Canada Commercial Vehicles Market Size
| Icons | Lable | Value |
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Study Period | 2017 - 2030 |
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Market Size (2024) | USD 23.65 Billion |
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Market Size (2030) | USD 25.78 Billion |
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Largest Share by Vehicle Body Type | Light Commercial Pick-up Trucks |
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CAGR (2024 - 2030) | 1.45 % |
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Fastest Growing by Vehicle Body Type | Buses |
Major Players |
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*Disclaimer: Major Players sorted in alphabetical order. |
Canada Commercial Vehicles Market Analysis
The Canada Commercial Vehicles Market size is estimated at 23.65 billion USD in 2024, and is expected to reach 25.78 billion USD by 2030, growing at a CAGR of 1.45% during the forecast period (2024-2030).
23.65 Billion
Market Size in 2024 (USD)
25.78 Billion
Market Size in 2030 (USD)
-0.51 %
CAGR (2017-2023)
1.45 %
CAGR (2024-2030)
Largest Segment by Vehicle Body Type
76.90 %
value share, Light Commercial Pick-up Trucks, 2023
Light commercial pick-up trucks lead due to their reliability, capacity for heavy-duty tasks, and popularity among trades, small businesses, and for personal use in both urban and rural settings.
Largest Segment by Fuel Category
57.61 %
value share, Gasoline, 2023
Gasoline vehicles dominate because of the well-established refueling network, lower initial vehicle costs, consistent performance in varying climates, and longer driving range.
Fastest-growing Segment by Fuel Category
41.75 %
Projected CAGR, BEV, 2024-2030
BEVs are the fastest-growing segment due to increasing government incentives, expanding charging infrastructure, and advancements in battery technology improving range and affordability.
Leading Market Player
33.92 %
market share, Ford Motor Company, 2023
Ford Motor Company is the largest player due to its extensive range of reliable and versatile commercial vehicles, strong brand reputation, and widespread dealership network across Canada.
Second leading Market Player
17.48 %
market share, Ram Trucking, Inc., Inc.
Ram Trucking, Inc. holds a significant market position due to its robust lineup of durable commercial trucks, high customer satisfaction, and a strong presence in both urban and rural areas.
Canada's diversified commercial vehicle market is catering to a wide range of industrial and logistical needs, focusing on enhancing efficiency and sustainability
- The Canadian commercial vehicles market is characterized by its adaptability to technological advancements and changing regulatory environments. Light commercial vehicles (LCVs), such as vans and pickup trucks, are the backbone of small and medium-sized enterprises (SMEs) in Canada, facilitating a wide range of activities from deliveries and trades to services. The demand for light commercial vehicles is driven by their versatility and efficiency, particularly in urban settings where maneuverability and parking are key considerations. The growing e-commerce industry has notably increased the need for delivery vehicles, thus propelling the demand for light commercial vehicles.
- Medium and heavy-duty commercial vehicles (M&HCVs), including rigid trucks and tractor-trailers, are critical to Canada's logistics and transportation infrastructure, enabling long-haul goods movement across the country and to the United States. The logistics and transportation sector's growth is closely tied to the health of the Canadian economy, with industries like construction, manufacturing, and retail directly influencing the demand for M&HCVs.
- The bus segment in Canada encompasses city buses, coaches, and school buses, serving public transportation, long-distance travel, and student transport needs, respectively. Public transit agencies are increasingly investing in low- and zero-emission buses, including electric and hybrid models, in response to environmental policies and demand for cleaner, more sustainable transportation options from the community.
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Canada Commercial Vehicles Market Trends
Electric vehicle sales are expected to increase, driven by government initiatives and increasing consumer adoption in Canada
- The demand for electric vehicles has shown significant growth in recent years in Canada. Awareness regarding EVs, the advantages of electric vehicles over conventional vehicles, and governmental norms to adopt electric vehicles are gradually shifting the consumer toward electric vehicles. The government introduced the Climate Plan in March 2022, which mandates that at least 20% of new cars offered for sale by 2026 have zero emissions. The government has promised to invest USD 9.1 billion to achieve the target of the Climate Plan. Owing to factors such as these, the country witnessed a growth in the demand for electric cars by 31% in 2022 compared to 2021.
- In order to control the emissions caused by commercial vehicles such as trucks and buses, the government of Canada proposed various measures and plans. In April 2022, the government released the Emissions Reduction Plan to boost the sales of cleaner vehicles. All heavy-duty vehicles, such as trucks or buses on the road, should be running on clean fuel by 2035. As a result, the country witnessed growth in the sales of electric commercial vehicles by 119% in 2022 over 2021 across Canada.
