles market in 2017. The region is expected to witness significant growth over the forecast period owing to increasing demand for diesel-powered trucks and buses from developing countries, such as India, China, and South Korea. In addition, rising investments in infrastructure development are anticipated to fuel product demand over the coming years.
The Asia Pacific was followed by Europe that accounted for a share of more than 25% in 2017 owing to growing consumer preference towards clean fuel vehicles across European countries including Germany and France among others. Moreover, stringent government policies regarding carbon emission coupled with increasing focus on reducing pollution levels are expected to drive HGV sales over the next eight years or so.
North America is also likely have a positive outlook on future due North American Free Trade Agreement (NAFTA) that allows free trade within member nations along with U.S.
Growth Factors:
- Increasing demand for goods transportation: The growth of the e-commerce sector is fuelling the demand for goods transportation, thereby driving the growth of the heavy commercial vehicles market.
- Proliferation of mega cities and their consequent infrastructure development: The expansion of mega cities is leading to an increase in the need for goods transportation, which is subsequently propelling the growth of the heavy commercial vehicles market.
- Stringent emission norms: Stringent emission norms are compelling OEMs to develop more fuel-efficient and environment-friendly heavy commercial vehicles, thereby boosting market growth.
- Rising disposable income levels: Rising disposable income levels are enabling consumers to purchase more expensive and luxurious heavy commercial vehicles, thus propelling market growth. 5) Technological advancements: Ongoing technological advancements are resulting in innovative products being launched in the heavy commercial vehicles market, thereby fuelling its growth
Scope Of The Report
Report Attributes
Report Details
Report Title
Heavy Commercial Vehicles Market Research Report
By Type
Diesel Type, Gas Type
By Application
Transportation, Construction, Others
By Companies
VOLVO, Scania, Mercedes Benz, MAN, IVECO, Paccar, ISUZU, Volkswagen, SISU, Ford, MITSUBISHI FUSO, Hyundai, MHI, Freightliner, MACK, WesternStar, FAW Group, Dongfeng Motor Corporation, CNHTC, Shaanxi Automobile Group
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
231
Number of Tables & Figures
162
Customization Available
Yes, the report can be customized as per your need.
Global Heavy Commercial Vehicles Market Report Segments:
The global Heavy Commercial Vehicles market is segmented on the basis of:
Types
Diesel Type, Gas Type
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Transportation, Construction, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- VOLVO
- Scania
- Mercedes Benz
- MAN
- IVECO
- Paccar
- ISUZU
- Volkswagen
- SISU
- Ford
- MITSUBISHI FUSO
- Hyundai
- MHI
- Freightliner
- MACK
- WesternStar
- FAW Group
- Dongfeng Motor Corporation
- CNHTC
- Shaanxi Automobile Group
Highlights of The Heavy Commercial Vehicles Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Diesel Type
- Gas Type
- By Application:
- Transportation
- Construction
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Heavy Commercial Vehicles Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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- Correctly Positioning New Products
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Heavy commercial vehicles are large trucks, buses, and trailers that are used for transporting goods. They can weigh more than 10,000 pounds and have a gross vehicle weight rating (GVWR) of over 26,000 pounds.
Some of the major companies in the heavy commercial vehicles market are VOLVO, Scania, Mercedes Benz, MAN, IVECO, Paccar, ISUZU, Volkswagen, SISU, Ford, MITSUBISHI FUSO, Hyundai, MHI, Freightliner, MACK, WesternStar, FAW Group, Dongfeng Motor Corporation, CNHTC, Shaanxi Automobile Group.
