COMMERCIAL VEHICLES

Global Market Trajectory & Analytics

MCP-4104

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DATE

JAN 2021

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The global market for Commercial Vehicles is expected to slump by -17.8% in the year 2020 and thereafter recover and grow to reach 29.1 million units by the year 2027, trailing a post COVID-19 CAGR of 4.4%, over the analysis period 2020 through 2027. The logistics industry has suffered the biggest losses amid the COVID-19 crisis. The industry has been boxed in with challenges ranging from lockdowns, transport restrictions, & supply chain disruptions. Logistics service providers are witnessing their revenues slip into negative as fleets idle & liquidity dries up. Cancellation & fleet expansion plans are taking their toll on the commercial vehicles market which is expected to slump by -17.8% in the year 2020. Global automobile production is expected to register a significant decline in 2020, as auto plants across the globe suspended production temporarily during the first half of the year, to curb the spread of COVID-19 and improve safety protocols to safeguard employees against the pandemic. The halt in production amid the outbreak and stringent measures to contain the pandemic hold negative implications for the global automobile industry that is forecast to witness a dramatic decline of 20% in vehicle production in 2020. Going forwards, recovery in automobile production growth is expected to vary by region across the globe, guided by differences in vehicle sales potential and recovery in end-use sectors.


The industry is further expected to show a slow recovery as key indicators such as economy growth, and purchasing managers' index for the service sector display sluggish gains in most markets indicating a long way to go to pre-COVID-19 levels. Amid the surge in COVID-19 cases, new vehicle sales during the first half of 2020 took a major hit as battered consumer confidence and rising unemployment rates reduced consumer spending on big-ticket items such as passenger cars. The complete annihilation of the logistics and transportation industry continues to impact sales of heavy vehicles and commercial vehicles. Trade, travel restrictions and disruptions in supply chains impacted logistics, cargo and freight transport. The COVID-19 outbreak and associated restrictions on travel and movement severely impacted transport connectivity across regions. The pandemic prompted various countries to close borders for passenger transport as well as impose varying bans on freight transport. The overall impact of the COVID-19 pandemic on the freight operators around the global is likely to be severe. To contain the spread of the virus, countries all over the world, restricted the passenger and freight transport along their borders, thus disturbing the supply chains. Faced with losses and rapidly deteriorating liquidity, logistics companies are cancelling and postponing fleet expansion plans. The industry is anticipated to witness sluggish recovery in Europe and North America in the coming months. China that first witnessed the outbreak of COVID-19 has restarted majority of its automobile manufacturing plants and estimated a loss of only 12% in terms of overall sales. On the other hand, leading players including Volkswagen, Mercedes and BMW are facing remarkable drop in sales and suspended production. The industry in these regions is lobbying for financial rescue and support from the government to survive the crisis.


COVID-19 disruptions of unparalleled magnitude along with mandates like social distancing and stay-at-home orders have brought various changes that are bound to impact majority of industries, including commercial trucks. The pandemic affected consumer demand patterns, movement of goods and materials, available capacity and the supply chain related to the commercial truck industry. COVID-19 related disruptions and transport restrictions made majority of companies to struggle with capacity, business continuity and bottom lines. The recovery is expected to depend on speedy supplies and shipments along with resumption in business activity across areas that have successfully controlled the pandemic. The outbreak has also led to a number of positive developments in the global commercial truck industry that are slated to benefit participants altering their strategies accordingly. Currently, the market is witnessing challenging times due to the COVID-19 pandemic because of which global supply chain has been disrupted in most industries around the world. The impact of COVID-19 outbreak is likely to be intense on the medium/heavy duty vehicles market in the US and Europe, due to the strong decline in freight demand on account of strong economic contraction and decline in industrial production activity. Growth of industrial activity, demand from logistics industry, and the level of construction activity are key factors impacting growth in the commercial vehicles market. The global commercial vehicles industry is facing challenges due to the ongoing coronavirus outbreak, and it could take a couple of years before sales volume reach the 2018-19 level when the industry recorded sales of over a million units.