- The government of Canada has planned various investments to cut down pollution by electrifying the existing vehicles on the road. In March 2022, the government invested USD 199.6 million to retrofit the large and heavy trucks on the roads. Similar investments by the government in segments such as electric cars and electric buses are expected to enhance the demand for electric vehicles from 2024 to 2030 across Canada.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Canada's population is expected to grow steadily from 2017 to 2030, highlighting the need for proactive planning in sectors like housing, healthcare, and education to meet future demands
- Canada's CVP is projected to grow, reflecting robust economic fundamentals, technological advancements, and a shift toward sustainable transportation options
- Canada's auto interest rate has been steadily declining, reflecting a cautious approach to maintaining economic stability amidst domestic and global factors
- Increasing foreign investments and domestic production are driving the electric vehicle market in Canada
- Canada's LPI scores hovered between 3.73-3.93, showing consistent logistics performance
- The market experienced fluctuations over the past five years, with brands adjusting their strategies to meet changing demands
- Canada's GDP per capita shows resilience and an upward trend driven by technology, sustainability, and economic strength
- Canada's inflation, driven by global factors, is set to stabilize due to economic confidence and growth
- Canada's EV charging infrastructure witnessed growth, with slow charging stations increasing by 42% and fast charging stations increasing by 25%
- New product launches and pre-orders are expected to drive the electric car market in Canada in 2024
- Gasoline prices in Canada reached an all-time high of 1.59 USD/liter in June 2022
Canada Commercial Vehicles Industry Overview
The Canada Commercial Vehicles Market is fairly consolidated, with the top five companies occupying 72.75%. The major players in this market are Ford Motor Company, General Motors Company, Honda Motor Co. Ltd., Ram Trucking, Inc. and Toyota Motor Corporation (sorted alphabetically).
Canada Commercial Vehicles Market Leaders
Ford Motor Company
General Motors Company
Honda Motor Co. Ltd.
Ram Trucking, Inc.
Toyota Motor Corporation
Other important companies include Hino Motors Ltd., Isuzu Motors Limited, Navistar International Transportation Corporation, Nissan Motor Co. Ltd., Rivian Automotive Inc..
*Disclaimer: Major Players sorted in alphabetical order.
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Canada Commercial Vehicles Market News
- August 2023: General Motors will launch an all-electric Cadillac Escalade in late 2024
- August 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.
Free with this Report
For the Vehicle Hub report, we provide an extensive collection of over 150 free charts, delivering detailed insights on regional and country-level dynamics within the vehicle industry. This encompasses in-depth analyses of vehicle registrations, usage patterns in both consumer and business segments, and evaluations of various vehicle configurations and body types. The report delves into critical industrial trends such as shifts in vehicle production and distribution centers, changes in vehicle ownership costs, and advancements in automotive technologies. Further, our report offers comprehensive market segmentation by vehicle type, body type, propulsion, and fuel categories, providing a nuanced understanding of the market landscape. It also explores the adoption rate of new technologies, the impact of regulatory changes, and the influence of economic factors on the vehicle market. We include a thorough examination of key industry players, regulatory frameworks, and market size in terms of both revenue and unit sales, leading to strategic projections and forecasts that account for emerging trends and potential shifts in the industry.
Canada Commercial Vehicles Market Report - Table of Contents
EXECUTIVE SUMMARY & KEY FINDINGS
REPORT OFFERS
1. INTRODUCTION
1.1. Study Assumptions & Market Definition
1.2. Scope of the Study
1.3. Research Methodology
2. KEY INDUSTRY TRENDS
2.1. Population
2.2. GDP Per Capita
2.3. Consumer Spending For Vehicle Purchase (cvp)
2.4. Inflation
2.5. Interest Rate For Auto Loans
2.6. Impact Of Electrification
2.7. EV Charging Station
2.8. Battery Pack Price
2.9. New Xev Models Announced
2.10. Logistics Performance Index
2.11. Fuel Price
2.12. Oem-wise Production Statistics
2.13. Regulatory Framework
2.14. Value Chain & Distribution Channel Analysis
3. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)
