Commercial vehicle market is witnessing transformative growth, driven by escalating demand in freight transportation, urban logistics and public mobility solutions. Valued at approximately USD 1.45 trillion in 2024, the market is expected to surpass USD 3.13 trillion by 2032, growing at a CAGR of 6.1%. Asia-Pacific, led by India and China, dominated the commercial vehicle industry with an expanding fleet of trucks, buses, vans and light commercial vehicles (LCVs), supported by large scale infrastructure investments, industrial growth, and e-commerce expansion. North America and Europe continue to witness steady growth, propelled by fleet modernization, adoption of electric commercial vehicles, and government incentives for sustainable mobility.
Commercial Vehicles overview
Published by MMR Statistics Research Team, Updated