AB Volvo; Ashok Leyland Limited; BYD; Daimler AG; Dongfeng Motor Corporation; Ford Motor Corporation; General Motors Company; Groupe Renault; Hino Motors, Ltd.; Hyundai Motor Company; Isuzu Commercial Truck of America, Inc.; Mitsubishi Fuso Truck of America, Inc.; Proterra; Scania AB; Tata Motors Ltd; Toyota (GB) PLC; VDL Groep; MAN SE; Yutong
» Commercial Vehicles
» World » USA » Canada » Japan » China » Europe » France » Germany » Italy » UK » Spain » Russia » Turkey » Rest of Europe » Asia-Pacific » Australia » India » South Korea » Rest of Asia-Pacific » Latin America » Argentina » Brazil » Mexico » Rest of Latin America » Middle East » Iran » Israel » Saudi Arabia » UAE » Rest of Middle East » Africa

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05
1. MARKET OVERVIEW
Impact of Covid-19 and a Looming Global Recession
EXHIBIT: World Economic Growth Projections (Real GDP, annual % Change) for 2019, 2020 & 2021
COVID-19 Impact on Commercial Vehicles Market
EXHIBIT 3: Global Logistics Industry 2019 Vs 2020 Growth (In %)
CV Industry Likely to See Significant Changes in Post COVID Period
Rise in Uptake of Autonomous Vehicles & Truck Platooning
Telematics & Uptime Support
Commercial Vehicles: A Prelude
Disparity in Classification of CVs by Region
Exhibit: Global Market for Commercial Vehicles by Type: 2020
Exhibit: Global Market for Commercial Vehicles by End-Use: 2020
EXHIBIT: Categorization of Trucks based on GVW
Categorization of Trucks based on Class and End-Use
Correlation Between the CV Market & the Transportation Industry
Market Outlook
Developing Markets to Lend Traction to Market
Nearshoring Trend Positions Brazil & Mexico as a Strong Production Centers for CVs
Light Commercial Vehicles Commands Largest Share
Trucks: Backbone of Logistics Industry
Global Industrial Truck Market: An Overview
Competition
Manufacturers Focus on Supplier-End User Relationship
EXHIBIT: Market Share of Leading Players in the Global (>16t) Truck Market: 2019
EXHIBIT: Market Share of Leading Players in the Global Light Commercial Vehicles Market: 2019
EXHIBIT: Market Share of Leading Players in the Global Heavy Commercial Vehicles Market: 2019
Recent Market Activity
World Brands
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
COVID-19 Galvanizes Electric Light Commercial Vehicles to Play as Backbone of Delivery Infrastructure
Buzzing Trends with Potential to Redefine Commercial Vehicle Space
Vehicle Efficiency Gains Focus
Trend Towards Alternative Fuels & Diesel
Select Examples
Electrification of Commercial Vehicles Gains Momentum
Select Developments in Commercial Electric Vehicles Space
Marking an Era of Automated & Autonomous Vehicles
Disruptions in Traditional Vehicle Architecture
Servitization Garners Pace
Use of Insurance Packages
Rise in Use of Advanced Tracking Systems
Driverless Systems Seek Role in CV Industry
Digitalization of Logistics & Market Changes Prompt Truck Operators to Rush Headlong into Automation Drive
Cloud Computing Experiences Increasing Adoption
Connected Technology to Revolutionize Commercial Vehicle Ecosystem
IoT Supports Roll Out of Connected CVs
EXHIBIT: Global IoT Market (In US$ Billion) by Industry for the Years 2018 and 2022
Focus on Smart Highway to Elevate the Image of Connected CV
EXHIBIT: The Growing Need to Bridge Infrastructure Gap Which is the Highest for Roadways Promises Robust Opportunity for Smart Highways: Global Cumulative Investments in Roadways Vs Actual Need for the Period 2016-2040 (In US$ Billion)
On-Road Safety Drives Business Case for Connected CV
Rising Average Vehicle Life Provides a Fertile Environment for New CV Purchases
Exhibit: Average Age of Trucks and Buses in the EU (in Years): 2016-2018