3.1. Vehicle Type
3.1.1. Commercial Vehicles
3.1.1.1. Buses
3.1.1.2. Heavy-duty Commercial Trucks
3.1.1.3. Light Commercial Pick-up Trucks
3.1.1.4. Light Commercial Vans
3.1.1.5. Medium-duty Commercial Trucks
3.2. Propulsion Type
3.2.1. Hybrid and Electric Vehicles
3.2.1.1. By Fuel Category
3.2.1.1.1. BEV
3.2.1.1.2. FCEV
3.2.1.1.3. HEV
3.2.1.1.4. PHEV
3.2.2. ICE
3.2.2.1. By Fuel Category
3.2.2.1.1. CNG
3.2.2.1.2. Diesel
3.2.2.1.3. Gasoline
3.2.2.1.4. LPG
4. COMPETITIVE LANDSCAPE
4.1. Key Strategic Moves
4.2. Market Share Analysis
4.3. Company Landscape
4.4. Company Profiles
4.4.1. Ford Motor Company
4.4.2. General Motors Company
4.4.3. Hino Motors Ltd.
4.4.4. Honda Motor Co. Ltd.
4.4.5. Isuzu Motors Limited
4.4.6. Navistar International Transportation Corporation
4.4.7. Nissan Motor Co. Ltd.
4.4.8. Ram Trucking, Inc.
4.4.9. Rivian Automotive Inc.
4.4.10. Toyota Motor Corporation
5. KEY STRATEGIC QUESTIONS FOR VEHICLES CEOS
6. APPENDIX
6.1. Global Overview
6.1.1. Overview
6.1.2. Porter’s Five Forces Framework
6.1.3. Global Value Chain Analysis
6.1.4. Market Dynamics (DROs)
6.2. Sources & References
6.3. List of Tables & Figures
6.4. Primary Insights
6.5. Data Pack
6.6. Glossary of Terms
List of Tables & Figures
- Figure 1:
- CANADA COMMERCIAL VEHICLES MARKET, POPULATION YOY GROWTH RATE, MILLION UNITS, 2016 – 2026
- Figure 2:
- CANADA COMMERCIAL VEHICLES MARKET, GDP YOY GROWTH RATE, USD BILLION, 2016 – 2026
- Figure 3:
- CANADA COMMERCIAL VEHICLES MARKET, CVP YOY GROWTH RATE, 2016 – 2027
- Figure 4:
- CANADA COMMERCIAL VEHICLES MARKET, INTEREST RATE FOR AUTO LOANS YOY GROWTH RATE, PERCENT, 2016 – 2026
- Figure 5:
- CANADA COMMERCIAL VEHICLES MARKET, BATTERY PRICES YOY GROWTH RATE, 2016 – 2026
- Figure 6:
- CANADA COMMERCIAL VEHICLES MARKET, ELECTRIFICATION IMPACT, VOLUME, YOY GROWTH RATE, PERCENT, 2016 – 2026
- Figure 7:
- CANADA COMMERCIAL VEHICLES MARKET, NEW XEV MODELS ANNOUNCED, VOLUME, YOY GROWTH RATE, UNITS, 2016 – 2026
- Figure 8:
- CANADA COMMERCIAL VEHICLES MARKET, CHARGING STATIONS DEPLOYMENT, VOLUME, YOY GROWTH RATE, UNITS, 2016 – 2026
- Figure 9:
- CANADA COMMERCIAL VEHICLES MARKET, VOLUME IN UNITS, 2016 – 2026
- Figure 10:
- CANADA COMMERCIAL VEHICLES MARKET, VALUE IN USD, 2016 – 2026
- Figure 11:
- CANADA COMMERCIAL VEHICLES MARKET, BY SUB BODY TYPE, BY VOLUME IN UNITS, 2016-2028
- Figure 12:
- CANADA COMMERCIAL VEHICLES MARKET, BY SUB BODY TYPE, BY VALUE IN USD, 2016-2028
- Figure 13:
- CANADA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2016 - 2028
- Figure 14:
- CANADA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2016 - 2028
- Figure 15:
- CANADA COMMERCIAL VEHICLES MARKET, BY BUSES, BY VOLUME IN UNITS, 2016-2028
- Figure 16:
- CANADA COMMERCIAL VEHICLES MARKET, BY BUSES, BY VALUE IN USD, 2016-2028
- Figure 17:
- CANADA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY ENGINE TYPE, 2021 - 2028
- Figure 18:
- CANADA COMMERCIAL VEHICLES MARKET, BY HEAVY-DUTY COMMERCIAL TRUCKS, BY VOLUME IN UNITS, 2016-2028
- Figure 19:
- CANADA COMMERCIAL VEHICLES MARKET, BY HEAVY-DUTY COMMERCIAL TRUCKS, BY VALUE IN USD, 2016-2028
- Figure 20:
- CANADA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY ENGINE TYPE, 2021 - 2028
- Figure 21:
- CANADA COMMERCIAL VEHICLES MARKET, BY LIGHT COMMERCIAL PICK-UP TRUCKS, BY VOLUME IN UNITS, 2016-2028
