The Medium and Heavy Commercial Vehicle Market Report is Segmented by Tonnage (3. 5 To 7. 5 T, 7. 5 To 16 T, and Above 16 T), Propulsion Type (IC Engine, Plug-In Hybrid Electric, Battery Electric, and More), Vehicle Type (Rigid Truck and More), End-User Industry (Logistics and Transportation, Construction and Mining, and More), and Geography. The Market Forecasts are Provided in Terms of Value (USD) and Volume (Units).

Heavy Commercial Vehicles Market size was valued at USD 132.98 Billion in 2024 and is projected to reach USD 264.97 Billion by 2032, growing at a CAGR of 9% from 2026 to 2032. Increasing Global Trade: Expansion of international and domestic trade, fueled by globalization and economic growth, necessitates the efficient movement of goods, directly driving the demand for HCVs like trucks, trailers, and specialized carriers.E-commerce Boom: The rapid and sustained growth of e-commerce requires robust logistics and delivery networks. HCVs are essential for long-haul and regional transportation of large volumes of goods from distribution centers to last-mile hubs, thus accelerating fleet expansion and modernization.

The India Commercial Vehicles Market report segments the industry into Vehicle Body Type (Buses, Heavy-Duty Commercial Trucks, Light Commercial Pick-Up Trucks, Light Commercial Vans) and Propulsion Type (Hybrid And Electric Vehicles, ICE). Get five years of historical data alongside five-year market forecasts.

Discover the latest insights into the booming heavy commercial vehicle market. This comprehensive analysis covers market size, CAGR, key players (Volvo, Daimler, Scania etc.), regional trends (North America, Europe, Asia), and future growth projections (2025-2033). Learn about driving factors, restraints, and segment analysis (diesel, gas, applications).

Heavy Commercial Vehicle Market size is expected to reach USD 295.6 Billion by 2034, from USD 201.6 Billion in 2024, at a CAGR of 3.9%

The global commercial vehicle market, valued at approximately $XX million in 2025, is projected to experience robust growth, exhibiting a Compound Annual Growth Rate (CAGR) of 10.55% from 2025 to 2033. This expansion is driven by several key factors. Firstly, the burgeoning e-commerce sector necessitates efficient and reliable last-mile delivery solutions, fueling demand for light commercial vehicles like vans and pickup trucks. Simultaneously, the infrastructure development boom across emerging economies, particularly in Asia-Pacific and the Middle East & Africa, necessitates heavy-duty trucks for construction and logistics. Furthermore, stringent emission regulations globally are accelerating the adoption of hybrid and electric commercial vehicles, particularly Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs), despite higher initial costs. However, the market faces challenges such as the volatility of raw material prices, particularly for battery components in electric vehicles, and potential supply chain disruptions. The ongoing global chip shortage also continues to impact production timelines and vehicle availability. Market segmentation reveals significant opportunities within specific vehicle types and propulsion systems. Heavy-duty commercial trucks, crucial for long-haul transportation, are expected to command a significant market share, followed by light commercial vehicles due to their widespread application in urban delivery and small business operations. While Internal Combustion Engine (ICE) vehicles currently dominate the market, the share of electric and hybrid vehicles is predicted to increase substantially over the forecast period, propelled by government incentives, technological advancements improving battery range and charging infrastructure development. Regional analysis suggests that Asia-Pacific, led by China and India, will be a primary growth engine, driven by rapid industrialization and urbanization. North America and Europe will also contribute significantly, albeit at a potentially slower pace due to market saturation in certain segments. Key players like Scania, Daimler, Volvo, and BYD are strategically positioned to capitalize on these trends through innovation and strategic partnerships. This insightful report provides a detailed analysis of the global commercial vehicles market, offering a comprehensive overview of its current state, future trends, and key players. With a study period spanning from 2019 to 2033, a base year of 2025, and an estimated year of 2025, this report delivers crucial insights for businesses looking to navigate this dynamic sector. The report covers key segments including heavy-duty commercial trucks, light commercial pick-up trucks, light commercial vans, medium-duty commercial trucks, hybrid and electric vehicles (BEV, FCEV, HEV, PHEV), and ICE vehicles (CNG, Diesel, Gasoline, LPG). Recent developments include: August 2023: General Motors will launch an all-electric Cadillac Escalade in late 2024August 2023: General Motors doubles down on plans for an electric future in the Middle East.August 2023: Toyota Kirloskar Motor launched the all-new MPV Vellfire strong hybrid electric vehicle (SHEV) for a starting price of INR 11.99 million and going to INR 12.99 million.. Key drivers for this market are: Growing Travel and Tourism Industry is Driving the Car Rental Market. Potential restraints include: Increasing Popularity of Ride-Sharing Services Pose Challenges for the Conventional Car Rental Market. Notable trends are: OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT.