Trend Towards Low-Emission and Fuel Efficient Vehicles
Hybrid Commercial Vehicles in the Spotlight
Safety Features Gain Precedence
Growing Focus On Telematics as a Key Value Addition in Trucking Industry
Rising Demand for Refrigerated Vehicles Augurs Well for CV Market
Global Cold Chain Industry (In US$ Billion) for the Years 2017, 2020 and 2025
4. GLOBAL MARKET PERSPECTIVE
World Current & Future Analysis for Commercial Vehicles by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in Units for Years 2020 through 2027
World Historic Review for Commercial Vehicles by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in Units for Years 2012 through 2019
World 15-Year Perspective for Commercial Vehicles by Geographic Region - Percentage Breakdown of Volume Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets for Years 2012, 2020 & 2027
UNITED STATES
Market Overview
Factors Governing Demand for Heavy Duty Commercial Vehicles
Food Trucks Gain Demand
Privatization of School Bus Services Lends Growth
Competition: Market Share Findings
EXHIBIT: Market Share of Leading Players in the US Class 8 Trucks Market: 2020E
EXHIBIT: Market Share of Leading Brands in the US Pickup Trucks Market: 2019
EXHIBIT: US Commercial Van Market (2020): Percentage Share Breakdown of Sales by Leading Brands
Market Analytics
USA Current & Future Analysis for Commercial Vehicles by Segment - Commercial Vehicles - Independent Analysis of Annual Sales in Units for the Years 2020 through 2027
USA Historic Review for Commercial Vehicles by Segment - Commercial Vehicles Markets - Independent Analysis of Annual Sales in Units for Years 2012 through 2019
CANADA
Market Analytics
Market Overview
EXHIBIT: Canadian Pickup Trucks Market (Q3 2020 and Q3 2019): Percentage Share Breakdown of Unit Sales by Leading Brands
EXHIBIT: Canadian Commercial Van Market (2019 and 2020): Percentage Share Breakdown of Unit Sales by Leading Brands
Canada Current & Future Analysis for Commercial Vehicles by Segment - Commercial Vehicles - Independent Analysis of Annual Sales in Units for the Years 2020 through 2027
Canada Historic Review for Commercial Vehicles by Segment - Commercial Vehicles Markets - Independent Analysis of Annual Sales in Units for Years 2012 through 2019
JAPAN
Japan Current & Future Analysis for Commercial Vehicles by Segment - Commercial Vehicles - Independent Analysis of Annual Sales in Units for the Years 2020 through 2027
Japan Historic Review for Commercial Vehicles by Segment - Commercial Vehicles Markets - Independent Analysis of Annual Sales in Units for Years 2012 through 2019
CHINA
Market Overview
Chinese Truck Market: An Overview
EXHIBIT: Chinese Truck Market by Segment (2019): Percentage Breakdown of Value Sales for Heavy Truck, Light Truck, Medium Truck and Mini Truck
Competitive Scenario
EXHIBIT: Chinese Heavy Duty Trucks Market (2019): Percentage Breakdown of Sales by Leading Players
EXHIBIT: Chinese Medium Duty Trucks Market (2019): Percentage Breakdown of Sales by Leading Players
Market Analytics
China Current & Future Analysis for Commercial Vehicles by Segment - Commercial Vehicles - Independent Analysis of Annual Sales in Units for the Years 2020 through 2027
China Historic Review for Commercial Vehicles by Segment - Commercial Vehicles Markets - Independent Analysis of Annual Sales in Units for Years 2012 through 2019
Bus Segment Scenario
EXHIBIT: Chinese Bus Market by Segment (2019): Percentage Breakdown of Value Sales for Large Bus, Light Bus, Medium Bus and Mini Bus
EUROPE
Europe Current & Future Analysis for Commercial Vehicles by Geographic Region - France, Germany, Italy, UK, Spain, Russia, Turkey and Rest of Europe Markets - Independent Analysis of Annual Sales in Units for Years 2020 through 2027
