The Europe Commercial Vehicles Market would witness market growth of 4.3% CAGR during the forecast period (2021-2027).
The trend toward electric cars is likely to give the potential for growth in the industry under consideration. Following the advent of tough pollution rules, automotive manufacturers (OEMs) shifted their focus to electric vehicles. Furthermore, other manufacturers, including Toyota, Daimler, and Volvo, are transitioning toward electric cars, which are expected to result in development prospects in the market under consideration in the approaching years. The usage of cloud computing in the automotive sector is quickly expanding. Cloud computing is essential in CV manufacturing, and its services extend from system operation to design to system administration. Cloud computing operations can minimize expenses, hence minimizing and eliminating waste.
In the last few years, commercial vehicle usage in Europe has been declining in tandem with the region's declining car sales. At this point, Europe is positioned for varied recovery cycles as a result of the limitations still in place in some areas of the continent and the economic recovery packages offered by regional governments. According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), 2.5 million commercial vehicles were registered in Europe in the year 2020, a drop of 14.9% from 2.9 million units in 2019. In the region, there is a significant rise in the purchases of LCVs by corporate. Moreover, these vehicles are utilized to deliver e-commerce goods.
The Germany market dominated the Europe Commercial Vehicles Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $112.6 Billion by 2027. The UK market is estimated to grow at a CAGR of 3.5% during (2021 - 2027). Additionally, The France market would showcase a CAGR of 5% during (2021 - 2027).
Based on End User, the market is segmented into Logistics, Industrial, Mining & Construction, Passenger Transportation, and Others. Based on Type, the market is segmented into Light Commercial Vehicles (LCVs), Heavy Trucks and Buses & Coaches. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Commercial Vehicles Market Size will Hit $1634.4 Billion by 2027, at a CAGR of 4.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Tata Motors Limited, Toyota Motor Corporation, Mahindra & Mahindra Limited (Mahindra Group), Bosch Rexroth AG (Robert Bosch GmbH), Hyundai Motor Company, Volkswagen AG, Daimler AG, General Motor Co., Ford Motor Company, and Honda Motor Co. Ltd.
By End User
By Type
By Country
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