Impact Of Rising E-Commerce: A Key Driver Transforming the Medium And Heavy Commercial Vehicles Market 2024
Medium And Heavy Commercial Vehicles Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What Has Been the Growth in the Medium and Heavy Commercial Vehicles Market2 and What Can Be Expected in the Future?
The medium and heavy commercial vehicles market has displayed robust growth in recent years. From a market size of $307.80 billion in 2023, it is estimated to burgeon to $333.98 billion in 2024 at a compound annual growth rate CAGR of 8.5%. This historic growth can be ascribed to several factors including escalating investments in infrastructure, expanding urbanization, burgeoning global trade, increasingly stringent fuel efficiency regulations, and growing needs of logistics and supply chains.
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The market size is projected to witness exceptional growth in the coming years. By 2028, it is expected to reach $465.55 billion, reflecting a healthy CAGR of 8.7%. The forecasted growth will be stimulated by increasing demand for commercial vehicles, rising disposable income, burgeoning e-commerce, growing construction sector, and the heightened demand for transporting materials. The key market trends driving growth include adoption of autonomous driving technologies, seamless integration of telematics systems, focus on vehicle-to-everything V2X communication, the growing propensity of vehicle sharing and leasing models, and the inception of alternative fuel sources.
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E-Commerce Fuels the Growth of the Medium and Heavy Commercial Vehicles Market
It is the rapid increase in e-commerce activities that will power this market forward. Factors spurring the rise in e-commerce activities include ramped up internet penetration, convenience, and rapid transition to online shopping all accelerated by technological advancements and the aftermath of the COVID-19 pandemic. Medium and heavy commercial vehicles enable the seamless execution of e-commerce activities, by ensuring efficient transportation of large loads over significant distances, timely delivery, and optimized supply chains. For instance, according to a report published in May 2024 by the Census Bureau of the Department of Commerce, a US-based governmental organization, e-commerce sales rose to a staggering $1,118.7 billion in 2023. The first quarter of 2024 observed total retail sales estimated at $1,820.0 billion. Comparatively, e-commerce sales during this period saw an 8.5% increase ±1.1% from the corresponding quarter in 2023, while total retail sales witnessed a 2.8% ±0.5% growth. Therefore, we can establish that increasing e-commerce activities are catalyzing the growth of the medium and heavy commercial vehicles market.
Who Are the Key Industry Players in the Medium and Heavy Commercial Vehicles Market?3
Some of the major companies operating in this market include Volkswagen AG, Toyota Motor Corporation, Ford Motor Company, Mercedes-Benz Group AG, Hyundai Motor Company, Daimler Truck AG, AB Volvo, Tata Motors Limited, PACCAR Inc., Isuzu Motors Limited, Mitsubishi Motors Corporation, Dongfeng Motor Corporation, Scania AB, Iveco S.p.A., Mahindra & Mahindra Limited, MAN SE, Beiqi Foton Motor Co. Ltd., Ashok Leyland Limited, Mack Trucks Inc., Force Motors Limited, UD Trucks Corporation, Oy Sisu Auto Ab.
What Are the Emerging Trends in the Medium and Heavy Commercial Vehicles Market?
Major companies in this market are at the forefront of developing advanced products like high-payload capacity trucks, to meet the evolving demands of the market and enhance fuel efficiency, performance, and sustainability. For example, in October 2023, Ashok Leyland, an auto manufacturer based in India, launched the Ecomet Star 1915 truck, characterized by a GVW of 18.49T in the ICV segment. The truck is well-equipped for heavy-duty usage, propelled by a powerful 110 kW 150 hp H4 engine delivering 450 Nm of torque, making long-distance travel easier and more efficient.
Market Segmentation: A Peek into Medium and Heavy Commercial Vehicles Market
The market in this report is segmented as follows –
1 By Vehicle Type: Trucks, Buses, Construction And Mining Equipment
2 By Gross Vehicle Weight: Medium Commercial Vehicles MCV, Heavy Commercial Vehicles HCV
3 By Propulsion Type: Internal Combustion IC Engine, Plug-In Hybrid Electric, Battery Electric, Alternative Fuel Powered
4 By Tonnage: 3.5 - 7.5 Ton, 7.5 - 16 Ton, Above 16 Ton
5 By Application: Logistics And Transportation, Construction And Mining, Passenger Transportation, Defense And Government.
A Reflection on the Regional Insights of the Medium and Heavy Commercial Vehicles Market
Asia-Pacific stood out as the largest region in the market in 2023. It is also projected to register the fastest growth during the forecast period. The reports cover various regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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