- Figure 22:
- CANADA COMMERCIAL VEHICLES MARKET, BY LIGHT COMMERCIAL PICK-UP TRUCKS, BY VALUE IN USD, 2016-2028
- Figure 23:
- CANADA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY ENGINE TYPE, 2021 - 2028
- Figure 24:
- CANADA COMMERCIAL VEHICLES MARKET, BY LIGHT COMMERCIAL VANS, BY VOLUME IN UNITS, 2016-2028
- Figure 25:
- CANADA COMMERCIAL VEHICLES MARKET, BY LIGHT COMMERCIAL VANS, BY VALUE IN USD, 2016-2028
- Figure 26:
- CANADA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY ENGINE TYPE, 2021 - 2028
- Figure 27:
- CANADA COMMERCIAL VEHICLES MARKET, BY MEDIUM-DUTY COMMERCIAL TRUCKS, BY VOLUME IN UNITS, 2016-2028
- Figure 28:
- CANADA COMMERCIAL VEHICLES MARKET, BY MEDIUM-DUTY COMMERCIAL TRUCKS, BY VALUE IN USD, 2016-2028
- Figure 29:
- CANADA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY ENGINE TYPE, 2021 - 2028
- Figure 30:
- CANADA COMMERCIAL VEHICLES MARKET, BY ENGINE TYPE, BY VOLUME IN UNITS, 2016-2028
- Figure 31:
- CANADA COMMERCIAL VEHICLES MARKET, BY ENGINE TYPE, BY VALUE IN USD, 2016-2028
- Figure 32:
- CANADA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY ENGINE TYPE, 2016 - 2028
- Figure 33:
- CANADA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY ENGINE TYPE, 2016 - 2028
- Figure 34:
- CANADA COMMERCIAL VEHICLES MARKET, BY FUEL TYPE, BY VOLUME IN UNITS, 2016-2028
- Figure 35:
- CANADA COMMERCIAL VEHICLES MARKET, BY FUEL TYPE, BY VALUE IN USD, 2016-2028
- Figure 36:
- CANADA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL TYPE, 2016 - 2028
- Figure 37:
- CANADA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL TYPE, 2016 - 2028
- Figure 38:
- CANADA COMMERCIAL VEHICLES MARKET, BY BEV, BY VOLUME IN UNITS, 2016-2028
- Figure 39:
- CANADA COMMERCIAL VEHICLES MARKET, BY BEV, BY VALUE IN USD, 2016-2028
- Figure 40:
- CANADA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY BODY TYPE, 2021 - 2028
- Figure 41:
- CANADA COMMERCIAL VEHICLES MARKET, BY FCEV, BY VOLUME IN UNITS, 2016-2028
- Figure 42:
- CANADA COMMERCIAL VEHICLES MARKET, BY FCEV, BY VALUE IN USD, 2016-2028
- Figure 43:
- CANADA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY BODY TYPE, 2021 - 2028
- Figure 44:
- CANADA COMMERCIAL VEHICLES MARKET, BY HEV, BY VOLUME IN UNITS, 2016-2028
- Figure 45:
- CANADA COMMERCIAL VEHICLES MARKET, BY HEV, BY VALUE IN USD, 2016-2028
- Figure 46:
- CANADA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY BODY TYPE, 2021 - 2028
- Figure 47:
- CANADA COMMERCIAL VEHICLES MARKET, BY PHEV, BY VOLUME IN UNITS, 2016-2028
- Figure 48:
- CANADA COMMERCIAL VEHICLES MARKET, BY PHEV, BY VALUE IN USD, 2016-2028
- Figure 49:
- CANADA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY BODY TYPE, 2021 - 2028
- Figure 50:
- CANADA COMMERCIAL VEHICLES MARKET, BY FUEL TYPE, BY VOLUME IN UNITS, 2016-2028
- Figure 51:
- CANADA COMMERCIAL VEHICLES MARKET, BY FUEL TYPE, BY VALUE IN USD, 2016-2028
- Figure 52:
- CANADA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL TYPE, 2016 - 2028
- Figure 53:
- CANADA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL TYPE, 2016 - 2028
- Figure 54:
- CANADA COMMERCIAL VEHICLES MARKET, BY CNG, BY VOLUME IN UNITS, 2016-2028
- Figure 55:
- CANADA COMMERCIAL VEHICLES MARKET, BY CNG, BY VALUE IN USD, 2016-2028
- Figure 56:
