According to the research report title, ‘Global Commercial Vehicles Market Size study, by Product (Light Commercial Vehicles (LCVs), Heavy Trucks and Buses & Coaches), by End-use (Industrial, Mining & Construction, Logistics, Passenger Transportation and Others), and Regional Forecasts 2021-2027’, available with MarketStudyReport, global commercial vehicles market was worth USD 1.26 trillion in 2020 and is expected to register an annual growth rate of 5.32% over 2021-2027, thereby amassing USD 1.81 trillion by the end of the analysis timeline.
 

Escalating demand for logistics owing to growing trend of online shopping, surging construction activities, and rising investments towards infrastructural development are aiding the expansion of global commercial vehicles market. As per Statista, Indian construction industry amplified at the rate of 2.95% during 2010-2025, which then jumped to 5.65% between 2015-2020.
 

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In addition, introduction of electric commercial vehicles, rapid progression in e-commerce space due to increasing internet adoption, and technological advancements aimed at the development of light commercial vehicles are augmenting industry outlook.
 

On the flipside, high costs associated with these vehicles are likely to hamper the remuneration scope of the industry in the ensuing years.
 

In terms of product, the marketplace is bifurcated into heavy trucks, light commercial vehicles (LCVs), and buses & coaches. Based on end-user reach, global commercial vehicles market is classified into passenger transportation, industrial, mining & construction, logistics, and others.
 

Speaking on the geographical landscape, regions like North America, Latin America, Europe, and Asia Pacific are considered to understand the dynamics of this industry vertical. Among these, North America presently accounts for the largest share in global market in terms of revenue, owing to easy availability of favorable financing options and accessibility to a highly unified supply chain network.
 

Meanwhile, Asia Pacific market is projected to amplify at a considerable pace during 2021-2027 accreditable to surging number of manufacturing facilities and strengthening road infrastructure in the region.
 

Key players defining the competitive hierarchy of global commercial vehicles market are General Motors Company, Xiamen Golden Dragon Bus Co. Ltd., The Volvo Group, Tata Motors Limited, Mahindra & Mahindra Limited, Toyota Motor Corporation, The Volkswagen AG, Daimler AG, Bosch Rexorth AG, and Ashok Leyland Limited.