Germany's Mercedes was the leading producer of medium and heavy commercial vehicles in 2021, holding around ** percent of the market. In 2022, Mercedes, DAF and Volvo gained the highest share of the market, each reporting ** percent of the market value. By 2026, Mercedes is predicted to once again become the leading producer of commercial vehicles, once again maintaining ** percent of the market.

According to Cognitive Market Research, the global Heavy Commercial Vehicles market size is USD 122684.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 9.80% from 2024 to 2031.

North America held the major market of more than 40% of the global revenue with a market size of USD 49073.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.0% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 36805.26 million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD 28217.37 million in 2024 and will grow at a compound annual growth rate (CAGR) of 11.8% from 2024 to 2031.
Latin America market of more than 5% of the global revenue with a market size of USD 6134.21 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.2% from 2024 to 2031.
Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 2453.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.5% from 2024 to 2031.
The Truck held the highest Heavy Commercial Vehicles market revenue share in 2024.

Market Dynamics of Heavy Commercial Vehicles Market

Key Drivers for Heavy Commercial Vehicles Market

Rising Demand for Goods to Increase the Demand Globally

The surge in e-trade and globalization is fueling a substantial boom in the call for the efficient transportation of goods internationally. This heightened demand is translating into a full-size want for heavy trucks to facilitate the movement of cargo across regions. E-trade platforms have revolutionized retail, mainly due to a surge in parcel deliveries. At the same time, globalization has extended supply chains, necessitating green logistics networks. As a result, industries reliant on the transportation of goods, which includes retail, production, and logistics, are increasingly counting on heavy trucks to fulfill their distribution needs. This trend underscores the critical function of heavy industrial vehicles in sustaining worldwide alternate and facilitating the smooth drift of goods across borders.

Infrastructure Development to Propel Market Growth

Investments in infrastructure initiatives, including greater roads, bridges, and ports, are fostering a conducive environment for the heavy commercial cars (HCV) marketplace. Improved infrastructure helps quicker and more efficient motion of products, benefiting industries reliant on transportation. Upgraded roads and bridges reduce transit times and decrease vehicle wear and tear, enhancing operational performance for HCV operators. Additionally, elevated and modernized ports allow smoother shipment management and logistics operations, in addition to bolstering the call for heavy vans. As governments and personal sectors hold to invest in infrastructure development globally, the HCV marketplace stands to benefit from the stepped-forward transportation networks, reinforcing its pivotal position in assisting financial growth and change growth.

Restraint Factor for the Heavy Commercial Vehicles Market

Stringent Emission Regulations to limit the Sales

Stringent emission guidelines imposed by governments globally to combat air pollution pose tremendous demanding situations to producers inside the heavy business vehicles (HCV) market. Compliance with these rules regularly calls for great investments in studies, development, and generation improvements to reduce car emissions. These investments can bring about increased manufacturing costs for producers, which can be surpassed by customers, potentially impacting automobile affordability. Moreover, the implementation of stricter emission requirements can also necessitate the adoption of alternative propulsion technologies, which include electric-powered or hybrid systems, similarly including production expenses. Despite those demanding situations, stringent emission rules pressure innovation within the enterprise, fostering the improvement of purifiers and more efficient motors, ultimately contributing to environmental sustainability and public health improvements.

Impact of Covid-19 on the Heavy Commercial Vehicles Market

The COVID-19 pandemic significantly impacted the heavy industrial cars (HCV) market, disrupting each production and demand. Supply chain disruptions, factory closures, and staff barriers brought about manufacturing delays and reduced av...

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Commercial Vehicle Market Size 2025-2029

The commercial vehicle market size is valued to increase by USD 148.4 billion, at a CAGR of 3% from 2024 to 2029. E-commerce growth will drive the commercial vehicle market.

