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Pologeorgis Updated March 6, — 2: The phenomenon of globalization began in a primitive form when humans first settled into different areas of the world; however, it has shown a rather steady and rapid progress in recent times and has become an international dynamic which, due to technological advancements, has increased in speed and scale, so that countries in all five continents have been affected and engaged.

Although the market has been witnessing stagnant growth over the last few years, it is anticipated to recover with improved sales performance, particularly in emerging economies. Digitization along with increasing infrastructural spending is expected to elevate demand for commercial vehicles over the forecast period.

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Market development was initially closely related to the growth of the global economy and economic expansion; however, this interrelation is disintegrating rapidly. Major market trends such as integration of telematics services, demand for specific transport solutions by end users, and rising popularity of fleet sharing are expected to drive the market.

Governments across the globe have implemented numerous regulations and policies to effectively manage the size of goods being carried in a commercial vehicle.

For instance, in U. In line with this, the body has implemented a regulation pertaining to the size of goods being carried in a vehicle.

Thus, with the implementation of such regulations, there will be increased demand for additional commercial vehicles for transportation of goods, which, in turn, will spur market growth.

Telematics and connectivity are revolutionizing operations, owing to which, numerous original equipment manufacturers OEMs have launched vehicles equipped with several connected services, such as weather reports, accident warnings, traffic data, and updates on roadworks.

Commercial Vehicles Market Size & Share | Industry Report,

Connected vehicles provide numerous benefits, including enhanced safety and preventing unauthorized access to vehicles, thereby avoiding vehicle abuse and wear and tear. This is anticipated to help boost market growth over the next few years. Adoption of EVs in the commercial transportation segment, as a result of numerous benefits offered by them over conventional vehicles, will be a trend to watch for in the coming years.

Furthermore, policies regulating the adoption of EVs in developed nations are expected to drive their adoption in the commercial vehicle segment, subsequently favoring market growth.

Product Insights The commercial vehicles market can be largely categorized into light commercial vehicles LCVsheavy trucks, and buses and coaches. The LCVs segment accounted for more than This growth can be attributed to the dynamic nature of these vehicles, which enables them to be modified and be used for transportation of passengers and goods.

These vehicles are cost-effective and aid in reducing emissions, which also boosts segment growth. The buses and coaches segment is anticipated to gain traction over the forecast years owing to increased adoption in the tourism and healthcare industries.

Buses and coaches are the most cost-effective mode of transportation, which is a prominent factor positively affecting its sales. The heavy trucks segment is forecast to expand at a moderate growth rate from to End-use Insights The logistics segment witnessed significant demand and captured a sizeable market share in It is anticipated to expand at a value-based CAGR of over 8.

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