- CANADA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY BODY TYPE, 2021 - 2028
- Figure 57:
- CANADA COMMERCIAL VEHICLES MARKET, BY DIESEL, BY VOLUME IN UNITS, 2016-2028
- Figure 58:
- CANADA COMMERCIAL VEHICLES MARKET, BY DIESEL, BY VALUE IN USD, 2016-2028
- Figure 59:
- CANADA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY BODY TYPE, 2021 - 2028
- Figure 60:
- CANADA COMMERCIAL VEHICLES MARKET, BY GASOLINE, BY VOLUME IN UNITS, 2016-2028
- Figure 61:
- CANADA COMMERCIAL VEHICLES MARKET, BY GASOLINE, BY VALUE IN USD, 2016-2028
- Figure 62:
- CANADA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY BODY TYPE, 2021 - 2028
- Figure 63:
- CANADA COMMERCIAL VEHICLES MARKET, BY LPG, BY VOLUME IN UNITS, 2016-2028
- Figure 64:
- CANADA COMMERCIAL VEHICLES MARKET, BY LPG, BY VALUE IN USD, 2016-2028
- Figure 65:
- CANADA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY BODY TYPE, 2021 - 2028
- Figure 66:
- CANADA COMMERCIAL VEHICLES MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2018 - 2021
- Figure 67:
- CANADA COMMERCIAL VEHICLES MARKET, MOST ADOPTED STRATEGIES, 2018 - 2021
- Figure 68:
- CANADA COMMERCIAL VEHICLES MARKET SHARE(%), BY MAJOR PLAYERS, 2021
Canada Commercial Vehicles Industry Segmentation
Commercial Vehicles are covered as segments by Vehicle Type. Hybrid and Electric Vehicles, ICE are covered as segments by Propulsion Type.
- The Canadian commercial vehicles market is characterized by its adaptability to technological advancements and changing regulatory environments. Light commercial vehicles (LCVs), such as vans and pickup trucks, are the backbone of small and medium-sized enterprises (SMEs) in Canada, facilitating a wide range of activities from deliveries and trades to services. The demand for light commercial vehicles is driven by their versatility and efficiency, particularly in urban settings where maneuverability and parking are key considerations. The growing e-commerce industry has notably increased the need for delivery vehicles, thus propelling the demand for light commercial vehicles.
- Medium and heavy-duty commercial vehicles (M&HCVs), including rigid trucks and tractor-trailers, are critical to Canada's logistics and transportation infrastructure, enabling long-haul goods movement across the country and to the United States. The logistics and transportation sector's growth is closely tied to the health of the Canadian economy, with industries like construction, manufacturing, and retail directly influencing the demand for M&HCVs.
- The bus segment in Canada encompasses city buses, coaches, and school buses, serving public transportation, long-distance travel, and student transport needs, respectively. Public transit agencies are increasingly investing in low- and zero-emission buses, including electric and hybrid models, in response to environmental policies and demand for cleaner, more sustainable transportation options from the community.
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Market Definition
- Vehicle Type - The category covers light, medium, and heavy duty commercial vehicle.
- Vehicle Body Type - This includes Light Commercial Pick-up Trucks, Light Commercial Vans, Medium-duty Commercial Trucks, Heavy-duty Commercial Trucks, and Medium and Heavy Duty Buses.