Major Market Trends & Insights

North America dominated the market and accounted for a 48% growth during the forecast period.
By Fuel Type - ICE segment was valued at USD 748.20 billion in 2023
By Type - Cargo trucks segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 31.80 billion
Market Future Opportunities: USD 148.40 billion
CAGR from 2024 to 2029 : 3%

Market Summary

The market is experiencing significant shifts, driven by the increasing adoption of technology and the growing focus on sustainability. E-commerce growth has led to a surge in demand for efficient and reliable transportation solutions, pushing companies to explore alternative fuel vehicles and optimize their supply chains. According to recent studies, the implementation of telematics and fleet management systems has resulted in a notable uptick in operational efficiency, with some companies reporting up to 15% reduction in maintenance costs and 18% improvement in on-time deliveries. However, this trend comes with challenges, such as the need for infrastructure investments and regulatory compliance.
For instance, the transition to electric and alternative fuel vehicles necessitates significant investments in charging infrastructure and training for drivers. Additionally, supply chain disruptions, caused by factors like the pandemic or geopolitical tensions, can lead to increased complexity and costs. Despite these challenges, the long-term benefits of these trends, including reduced emissions and improved sustainability, make them worth pursuing for businesses in the logistics and transportation sectors.

What will be the Size of the Commercial Vehicle Market during the forecast period?

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How is the Commercial Vehicle Market Segmented ?

The commercial vehicle industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Fuel Type

  ICE
  EV


Type

  Cargo trucks
  Pick-up trucks
  Buses
  Trippers
  Tractors


Vehicle Type

  Light-duty vehciles
  Heavy-duty vehicles
  Medium-duty vehicles


Geography

  North America

    US
    Canada
    Mexico


  Europe

    France
    Germany
    UK


  APAC

    China
    India
    Japan


  South America

    Brazil


  Rest of World (ROW)

By Fuel Type Insights

The ice segment is estimated to witness significant growth during the forecast period.

The market is a dynamic and evolving landscape, with traditional Internal Combustion Engine (ICE) vehicles continuing to dominate, albeit with advancements in technology. Diesel and gasoline-powered ICE vehicles are widely used due to their operational reliability, cost-efficiency, and established fueling infrastructure. Diesel engines, in particular, are favored in medium- and heavy-duty applications, providing high torque and fuel economy for long-haul freight and heavy-load tasks. Conversely, gasoline engines are more common in light-duty vehicles, such as pickups and compact vans, due to their lower payloads and shorter routes. However, the market is witnessing a shift towards electrification, with alternative fuel systems gaining traction.

For instance, electric vehicle technology, including battery management systems and charging infrastructure development, is increasingly popular in regions where infrastructure and cost barriers are being addressed. According to recent studies, electric vehicles are projected to account for 25% of commercial vehicle sales by 2030. Additionally, advancements in engine efficiency, such as aerodynamic design improvements and powertrain optimization, are extending the lifespan and reducing fuel consumption of ICE vehicles. Safety technologies, including advanced driver-assistance systems, safety restraint systems, and accident avoidance technology, are also becoming standard features. Furthermore, the integration of telematics, vehicle connectivity solutions, and fleet management software is revolutionizing commercial vehicle operations, enabling predictive maintenance systems, route optimization algorithms, and real-time vehicle diagnostics.

Overall, the market is a complex and intriguing space, characterized by ongoing innovation and adaptation to meet the changing needs of businesses and consumers.

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The ICE segment was valued at USD 748.20 billion in 2019 and showed a gradual increase during the forecast period.

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Regional Analysis

North A

The Europe Medium And Heavy-Duty Commercial Vehicles Market report segments the industry into Vehicle Type (Commercial Vehicles), Propulsion Type (Hybrid And Electric Vehicles, ICE), and Country (Austria, Belgium, Czech Republic, Denmark, Estonia, France, Germany, Ireland, Italy, Norway, Poland, Russia, Spain, Sweden, UK, Rest-Of-Europe). Get five years of historical data and forecasts.

The US commercial vehicle market is booming, with a CAGR exceeding 4% through 2033. This in-depth analysis explores market drivers (e-commerce, infrastructure), trends (electrification), restraints (supply chain), and key players like Ford, Daimler, and Volvo. Discover insights into market segmentation (vehicle type, propulsion) and regional data. Recent developments include: August 2023: General Motors will launch an all-electric Cadillac Escalade in late 2024August 2023: General Motors doubles down on plans for an electric future in the Middle East.August 2023: Toyota Kirloskar Motor launched the all-new MPV Vellfire strong hybrid electric vehicle (SHEV) for a starting price of INR 11.99 million and going to INR 12.99 million.. Key drivers for this market are: Rapid Urbanization and Demand for Convinient Transportation. Potential restraints include: Traffic Congestion in Major Cities. Notable trends are: OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT.