The heavy commercial vehicles market is expected to grow at a compound annual growth rate of 5.5%.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Heavy Commercial Vehicles Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Heavy Commercial Vehicles Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Heavy Commercial Vehicles Market - Supply Chain
4.5. Global Heavy Commercial Vehicles Market Forecast
4.5.1. Heavy Commercial Vehicles Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Heavy Commercial Vehicles Market Size (000 Units) and Y-o-Y Growth
4.5.3. Heavy Commercial Vehicles Market Absolute $ Opportunity
5. Global Heavy Commercial Vehicles Market Analysis and Forecast by Type
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Type
5.2.2. Y-o-Y Growth Projections by Type
5.3. Heavy Commercial Vehicles Market Size and Volume Forecast by Type
5.3.1. Diesel Type
5.3.2. Gas Type
5.4. Absolute $ Opportunity Assessment by Type
5.5. Market Attractiveness/Growth Potential Analysis by Type
6. Global Heavy Commercial Vehicles Market Analysis and Forecast by Application
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Application
6.2.2. Y-o-Y Growth Projections by Application
6.3. Heavy Commercial Vehicles Market Size and Volume Forecast by Application
6.3.1. Transportation
6.3.2. Construction
6.3.3. Others
6.4. Absolute $ Opportunity Assessment by Application
6.5. Market Attractiveness/Growth Potential Analysis by Application
7. Global Heavy Commercial Vehicles Market Analysis and Forecast by Sales Channel
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Sales Channel
7.2.2. Y-o-Y Growth Projections by Sales Channel
7.3. Heavy Commercial Vehicles Market Size and Volume Forecast by Sales Channel
7.3.1. Manufacturer/Distributor/Service Provider
7.3.2. Aftermarket
7.4. Absolute $ Opportunity Assessment by Sales Channel
7.5. Market Attractiveness/Growth Potential Analysis by Sales Channel
8. Global Heavy Commercial Vehicles Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Heavy Commercial Vehicles Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Heavy Commercial Vehicles Demand Share Forecast, 2019-2026
9. North America Heavy Commercial Vehicles Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America Heavy Commercial Vehicles Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Heavy Commercial Vehicles Market Size and Volume Forecast by Application
9.4.1. Transportation
9.4.2. Construction
9.4.3. Others
9.5. Basis Point Share (BPS) Analysis by Application
9.6. Y-o-Y Growth Projections by Application
9.7. North America Heavy Commercial Vehicles Market Size and Volume Forecast by Type
9.7.1. Diesel Type
9.7.2. Gas Type
9.8. Basis Point Share (BPS) Analysis by Type
9.9. Y-o-Y Growth Projections by Type
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.10.4. By Sales Channel
9.11. North America Heavy Commercial Vehicles Demand Share Forecast, 2019-2026
10. Latin America Heavy Commercial Vehicles Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America Heavy Commercial Vehicles Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Heavy Commercial Vehicles Market Size and Volume Forecast by Application
10.4.1. Transportation
10.4.2. Construction
10.4.3. Others
10.5. Basis Point Share (BPS) Analysis by Application
10.6. Y-o-Y Growth Projections by Application
10.7. Latin America Heavy Commercial Vehicles Market Size and Volume Forecast by Type
10.7.1. Diesel Type
10.7.2. Gas Type
10.8. Basis Point Share (BPS) Analysis by Type
10.9. Y-o-Y Growth Projections by Type
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.10.4. By Sales Channel
10.11. Latin America Heavy Commercial Vehicles Demand Share Forecast, 2019-2026
11. Europe Heavy Commercial Vehicles Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe Heavy Commercial Vehicles Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Heavy Commercial Vehicles Market Size and Volume Forecast by Application
11.4.1. Transportation
11.4.2. Construction
11.4.3. Others
11.5. Basis Point Share (BPS) Analysis by Application
11.6. Y-o-Y Growth Projections by Application
11.7. Europe Heavy Commercial Vehicles Market Size and Volume Forecast by Type
11.7.1. Diesel Type
11.7.2. Gas Type
11.8. Basis Point Share (BPS) Analysis by Type
1.9. Y-o-Y Growth Projections by Type
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.10.4. By Sales Channel
