A commercial vehicle is any motorized vehicle used for transporting goods or paying passengers, whether the vehicle is privately owned and operated or a business-owned and maintained fleet. The vehicle must be commercially licensed and plated (the plates have a prefix of "X"). Many trucks are considered commercial, as are tractors that haul trailer units, commonly known as 18-wheelers or big rigs. Box trucks, straight trucks or flatbeds that are used for local deliveries and hauling cargo to or from distribution or fulfillment centers also qualify. Likewise, regular pickup trucks that are primarily or entirely used for business purposes can be commercial vehicles if they carry goods and equipment in addition to tools and supplies.
Market Dynamics:
Increasing industrialization and urbanization in developing nations are expected to fuel the need for heavy-duty commercial vehicles. This in turn is likely to drive growth of the global commercial vehicles market over the forecast period. The construction sector, which includes mining and construction projects, is one of the major end-users of commercial vehicles. Moreover, the tourism sector is a major driver for the demand for these vehicles.
However, environmental impact and stringent emission norms by governments are some of the factors anticipated to limit growth of the global commercial vehicles market over the forecast period.
Key features of the study:
Detailed Segmentation:
Table of Contents
*Browse 24 market data tables and 28 figures on "Global Commercial Vehicles Market” - Global forecast to 2032
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