Medium and Heavy Commercial Vehicles Industry Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Global Medium and Heavy Duty Commercial Vehicle (MCHV) Market has been segmented by Tonnage (3.5 - 7.5 Tons, 7.5 - 16 Tons, and above 16 Tons), Propulsion Type (IC Engine, Plug-In Hybrid Electric, Battery Electric, and Alternative Fuel Powered), and by Geography (North America, Europe, Asia-Pacific, and Rest of the World). The report offers market size and forecasts for Medium and Heavy-Duty Commercial Vehicles in terms of value (USD billion) for all the above segments.

Medium and Heavy Commercial Vehicles Market Size

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Medium And Heavy Duty Commercial Vehicles Market Summary
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Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 8.00 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration High

Major Players

Medium And Heavy Duty Commercial Vehicles Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Medium and Heavy Commercial Vehicles Market Analysis

The Medium and Heavy Duty Commercial Vehicles Market was valued at USD 300 billion in 2021 and is expected to grow to USD 480 billion by 2027, registering a CAGR of over 8% during the forecast period (2022 - 2027).

Production was stopped when the world manufacturing units were shut down due to the COVID-19 pandemic. Due to this, the need for transport was completely reduced. Due to disruption in the supply chain, leading truck manufacturers stopped production. But the increased need for transport in the aftermath of the Covid-19 pandemic is a ray of hope for medium and heavy-duty commercial vehicles. With the gradual relaxation of lockdown and restrictions, the medium and heavy-duty commercial vehicles market has a great chance to bounce back from the economic crisis.

Some major factors driving the growth of the market are the expansion of industrial sectors in the emerging market, growing demand from the logistics industry, and rising demand from the construction sector (owing to growing construction activities). The market is expected to witness growth in the coming years due to growing economies across developing and developed counties.

Owing to consistent technological advancements and the enactment of stringent emission norms, automakers (OEMs) are shifting their focus toward electric vehicles. The increasing number of construction and e-commerce activities increased demand for material transportation, resulting in increased sales of commercial vehicles worldwide.

Medium and Heavy Commercial Vehicles Market Trends

This section covers the major market trends shaping the Medium & Heavy Duty Commercial Vehicles Market according to our research experts:

Electric Commercial Vehicle to Witness Steady Sales

Across the globe, some countries have banned old commercial vehicles from running on public roads to tackle growing vehicle emissions. Thus, the possibility of freight businesses adopting new commercial vehicles that are eco-friendly, cost-effective, and align with the emission standards, will increase globally during the forecast period.

Major players are collaborating to develop and manufacture electric trucks. For instance, in October 2020, BYD Auto and Hino Motors announced jointly setting up a company to develop battery-powered trucks and buses. BYD Auto Industry Co., a unit of battery producer BYD Ltd and Hino Motors Ltd, said each would supply 50% of the investment for the company.

The heavy-duty commercial electric vehicle market, driven by logistics and the construction & e-commerce industry developments, is expected to witness significant growth in the coming years, with good opportunities opening in infrastructure, logistics, and transportation sectors.

Furthermore, government incentives and subsidies, along with structural & functional design improvements, drive the sales of hybrid and electric trucks.

Medium And Heavy Duty Commercial Vehicles Market : Heavy Duty Electric Buses, Sales Volume (in Units), by Propulsion type, 2017-2021

Asia-Pacific is the Leading Market

The Asia-Pacific region is the leading regional segment of the market owing to several infrastructure investments and construction projects in progress and announced for the future. These projects are expected to significantly increase the demand for heavy-duty transportation trucks for material transport across and inside several countries of the region. The increase in spending on several infrastructure development projects in countries in the Asia-Pacific region drives the market growth.

In China, for a total of 11 provinces, including Yunnan, Sichuan, and Fujian, the total infrastructure investment amount for key projects announced in 2020 totaled CNY 27.68 trillion. Investments in infrastructure, like the Indonesian National Medium-term Development Plan (USD 460 billion) and Vietnam Socio-Economic Development Plan (USD 61.5 billion are expected to offer opportunities for commercial vehicles. In November 2020, Australia announced an investment of AUD 110 billion over 10 years into transport infrastructure development.

In March 2021, India announced INR 118,101 crores investment into the country's infrastructure development.