Europe Historic Review for Commercial Vehicles by Geographic Region - France, Germany, Italy, UK, Spain, Russia, Turkey and Rest of Europe Markets - Independent Analysis of Annual Sales in Units for Years 2012 through 2019
Europe 15-Year Perspective for Commercial Vehicles by Geographic Region - Percentage Breakdown of Volume Sales for France, Germany, Italy, UK, Spain, Russia, Turkey and Rest of Europe Markets for Years 2012, 2020 & 2027
FRANCE
France Current & Future Analysis for Commercial Vehicles by Segment - Commercial Vehicles - Independent Analysis of Annual Sales in Units for the Years 2020 through 2027
France Historic Review for Commercial Vehicles by Segment - Commercial Vehicles Markets - Independent Analysis of Annual Sales in Units for Years 2012 through 2019
GERMANY
ELCVs Gain Momentum Amid Stringent Regulations
Germany Current & Future Analysis for Commercial Vehicles by Segment - Commercial Vehicles - Independent Analysis of Annual Sales in Units for the Years 2020 through 2027
Germany Historic Review for Commercial Vehicles by Segment - Commercial Vehicles Markets - Independent Analysis of Annual Sales in Units for Years 2012 through 2019
ITALY
Italy Current & Future Analysis for Commercial Vehicles by Segment - Commercial Vehicles - Independent Analysis of Annual Sales in Units for the Years 2020 through 2027
Italy Historic Review for Commercial Vehicles by Segment - Commercial Vehicles Markets - Independent Analysis of Annual Sales in Units for Years 2012 through 2019
UNITED KINGDOM
UK Current & Future Analysis for Commercial Vehicles by Segment - Commercial Vehicles - Independent Analysis of Annual Sales in Units for the Years 2020 through 2027
UK Historic Review for Commercial Vehicles by Segment - Commercial Vehicles Markets - Independent Analysis of Annual Sales in Units for Years 2012 through 2019
SPAIN
Spain Current & Future Analysis for Commercial Vehicles by Segment - Commercial Vehicles - Independent Analysis of Annual Sales in Units for the Years 2020 through 2027
Spain Historic Review for Commercial Vehicles by Segment - Commercial Vehicles Markets - Independent Analysis of Annual Sales in Units for Years 2012 through 2019
RUSSIA
Russia Current & Future Analysis for Commercial Vehicles by Segment - Commercial Vehicles - Independent Analysis of Annual Sales in Units for the Years 2020 through 2027
Russia Historic Review for Commercial Vehicles by Segment - Commercial Vehicles Markets - Independent Analysis of Annual Sales in Units for Years 2012 through 2019
TURKEY
Turkey Current & Future Analysis for Commercial Vehicles by Segment - Commercial Vehicles - Independent Analysis of Annual Sales in Units for the Years 2020 through 2027
Turkey Historic Review for Commercial Vehicles by Segment - Commercial Vehicles Markets - Independent Analysis of Annual Sales in Units for Years 2012 through 2019
REST OF EUROPE
Rest of Europe Current & Future Analysis for Commercial Vehicles by Segment - Commercial Vehicles - Independent Analysis of Annual Sales in Units for the Years 2020 through 2027
Rest of Europe Historic Review for Commercial Vehicles by Segment - Commercial Vehicles Markets - Independent Analysis of Annual Sales in Units for Years 2012 through 2019
ASIA-PACIFIC
Market Overview
Asia-Pacific Current & Future Analysis for Commercial Vehicles by Geographic Region - Australia, India, South Korea and Rest of Asia-Pacific Markets - Independent Analysis of Annual Sales in Units for Years 2020 through 2027
Asia-Pacific Historic Review for Commercial Vehicles by Geographic Region - Australia, India, South Korea and Rest of Asia-Pacific Markets - Independent Analysis of Annual Sales in Units for Years 2012 through 2019