- Fuel Category - The category includes various fuel types such as Gasoline, Diesel, LPG (Liquefied Petroleum Gas), CNG (Compressed Natural Gas), HEV (Hybrid Electric Vehicles), PHEV (Plug-in Hybrid Electric Vehicles), BEV (Battery Electric Vehicles), and FCEV (Fuel Cell Electric Vehicles)
| Keyword | Definition |
|---|---|
| Electric Vehicle (EV) | A vehicle which uses one or more electric motors for propulsion. Includes cars, buses, and trucks. This term includes all-electric vehicles or battery electric vehicles and plug-in hybrid electric vehicles. |
| BEV | A BEV relies completely on a battery and a motor for propulsion. The battery in the vehicle must be charged by plugging it into an outlet or public charging station. BEVs do not have an ICE and hence are pollution-free. They have a low cost of operation and reduced engine noise as compared to conventional fuel engines. However, they have a shorter range and higher prices than their equivalent gasoline models. |
| PEV | A plug-in electric vehicle is an electric vehicle that can be externally charged and generally includes all-electric vehicles as well as plug-in hybrids. |
| Plug-in Hybrid EV | A vehicle that can be powered either by an ICE or an electric motor. In contrast to normal hybrid EVs, they can be charged externally. |
| Internal combustion engine | An engine in which the burning of fuels occurs in a confined space called a combustion chamber. Usually run with gasoline/petrol or diesel. |
| Hybrid EV | A vehicle powered by an ICE in combination with one or more electric motors that use energy stored in batteries. These are continually recharged with power from the ICE and regenerative braking. |
| Commercial Vehicles | Commercial vehicles are motorized road vehicles designed for transporting people or goods. The category includes light commercial vehicles (LCVs) and medium and heavy-duty vehicles (M&HCV). |
| Passenger Vehicles | Passenger cars are electric motor– or engine-driven vehicles with at least four wheels. These vehicles are used for the transport of passengers and comprise no more than eight seats in addition to the driver’s seat. |
| Light Commercial Vehicles | Commercial vehicles that weigh less than 6,000 lb (Class 1) and in the range of 6,001–10,000 lb (Class 2) are covered under this category. |
| M&HDT | Commercial vehicles that weigh in the range of 10,001–14,000 lb (Class 3), 14,001–16,000 lb (Class 4), 16,001–19,500 lb (Class 5), 19,501–26,000 lb (Class 6), 26,001–33,000 lb (Class 7) and above 33,001 lb (Class 8) are covered under this category. |
| Bus | A mode of transportation that typically refers to a large vehicle designed to carry passengers over long distances. This includes transit bus, school bus, shuttle bus, and trolleybuses. |
| Diesel | It includes vehicles that use diesel as their primary fuel. A diesel engine vehicle have a compression-ignited injection system rather than the spark-ignited system used by most gasoline vehicles. In such vehicles, fuel is injected into the combustion chamber and ignited by the high temperature achieved when gas is greatly compressed. |
| Gasoline | It includes vehicles that use gas/petrol as their primary fuel. A gasoline car typically uses a spark-ignited internal combustion engine. In such vehicles, fuel is injected into either the intake manifold or the combustion chamber, where it is combined with air, and the air/fuel mixture is ignited by the spark from a spark plug. |
| LPG | It includes vehicles that use LPG as their primary fuel. Both dedicated and bi-fuel LPG vehicles are considered under the scope of the study. |
| CNG | It includes vehicles that use CNG as their primary fuel. These are vehicles that operate like gasoline-powered vehicles with spark-ignited internal combustion engines. |
| HEV | All the electric vehicles that use batteries and an internal combustion engine (ICE) as their primary source for propulsion are considered under this category. HEVs generally use a diesel-electric powertrain and are also known as hybrid diesel-electric vehicles. An HEV converts the vehicle momentum (kinetic energy) into electricity that recharges the battery when the vehicle slows down or stops. The battery of HEV cannot be charged using plug-in devices. |
| PHEV | PHEVs are powered by a battery as well as an ICE. The battery can be charged through either regenerative breaking using the ICE or by plugging into some external charging source. PHEVs have a better range than BEVs but are comparatively less eco-friendly. |
| Hatchback | These are compact-sized cars with a hatch-type door provided at the rear end. |
| Sedan | These are usually two- or four-door passenger cars, with a separate area provided at the rear end for luggage. |
| SUV | Popularly known as SUVs, these cars come with four-wheel drive, and usually have high ground clearance. These cars can also be used as off-road vehicles. |
| MPV | These are multi-purpose vehicles (also called minivans) designed to carry a larger number of passengers. They carry between five and seven people and have room for luggage too. They are usually taller than the average family saloon car, to provide greater headroom and ease of access, and they are usually front-wheel drive. |
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Research Methodology
Mordor Intelligence follows a four-step methodology in all its reports.
- Step-1: Identify Key Variables: To build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built based on these variables.
- Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. Market revenue is calculated by multiplying the sales volume with their respective average selling price (ASP). While estimating ASP factors like average inflation, market demand shift, manufacturing cost, technological advancement, and varying consumer preference, among others have been taken into account.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables, and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms.
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