The global medium and heavy-duty commercial vehicle market is booming, projected to reach $800 billion by 2033. Discover key trends, growth drivers, regional analysis, and major players shaping this dynamic industry. Explore the rise of electric and hybrid vehicles and the impact of evolving regulations.

The MENASA Commercial Vehicle Market is estimated to be valued at USD 363.3 million in 2025 and is projected to reach USD 723.1 million by 2035, registering a compound annual growth rate (CAGR) of 7.1% over the forecast period.

Heavy Commercial Vehicles Market Outlook

The global heavy commercial vehicles market size was valued at approximately USD 280 billion in 2023 and is projected to reach USD 420 billion by 2032, expanding at a CAGR of around 4.5% during the forecast period. This growth is primarily driven by increasing demand for efficient transportation solutions and infrastructural development across emerging economies. The surge in international trade and e-commerce activities has significantly augmented the demand for heavy commercial vehicles, making them indispensable for logistics and transportation industries. Furthermore, the global shift towards sustainable and eco-friendly transportation options is paving the way for advancements in fuel technology and vehicle designs, which is also a significant growth factor for the market.

Several growth factors are contributing to the expanding heavy commercial vehicles market. First and foremost is the rapid urbanization and industrialization in developing nations, which necessitates robust logistics and transportation infrastructure. Governments worldwide are investing heavily in infrastructure projects, including roads, bridges, and highways, which in turn fuels the demand for construction-related heavy vehicles like trucks and buses. Moreover, the rise of e-commerce has escalated the need for efficient supply chain logistics, thereby bolstering the demand for heavy commercial vehicles used in freight transportation. Additionally, technological advancements in vehicle manufacturing, such as automated driving systems and enhanced safety features, are making these vehicles more appealing to end-users.

Another factor driving market growth is the increasing focus on sustainability and environmental concerns, which has led to the adoption of alternative fuel vehicles. Governments and regulatory bodies are implementing stringent emission norms to curb pollution, propelling manufacturers to innovate and develop vehicles powered by cleaner fuels like natural gas and electricity. This shift towards greener alternatives has not only spurred the development of electric and hybrid heavy commercial vehicles but has also encouraged the retrofitting of existing fleets with advanced emission control systems. Furthermore, the rising fuel prices and the cost-effectiveness of electric and natural gas-powered vehicles are prompting fleet operators to transition towards these sustainable alternatives.

In terms of regional outlook, the Asia Pacific region is expected to dominate the heavy commercial vehicles market throughout the forecast period. The region's burgeoning economy, coupled with rapid industrial growth, has led to increased investments in infrastructure development, thereby boosting the demand for heavy commercial vehicles. Countries like China and India are at the forefront, investing heavily in road and highway expansions, which are key to supporting their booming logistics and transportation sectors. North America and Europe are also significant markets, driven by advanced technology adoption and stringent emission regulations. These regions are witnessing a gradual shift towards electric and hybrid vehicles, supported by robust government initiatives and incentives. Meanwhile, Latin America and the Middle East & Africa are emerging markets, with growth prospects fueled by economic diversification efforts and infrastructural development projects.

Vehicle Type Analysis

The heavy commercial vehicles market is segmented by vehicle type into trucks, buses, coaches, and others. Among these, trucks form the largest segment due to their extensive use in logistics, construction, and mining activities. The increasing demand for freight transportation and industrial goods has led to a rise in truck sales globally. The development of advanced truck models with features such as digital dashboards, telematics, and enhanced fuel efficiency is further driving the demand in this segment. Additionally, the integration of advanced safety systems such as collision avoidance and lane departure warnings is making trucks a safer and more reliable option for fleet operators.