Asia-Pacific 15-Year Perspective for Commercial Vehicles by Geographic Region - Percentage Breakdown of Volume Sales for Australia, India, South Korea and Rest of Asia-Pacific Markets for Years 2012, 2020 & 2027
AUSTRALIA
Australia Current & Future Analysis for Commercial Vehicles by Segment - Commercial Vehicles - Independent Analysis of Annual Sales in Units for the Years 2020 through 2027
Australia Historic Review for Commercial Vehicles by Segment - Commercial Vehicles Markets - Independent Analysis of Annual Sales in Units for Years 2012 through 2019
INDIA
Market Overview
Highway Development Programs Favor Growth
Hybrid & Electric CVs to Expand Market
Regulations to Drive Technological Innovations
Competitive Scenario
Stiff Competition from Foreign Manufacturers
EXHIBIT: Indian Commercial Vehicles Market (2019): Percentage Breakdown of Production by Leading Players
EXHIBIT: Indian Commercial Vehicles Market (2019): Percentage Breakdown of Volume Sales by Leading Players
EXHIBIT: Indian Medium & Heavy Trucks Market (2019): Percentage Breakdown of Sales by Company
EXHIBIT: Indian Commercial Vehicle Market (2019): Percentage Share Breakdown of Light Commercial Vehicle (Goods Transport) by Company
Market Analytics
India Current & Future Analysis for Commercial Vehicles by Segment - Commercial Vehicles - Independent Analysis of Annual Sales in Units for the Years 2020 through 2027
India Historic Review for Commercial Vehicles by Segment - Commercial Vehicles Markets - Independent Analysis of Annual Sales in Units for Years 2012 through 2019
SOUTH KOREA
South Korea Current & Future Analysis for Commercial Vehicles by Segment - Commercial Vehicles - Independent Analysis of Annual Sales in Units for the Years 2020 through 2027
South Korea Historic Review for Commercial Vehicles by Segment - Commercial Vehicles Markets - Independent Analysis of Annual Sales in Units for Years 2012 through 2019
REST OF ASIA-PACIFIC
Thailand
Rest of Asia-Pacific Current & Future Analysis for Commercial Vehicles by Segment - Commercial Vehicles - Independent Analysis of Annual Sales in Units for the Years 2020 through 2027
Rest of Asia-Pacific Historic Review for Commercial Vehicles by Segment - Commercial Vehicles Markets - Independent Analysis of Annual Sales in Units for Years 2012 through 2019
LATIN AMERICA
Market Overview
Latin America Current & Future Analysis for Commercial Vehicles by Geographic Region - Argentina, Brazil, Mexico and Rest of Latin America Markets - Independent Analysis of Annual Sales in Units for Years 2020 through 2027
Latin America Historic Review for Commercial Vehicles by Geographic Region - Argentina, Brazil, Mexico and Rest of Latin America Markets - Independent Analysis of Annual Sales in Units for Years 2012 through 2019
Latin America 15-Year Perspective for Commercial Vehicles by Geographic Region - Percentage Breakdown of Volume Sales for Argentina, Brazil, Mexico and Rest of Latin America Markets for Years 2012, 2020 & 2027
ARGENTINA
Argentina Current & Future Analysis for Commercial Vehicles by Segment - Commercial Vehicles - Independent Analysis of Annual Sales in Units for the Years 2020 through 2027
Argentina Historic Review for Commercial Vehicles by Segment - Commercial Vehicles Markets - Independent Analysis of Annual Sales in Units for Years 2012 through 2019
BRAZIL
Market Overview
EXHHIBIT: Leading Truck Brands in Brazil based on Number of Registrations: 2019
Market Analytics
Brazil Current & Future Analysis for Commercial Vehicles by Segment - Commercial Vehicles - Independent Analysis of Annual Sales in Units for the Years 2020 through 2027
