Covina, Aug. 13, 2024 (GLOBE NEWSWIRE) -- According to Prophecy Market Insights, the global medium & heavy commercial vehicles market size and share is projected to grow from USD 371.51 Billion in 2024 and is forecasted to reach USD 797.66 Billion by 2034, exhibiting a compound annual growth rate (CAGR) of 8.8% during the forecast period (2024 - 2034).
Medium & Heavy Commercial Vehicles Market Report Overview
Medium & Heavy Commercial Vehicles are essential components of the global transportation infrastructure which plays a crucial role in the movement of goods and services across long distance and diverse environments. These vehicles are built to withstand heavy loads have excellent longevity and operate dependably in a range of commercial settings.
Medium & Heavy Commercial Vehicles like buses and coaches are utilized for public transportation in both urban and rural locations. They serve to connect communities and give passengers mobility solutions.
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Our Free Sample Report includes:
- Overview & introduction of market study
- Revenue and CAGR of the market
- Drivers & Restrains factors of the market
- Major key players in the market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent developments/news of the market
- Opportunities & Challenges of the Market
Competitive Landscape:
The Medium & Heavy Commercial Vehicles Market is characterized by rapid growth, technological innovation, and fierce competition. Companies are expanding their global presence, focusing on sustainability, and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- Tata Motors
- Volvo Group
- Mercedes-Benz Group
- Isuzu Motors
- Scania AB
- Hyundai Motor
- Volkswagen
- Ashok Leyland
- Ford
- MAN SE
- PACCAR
- Dongfeng Motor
- Mitsubishi Motors
- CNHTC
- Freightliner Trucks
- Mack Trucks
- Mahindra & Mahindra
- Sisu Auto
- Iveco
- Force Motors
- Toyota
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Analyst View:
The medium & Heavy Commercial Vehicles Market is expanding as a result of emerging economies rapid urbanization and infrastructural development. Building new highways, roads, and also logistics centers is making it easier to transport commodities and opening up more places for medium and heavy vehicle deployment in both urban and rural locations.
Market Dynamics:
Drivers:
Electrification of Commercial Fleets
- Growing environmental concerns and developments in battery technology are driving the electrification growth in the target market. With advantages like lower running costs and fewer pollutants electric trucks and buses are starting to become more accessible.
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Market Trends:
Emergence of Autonomous Vehicles
- Autonomous driving technology is progressing with several manufacturers and technology companies investing in the development of self-driving commercial vehicles. While fully autonomous medium and heavy vehicles are still in the experimental stages, advancements in automation are expected to improve safety, efficiency, and operational capabilities in the future.
Segmentation:
Medium & Heavy Commercial Vehicles Market is segmented based on Vehicle Type, Gross Vehicle Weight, Application, and Region.
Vehicle Type Insights
- This sector includes Trucks, Buses, and Construction & Mining Equipment. The trucks segment is expected to dominate the target market growth as for the logistics and supply chain sectors, which are in charge of commodities across nations and regions, trucks are indispensable. They are essential in providing supplies completed goods and raw materials to different companies and customers.
Gross Vehicle Weight Insights
- In the target market, heavy commercial vehicles is the most dominant segment as are essential for logistics and long-distance transportation. They are widely utilized for the long-distance transportation of various commodities, such as industrial supplies, construction materials, and bulk goods.
Application Insights
- In the target market logistics & transportation is the most dominant segment as the logistics and transportation industry relies heavily and heavy commercial vehicles to handle the large volumes of freight and goods movement across regions.
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Recent Development:
- In June 2024, RIVER STATES TRUCK AND TRAILER ACQUIRED BY PREMIER TRUCK GROUP River States Truck and Trailer, Inc. ("RSTT"), with its headquarters located in La Crosse, Wisconsin, was acquired by Premier Truck organization, an international organization of medium- and heavy-duty commercial truck dealerships and a Penske Automotive Group, Inc. subsidiary. Premier Truck Group expects the acquisition to increase its predicted yearly revenue by $200 million.
Regional Insights
- North America: The need for MHCVs that adhere to strict safety and pollution requirements is driven by North American regulations, such as those enforced by the Department of Transportation (DOT) and the Environmental Protection Agency (EPA).
- Asia Pacific: The demand for medium and heavy commercial vehicles is being driven by the unparalleled urbanization and infrastructural development that Asia-Pacific is experiencing. The transportation of materials and equipment is a significant requirement for MHCVs due to construction operations, road development, and urban expansion.
Browse Detail Report on "Medium & Heavy Commercial Vehicles Market Size, Share, By Vehicle Type (Trucks, Buses, Construction & Mining Equipment), By Gross Vehicle Weight (Medium Commercial Vehicles (MCV), Heavy Commercial Vehicles (HCV)), By Application (Logistics & Transportation, Construction & Mining, Passenger Transportation, Defense & Government), and By Region - Trends, Analysis, and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/medium-and-heavy-commercial-vehicles-market-5550
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