The study involved analyzing the recent developments, trends, and performance of the players as well as the overall commercial vehicle industry in 2024, along with the projections for 2025. The analysis was based on the sales volume of medium & heavy duty commercial vehicles around the world. The study is also based on an analysis of the major milestones in the commercial vehicle industry across vehicle connectivity, electrification, and other critical aspects in 2024. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with the industry experts across value chains through primary research. The bottom-up approach was employed to estimate the complete market size in terms of vehicle sales for the segments considered. Thereafter, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
The secondary sources referred for this research study include commercial vehicle OEMs, Tier I/II companies, and publications from government sources, commercial vehicle associations & databases [such as country-level commercial vehicle associations and organizations, International Energy Agency (IEA), Organization Internationale des Constructeurs d’Automobiles (OICA), European Automobile Manufacturers Association (ACEA), China Association of Automobile Manufacturers (CAAM), Japan Automobile Manufacturers Association (JAMA), MarkLines and others; corporate filings (annual reports, investor presentations, and financial statements); and trade, business, and automotive associations. Secondary data has been collected and analyzed to determine the overall sales volume, further validated through primary research.
Primary Research
Extensive primary research has been conducted after understanding the global commercial vehicle market scenario through secondary research. Primary research was done to understand and validate the findings on the commercial vehicle industry's performance in 2024 and validate the projections made for 2025.
Several primary interviews have been conducted with market experts from both the demand (OEMs/vehicle manufacturers) side across four major regions: North America, Europe, Asia Pacific, and the Rest of the World. Approximately 70% of the experts involved in primary interviews have been from the demand side, and 30% have been from the industry's supply side. Primary data has been collected through questionnaires, emails, and telephonic interviews. Several primary interviews have been conducted from various departments within organizations, such as sales, operations, and administration, to provide a holistic viewpoint in the report.
After interacting with industry participants, some brief sessions have been conducted with experienced independent consultants to reinforce the findings from the primary interviews. This, along with the opinions of the in-house subject matter experts, has led to the findings delineated in the rest of this report.
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Market Size Estimation
The bottom-up and top-down approaches were used to estimate and validate the global commercial vehicle vehicle sales volume. In the bottom-up approach, country & regional-level sales of medium & heavy-duty trucks and buses have been identified leveraging country-level associations, secondary articles, and projections for 2025 are analyzed based on country-level OEMs/industry player views and macro-economic indicators and validated these projections from industry experts. This provided country & regional-level sales volume and summation gives global sales volume of commercial vehicles. Alternatively, a top-down approach has also been used to identify the sales of other subsegments in the market. The research methodology used to estimate the market includes the following:
Commercial Vehicle Outlook - 2025 : Top-Down and Bottom-Up Approach
Market Definition
Global commercial vehicle outlook 2025 includes analyses of the key trends to impact the global commercial vehicle industry in 2025, the trends include electrification and advancement in battery technology, development in fuel-cell and hydrogen internal combustion engines, battery second life, supply chain disruptions, and connectivity & fleet management related advancements and others. The report also focuses on the developments in the commercial vehicle industry in 2024.
Stakeholders
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Commercial vehicle OEMs
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Commercial vehicle System Manufacturers
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Commercial vehicle Electronics Manufacturers
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Commercial Vehicle Technology Providers
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Connectivity, ADAS, and fleet management related Software Providers
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Country-specific Automotive Associations
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Electric Commercial Vehicle Component Manufacturers
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Electric Charging Infrastructure Companies
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Authorized/Independent Aftermarket Players
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Automotive Tech Government & Research Organizations
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Raw Material Suppliers for the commercial vehicles Industry
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Traders, Distributors, and Suppliers of commercial vehicles Components
Report Objectives
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To analyze the commercial vehicle market performance in 2023-2025
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To provide key developments achieved in 2024.
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To identify the trends that are likely to impact the market in 2025.
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To identify major growth segments and opportunities for 2025.
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To project the commercial vehicle sales in 2025
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To track and analyze competitive developments such as deals (joint ventures, mergers & acquisitions, partnerships, collaborations), product developments, and other activities carried out by key industry participants.
CHINA: LARGEST EV MARKET VOLUME (2024–2025)
INDIA FASTEST GROWING MARKET IN THE REGION
Growth opportunities and latent adjacency in Global Commercial Vehicle Outlook 2025