Market Share of commercial vehicles Industry
The Global Commercial Vehicles Market is dominated by several key players such as Tata Motors Ltd., Paccar Inc., Toyota Motor Corporation, AB Volvo, Scania AB, and Others. The growing expansion of manufacturing facilities across the globe is likely to witness major growth for the market during the forecast period.
For instance, in December 2022, Tata Motors announced that Bengaluru Metropolitan Transport Corporation (BMTC) had signed a definitive agreement with its fully owned subsidiary, TML Smart City Mobility Solutions Ltd., for the operation of 921 electric buses in the city of Bengaluru.
In August 2022, Mahindra & Mahindra Ltd. (M&M) and the Volkswagen Group made a significant announcement to strengthen their collaboration. The two companies signed a term sheet to expand their cooperation, specifically focusing on the supply of MEB electric components for Mahindra's innovative electric platform called INGLO.
In March 2022, a momentous collaboration was formed as the TRATON GROUP, Daimler Truck, and Volvo Group, three prominent commercial vehicle manufacturers, joined forces. They entered into a binding agreement to establish a groundbreaking joint venture (JV) with the aim of developing and operating an advanced public charging network tailored specifically for battery electric, heavy-duty long-haul trucks, and coaches throughout Europe.
As previously communicated, the parties are committed to initiating and accelerating the necessary build-up of charging infrastructure for the increasing number of customers of electric vehicles in Europe and contributing to climate-neutral transportation in Europe by 2050.
In December 2021, Rivian expanded its manufacturing operations, locating its second United States plant in the state of Georgia. A carbon-conscious campus is planned east of Atlanta, in Morgan and Walton Counties. The project represents a USD 5 billion site development and manufacturing investment.
In September 2021, Tata Motors announced its plans to invest over USD 1 billion, or an amount exceeding Rs 7,500 crore over the next 4-5 years, to recreate its roadmap for the commercial vehicle business, a major part of which comprises electric vehicles. Especially buses.
Commercial Vehicles Market Leaders
Toyota Motor Corporation
AB Volvo
Tata Motors Ltd.
Paccar Inc.
Scania AB
*Disclaimer: Major Players sorted in no particular order