Brazil Historic Review for Commercial Vehicles by Segment - Commercial Vehicles Markets - Independent Analysis of Annual Sales in Units for Years 2012 through 2019
MEXICO
Mexico Current & Future Analysis for Commercial Vehicles by Segment - Commercial Vehicles - Independent Analysis of Annual Sales in Units for the Years 2020 through 2027
Mexico Historic Review for Commercial Vehicles by Segment - Commercial Vehicles Markets - Independent Analysis of Annual Sales in Units for Years 2012 through 2019
REST OF LATIN AMERICA
Rest of Latin America Current & Future Analysis for Commercial Vehicles by Segment - Commercial Vehicles - Independent Analysis of Annual Sales in Units for the Years 2020 through 2027
Rest of Latin America Historic Review for Commercial Vehicles by Segment - Commercial Vehicles Markets - Independent Analysis of Annual Sales in Units for Years 2012 through 2019
MIDDLE EAST
Middle East Current & Future Analysis for Commercial Vehicles by Geographic Region - Iran, Israel, Saudi Arabia, UAE and Rest of Middle East Markets - Independent Analysis of Annual Sales in Units for Years 2020 through 2027
Middle East Historic Review for Commercial Vehicles by Geographic Region - Iran, Israel, Saudi Arabia, UAE and Rest of Middle East Markets - Independent Analysis of Annual Sales in Units for Years 2012 through 2019
Middle East 15-Year Perspective for Commercial Vehicles by Geographic Region - Percentage Breakdown of Volume Sales for Iran, Israel, Saudi Arabia, UAE and Rest of Middle East Markets for Years 2012, 2020 & 2027
IRAN
Iran Current & Future Analysis for Commercial Vehicles by Segment - Commercial Vehicles - Independent Analysis of Annual Sales in Units for the Years 2020 through 2027
Iran Historic Review for Commercial Vehicles by Segment - Commercial Vehicles Markets - Independent Analysis of Annual Sales in Units for Years 2012 through 2019
ISRAEL
Israel Current & Future Analysis for Commercial Vehicles by Segment - Commercial Vehicles - Independent Analysis of Annual Sales in Units for the Years 2020 through 2027
Israel Historic Review for Commercial Vehicles by Segment - Commercial Vehicles Markets - Independent Analysis of Annual Sales in Units for Years 2012 through 2019
SAUDI ARABIA
Saudi Arabia Current & Future Analysis for Commercial Vehicles by Segment - Commercial Vehicles - Independent Analysis of Annual Sales in Units for the Years 2020 through 2027
Saudi Arabia Historic Review for Commercial Vehicles by Segment - Commercial Vehicles Markets - Independent Analysis of Annual Sales in Units for Years 2012 through 2019
UNITED ARAB EMIRATES
UAE Current & Future Analysis for Commercial Vehicles by Segment - Commercial Vehicles - Independent Analysis of Annual Sales in Units for the Years 2020 through 2027
UAE Historic Review for Commercial Vehicles by Segment - Commercial Vehicles Markets - Independent Analysis of Annual Sales in Units for Years 2012 through 2019
REST OF MIDDLE EAST
Rest of Middle East Current & Future Analysis for Commercial Vehicles by Segment - Commercial Vehicles - Independent Analysis of Annual Sales in Units for the Years 2020 through 2027
Rest of Middle East Historic Review for Commercial Vehicles by Segment - Commercial Vehicles Markets - Independent Analysis of Annual Sales in Units for Years 2012 through 2019
AFRICA
Africa Current & Future Analysis for Commercial Vehicles by Segment - Commercial Vehicles - Independent Analysis of Annual Sales in Units for the Years 2020 through 2027
Africa Historic Review for Commercial Vehicles by Segment - Commercial Vehicles Markets - Independent Analysis of Annual Sales in Units for Years 2012 through 2019
Total Companies Profiled : 136

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