Buses and coaches, on the other hand, are witnessing substantial demand due to the increasing need for public transportation systems in urban and rural areas. The growing population and urbanization have necessitated robust public transport networks, leading to the expansion of bus fleets across cities worldwide. Additionally, the focus on sustainable transportation solutions is encouraging the adoption of electric and hybrid buses, which is a significant trend in the market. Governments are investing in public transit in

The heavy commercial vehicle market is projected to be valued at $250 billion in 2024, driven by factors such as increasing consumer awareness and the rising prevalence of industry-specific trends. The market is expected to grow at a CAGR of approximately 5.0%, reaching approximately $400 billion by 2034.

The global commercial vehicle market is projected to reach $1.09 Billion by 2033, growing at a CAGR of 1.4%. This comprehensive market analysis explores key trends, including the rise of electric vehicles and the impact of supply chain disruptions, across segments like transportation & logistics, construction, and public transit. Discover insights from leading manufacturers like GM, Toyota, and Daimler.

The United States commercial vehicle market is experiencing robust growth, driven by a resurgent economy, expanding e-commerce logistics, and a heightened focus on infrastructure development. The market, segmented by vehicle type (buses, heavy-duty trucks, light commercial pick-up trucks, light commercial vans, medium-duty trucks) and propulsion type (ICE – CNG, diesel, gasoline, LPG; hybrid and electric – BEV, FCEV, HEV, PHEV), shows significant potential for expansion throughout the forecast period (2025-2033). While Internal Combustion Engine (ICE) vehicles continue to dominate the market share currently, the increasing adoption of stringent emission regulations and government incentives for electric and hybrid vehicles are accelerating the transition towards cleaner transportation solutions. This shift is particularly noticeable in the light and medium-duty commercial vehicle segments, where fuel efficiency and reduced operational costs are key decision-making factors for fleet operators. The market's growth is also influenced by technological advancements in autonomous driving systems, telematics, and connected vehicle technologies, which promise to improve efficiency and safety. However, challenges remain, including the high initial cost of electric and hybrid vehicles, the limited charging infrastructure in certain regions, and supply chain disruptions impacting vehicle production. Major players like Daimler AG, Ford, GM, and Volvo are strategically investing in research and development to enhance their product offerings, focusing on fuel efficiency, advanced safety features, and sustainable technologies. The competitive landscape is intensifying, with companies focusing on expanding their market share through strategic partnerships, mergers and acquisitions, and innovative product launches. The overall market growth is projected to be significantly influenced by the continued growth of the e-commerce sector and the resulting increase in demand for delivery vehicles, as well as government initiatives aimed at promoting sustainable transportation. This necessitates a proactive approach by manufacturers to meet evolving consumer demands and adapt to changing market dynamics. Continued investment in charging infrastructure and technological innovation will be crucial for the sustained growth of the US commercial vehicle market, especially within the electric and hybrid segments. Recent developments include: August 2023: General Motors will launch an all-electric Cadillac Escalade in late 2024August 2023: General Motors doubles down on plans for an electric future in the Middle East.August 2023: Toyota Kirloskar Motor launched the all-new MPV Vellfire strong hybrid electric vehicle (SHEV) for a starting price of INR 11.99 million and going to INR 12.99 million.. Notable trends are: OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT.

In the financial year 2025, Tata Motors dominated the domestic commercial vehicle market across India with a share of around ***percent. In 2024, the company had an overall revenue of around 4.4 trillion Indian rupees. Commercial vehicle sales had been on an inline across the south Asian country for a few years. From mid-2019, however, the automotive industry’s slowdown has affected the sales and production alike. BS VI standardsThe Bharat stage emission standards (BSES) are emission standards that the Indian government regulates to keep the output of air pollutants from combustion and spark ignition engines in check. The Central Pollution Control Board determines the limits and time of implementation of these standards. From April 2020, BS VI norms were estimated to be implemented across the country, as a replacement to the existing BS III standards that were implemented in October 2010. The emission limits for light and heavy commercial vehicles were estimated to be 0.63 and 1.5 grams per kilometer respectively. New modelsCommercial vehicle manufacturers revealed new models complying with the BS VI standards to reinstate a growth in sales volumes. Tata Motors, the leading manufacturer, announced a product offensive for 2020. Similarly, Volvo Eicher Commercial Vehicles also announced a ‘Smart Trucks’ initiative to gain a competitive edge. The emission standards have affected the commercial vehicles market significantly. Manufacturers not only aimed for cleaner vehicles but redesigned their vehicles and vamped up the entire product line, making the outlook for the industry presumably very positive.

