The global commercial vehicles market size is expected to reach $2.27 trillion by 2025, according to a study release this week conducted by Grand View Research, Inc.
Grand View Research writes the market is projected to expand at a CAGR of 7.1 percent during the forecast period. Increased urbanization, coupled with rising spending on infrastructure development in emerging economies such as China, India, and Turkey, are expected to drive the market over the forecast period. Grand View Research states several suppliers are shifting their focus on improving R&D capabilities while enhancing operational efficiency, which is also projected to play a pivotal role in boosting market growth.
In addition, increasing penetration of electric commercial vehicles is also anticipated to contribute toward market expansion over the coming years. Adoption of electric vehicles (EVs) is primarily driven by need to meet emission reduction standards and regulations enforced by government bodies worldwide. Grand View Research states commercial vehicle telematics is another trend that is gaining traction and is anticipated to have a positive impact on the market over the forecast period.
To meet changing market needs, OEMs across the globe are focusing on integrating innovative technologies, such as keyless entry/ignition, engine diagnostics, mobile connectivity, and an array of novel applications that assist in vehicle control. All these efforts by OEMs are expected to significantly contribute to global market growth over the coming years, the company says.
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