Medium And Heavy Duty Commercial Vehicles Market : Growth Rate (%), By Region, 2022-2027

Medium and Heavy Commercial Vehicles Industry Overview

The market studied is moderately consolidated and is captured by major players, like Daimler AG, Toyota Motor Corporation, Scania, and MAN trucks owned by the Volkswagen GroupVolvo Trucks, ISUZU, and Mitsubishi Motor Corporation, among others, with Daimler AG leading the market.

In April 2021, Isuzu Motors completed the acquisition of UD Trucks from the Volvo Group as part of a strategic alliance between the Volvo Group and Isuzu Motors.

In Mar 2021, Mitsubishi Fuso Truck and Bus Corporation (MFTBC), under the umbrella of Daimler Trucks Asia, announced the launch of the improved Canter Light-duty Truck, which complies with Japanese regulations.

Medium and Heavy Commercial Vehicles Market Leaders

  1. PACCAR Inc

  2. Daimler AG

  3. Volvo Group

  4. MAN SE

  5. Tata Motors Limited

*Disclaimer: Major Players sorted in no particular order

Medium And Heavy Duty Commercial Vehicles Market Concentration
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Medium and Heavy Commercial Vehicles Market News

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.

Medium and Heavy Commercial Vehicles Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Driver

    2. 4.2 Market Restraint

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Tonnage

      1. 5.1.1 3.5 - 7.5 ton

      2. 5.1.2 7.5 - 16 ton

      3. 5.1.3 Above 16 ton

    2. 5.2 By Propulsion Type

      1. 5.2.1 IC Engine

      2. 5.2.2 Plug-In Hybrid Electric

      3. 5.2.3 Battery Electric

      4. 5.2.4 Alternative Fuel Powered

    3. 5.3 By Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 Germany

        2. 5.3.2.2 United Kingdom

        3. 5.3.2.3 France

        4. 5.3.2.4 Spain

        5. 5.3.2.5 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 Japan

        3. 5.3.3.3 India

        4. 5.3.3.4 South Korea

        5. 5.3.3.5 Rest of Asia-Pacific

      4. 5.3.4 Rest of the World

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 South Africa

        3. 5.3.4.3 Other Countries

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles*

      1. 6.2.1 PACCAR Inc.

      2. 6.2.2 Daimler AG

      3. 6.2.3 Volvo Group

      4. 6.2.4 MAN SE

      5. 6.2.5 Tata Motors Limited

      6. 6.2.6 Renault Trucks

      7. 6.2.7 Isuzu Motors Ltd

      8. 6.2.8 Scania AB

      9. 6.2.9 FAW Group Corporation

      10. 6.2.10 Hyundai Motor Company (Hyundai Commercial Vehicle)

      11. 6.2.11 Dongfeng Motor Corporation

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Medium and Heavy Commercial Vehicles Industry Segmentation

The medium and heavy-duty commercial vehicle market has been segmented by Tonnage (3.5 - 7.5 Tons, 7.5 - 16 Tons, and above 16 Tons), Propulsion Type (IC Engine, Plug-In Hybrid, Electric, and Alternative Fuel Powered), and Geography (North America, Europe, Asia-Pacific, and Rest of the World). The report offers market size and forecasts for Medium and Heavy-Duty Commercial Vehicles in terms of volume (units) and value (USD billion) for all the above segments.

By Tonnage
3.5 - 7.5 ton
7.5 - 16 ton
Above 16 ton
By Propulsion Type
IC Engine
Plug-In Hybrid Electric
Battery Electric
Alternative Fuel Powered
By Geography
North America
United States
Canada
Rest of North America
Europe
Germany
United Kingdom
France
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
Rest of the World
Brazil
South Africa
Other Countries
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Medium and Heavy Commercial Vehicles Market Research FAQs

The Medium and Heavy Duty Commercial Vehicles Market is projected to register a CAGR of 8% during the forecast period (2024-2029)

PACCAR Inc, Daimler AG, Volvo Group, MAN SE and Tata Motors Limited are the major companies operating in the Medium and Heavy Duty Commercial Vehicles Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia Pacific accounts for the largest market share in Medium and Heavy Duty Commercial Vehicles Market.

The report covers the Medium and Heavy Duty Commercial Vehicles Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Medium and Heavy Duty Commercial Vehicles Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Medium and Heavy Commercial Vehicles Industry Report

Statistics for the 2024 Medium and Heavy Commercial Vehicles market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Medium and Heavy Commercial Vehicles analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Medium and Heavy Commercial Vehicles Industry Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)