The medium and heavy commercial vehicle (MHCV) market is experiencing robust growth, driven by expanding e-commerce, infrastructure development, and a global surge in freight transportation. The market, currently estimated at $XX million (assuming a reasonable market size based on industry reports and the provided CAGR), exhibits a compound annual growth rate (CAGR) of 8.00%, projecting significant expansion to approximately $YY million by 2033 (This value is a projection based on the provided CAGR and requires a starting market size to accurately calculate, a reasonable estimate would need to be made based on publicly available market research). Key growth drivers include the increasing adoption of fuel-efficient technologies like plug-in hybrid electric and battery electric vehicles, spurred by environmental regulations and rising fuel costs. Furthermore, advancements in vehicle automation and connectivity enhance operational efficiency and safety, further boosting market demand. However, the market faces challenges including the high initial cost of electric vehicles, supply chain disruptions affecting component availability, and potential fluctuations in raw material prices. The segmentation analysis reveals strong growth across all tonnage categories (3.5-7.5 ton, 7.5-16 ton, above 16 ton), with the heavier tonnage segments potentially experiencing faster growth due to increased demand in long-haul transportation. Similarly, the shift towards alternative fuel and electric propulsion systems is reshaping the market landscape, prompting manufacturers to invest heavily in research and development to meet evolving customer preferences and sustainability goals. Geographically, Asia Pacific, particularly China and India, are expected to dominate the market due to rapid economic growth and burgeoning infrastructure projects. North America and Europe also represent significant markets, although growth may be more moderate compared to the Asia Pacific region. The competitive landscape is characterized by established players like PACCAR Inc., Daimler AG, and Volvo Group, along with emerging players from Asia, leading to intense competition and continuous innovation in technology and services. The competitive landscape is intense, with established players like PACCAR, Daimler, and Volvo continually innovating to maintain market share. The emergence of Asian manufacturers such as Tata Motors and Hyundai Commercial Vehicles adds further complexity. The success of individual companies will depend on their ability to adapt to evolving regulatory environments, offer competitive pricing and financing options, and deliver technologically advanced, fuel-efficient vehicles that meet the specific needs of diverse customer segments. Future market growth will be shaped by the speed of electric vehicle adoption, the development of robust charging infrastructure, and the overall macroeconomic stability across key regions. Effective supply chain management and strategic partnerships will be critical for companies navigating the challenges and opportunities presented by this dynamic market. Recent developments include: In April 2021, Beijing Foton Daimler Automotive Co. Ltd signed an agreement in Beijing for a bank loan of CNY 5.169 billion to support its local production of Mercedes-Benz heavy-duty trucks in China. According to the agreement, four banks, including the Industrial and Commercial Bank of China and Bank of China, may grant the loan to Foton Daimler, which is likely to use the loan to develop China-made Mercedes-Benz heavy-duty trucks., In February 2021, Daimler Truck AG and Cummins Inc. announced a global plan for developing medium-duty commercial vehicle engine systems. This partnership identifies potential synergies in areas such as powertrain and engine system components.. Notable trends are: Electric Commercial Vehicle to Witness Steady Sales.

The United States is the world's largest market for commercial vehicles, with sales amounting to over **** million units in 2024. The country dwarfed all other markets, with the Asia/Oceania/Middle East region coming in second, recording over ***** million sales that same year. A sector hit by the pandemic The global automotive industry was severely affected by the coronavirus pandemic in 2020. Worldwide commercial vehicles production dipped under ** million units that year, which represented a loss of over ***** million units year-over-year. With around **** million vehicles produced, North America was the overall leading region for commercial vehicles output in 2020, though it also recorded a contraction of **** percent compared to 2019. Light commercial vehicles, used for short-haul and urban transport, comprised most of the global production volume in 2020. A dynamic U.S. market ***** out of five of the world's largest trucking companies were based in the United States, where the definition for commercial vehicles varies from other market. Trucks are often grouped into ***** different types, ranging from Class * light duty trucks, including pickups such as the Toyota Tacoma, to Class * heavy duty haulers such as the Freightliner Cascadia. The U.S. commercial vehicle production industry has steadily increased after dramatic losses in output during the ********* financial crisis. Since 2010, the production of commercial vehicles in the United States has risen from around **** million units to just over *** million units in 2018, before dipping to under ***** million units in 2020 due to the pandemic.