11.11. Europe Heavy Commercial Vehicles Demand Share, 2019-2026
12. Asia Pacific Heavy Commercial Vehicles Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Heavy Commercial Vehicles Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Heavy Commercial Vehicles Market Size and Volume Forecast by Application
12.4.1. Transportation
12.4.2. Construction
12.4.3. Others
12.5. Basis Point Share (BPS) Analysis by Application
12.6. Y-o-Y Growth Projections by Application
12.7. Asia Pacific Heavy Commercial Vehicles Market Size and Volume Forecast by Type
12.7.1. Diesel Type
12.7.2. Gas Type
12.8. Basis Point Share (BPS) Analysis by Type
12.9. Y-o-Y Growth Projections by Type
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.10.4. By Sales Channel
12.11. Asia Pacific Heavy Commercial Vehicles Demand Share, 2019-2026
13. Middle East & Africa Heavy Commercial Vehicles Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Asia Pacific Average Pricing Analysis
13.2. Middle East & Africa Heavy Commercial Vehicles Market Size and Volume Forecast by Country
13.2.1. Saudi Arabia
13.2.2. South Africa
13.2.3. UAE
13.2.4. Rest of Middle East & Africa (MEA)
13.3. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Heavy Commercial Vehicles Market Size and Volume Forecast by Application
13.4.1. Transportation
13.4.2. Construction
13.4.3. Others
13.5. Basis Point Share (BPS) Analysis by Application
13.6. Y-o-Y Growth Projections by Application
13.7. Middle East & Africa Heavy Commercial Vehicles Market Size and Volume Forecast by Type
13.7.1. Diesel Type
13.7.2. Gas Type
13.8. Basis Point Share (BPS) Analysis by Type
13.9. Y-o-Y Growth Projections by Type
13.10. Market Attractiveness/Growth Potential Analysis
13.10.1. By Country
13.10.2. By Product Type
13.10.3. By Application
13.10.4. By Sales Channel
13.11. Middle East & Africa Heavy Commercial Vehicles Demand Share, 2019-2026
14. Competition Landscape
14.1. Global Heavy Commercial Vehicles Market: Market Share Analysis
14.2. Heavy Commercial Vehicles Distributors and Customers
14.3. Heavy Commercial Vehicles Market: Competitive Dashboard
14.4. Company Profiles (Details Overview, Financials, Developments, Strategy)
14.4.1. VOLVO
14.4.1.1. Overview
14.4.1.2. Financials
14.4.1.3. Developments
14.4.1.4. Strategic Outlook
14.4.2. Scania
14.4.2.1. Overview
14.4.2.2. Financials
14.4.2.3. Developments
14.4.2.4. Strategic Outlook
14.4.3. Mercedes Benz
14.4.3.1. Overview
14.4.3.2. Financials
14.4.3.3. Developments
14.4.3.4. Strategic Outlook
14.4.4. MAN
14.4.4.1. Overview
14.4.4.2. Financials
14.4.4.3. Developments
14.4.4.4. Strategic Outlook
14.4.5. IVECO
14.4.5.1. Overview
14.4.5.2. Financials
14.4.5.3. Developments
14.4.5.4. Strategic Outlook
14.4.6. Paccar
14.4.6.1. Overview
14.4.6.2. Financials
14.4.6.3. Developments
14.4.6.4. Strategic Outlook
14.4.7. ISUZU
14.4.7.1. Overview
14.4.7.2. Financials
14.4.7.3. Developments
14.4.7.4. Strategic Outlook
14.4.8. Volkswagen
14.4.8.1. Overview
14.4.8.2. Financials
14.4.8.3. Developments
14.4.8.4. Strategic Outlook
14.4.9. SISU
14.4.9.1. Overview
14.4.9.2. Financials
14.4.9.3. Developments
14.4.9.4. Strategic Outlook
14.4.10. Ford
14.4.10.1. Overview
14.4.10.2. Financials
14.4.10.3. Developments
14.4.10.4. Strategic Outlook
14.4.11. MITSUBISHI FUSO
14.4.11.1. Overview
14.4.11.2. Financials
14.4.11.3. Developments
14.4.11.4. Strategic Outlook
14.4.12. Hyundai
14.4.12.1. Overview
14.4.12.2. Financials
14.4.12.3. Developments
14.4.12.4. Strategic Outlook
14.4.13. MHI
14.4.13.1. Overview
14.4.13.2. Financials
14.4.13.3. Developments
14.4.13.4. Strategic Outlook
14.4.14. Freightliner
14.4.14.1. Overview
14.4.14.2. Financials
14.4.14.3. Developments
14.4.14.4. Strategic Outlook
14.4.15. MACK
14.4.15.1. Overview
14.4.15.2. Financials
14.4.15.3. Developments
14.4.15.4. Strategic Outlook
14.4.16. WesternStar
14.4.16.1. Overview
14.4.16.2. Financials
14.4.16.3. Developments
14.4.16.4. Strategic Outlook
14.4.17. FAW Group
14.4.17.1. Overview
14.4.17.2. Financials
14.4.17.3. Developments
14.4.17.4. Strategic Outlook
14.4.18. Dongfeng Motor Corporation
14.4.18.1. Overview
14.4.18.2. Financials
14.4.18.3. Developments
14.4.18.4. Strategic Outlook
14.4.19. CNHTC
14.4.19.1. Overview
14.4.19.2. Financials
14.4.19.3. Developments
14.4.19.4. Strategic Outlook
14.4.20. Shaanxi Automobile Group
14.4.20.1. Overview
14.4.20.2. Financials
14.4.20.3. Developments
14.4.20.4. Strategic Outlook
