Commercial Vehicle Market Report 2026

The commercial vehicle market size has grown strongly in recent years. It will grow from $1.05 trillion in 2025 to $1.12 trillion in 2026 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to freight transportation growth, infrastructure development, diesel vehicle dominance, expansion of logistics networks, urbanization.

The commercial vehicle market size is expected to see strong growth in the next few years. It will grow to $1.55 trillion in 2030 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to electric vehicle adoption, emission regulations, autonomous fleet development, smart fleet management, demand for last-mile delivery solutions. Major trends in the forecast period include growth of electric commercial vehicles, expansion of logistics and e-commerce fleets, adoption of telematics systems, demand for fuel-efficient vehicles, integration of advanced safety features.

Advances in technology are expected to continue driving growth in the commercial vehicle market during the forecast period. The industry has seen significant technological progress over the past decade, a trend that is expected to accelerate. For instance, in October 2023, according to the Rail Infrastructure and Assets report by the Office of Rail and Road, a UK-based government agency, as of 31 March 2023, a total of 15,220 railway vehicles were registered and operational across all passenger train operators, with electric vehicles representing 70% of the fleet. These innovations are anticipated to propel the commercial vehicle market forward.

Major companies in the commercial vehicle market are developing products such as advanced commercial vehicle cooling systems to serve larger customer bases, increase sales, and boost revenue. A commercial vehicle cooling system regulates the temperature of the engine and other components in trucks, buses, and construction machinery. For instance, in September 2023, DENSO Corporation, a Japan-based automotive manufacturer, launched Everycool, an innovative cooling system for commercial vehicles that provides comfort and energy efficiency when the engine is not running. Everycool enhances driver comfort during hot conditions, reduces environmental impact, and improves energy efficiency by lowering fuel consumption. The system leverages DENSO’s expertise in air conditioning to deliver targeted cool air to the driver, consuming approximately 57% less power than conventional cabin-wide cooling systems in Japan and can operate using the vehicle’s original battery.

In July 2025, Tata Motors, an India-based automotive manufacturer, acquired Iveco Group for €3.8 billion ($4.4 billion). This acquisition aims to expand Tata Motors’ global commercial vehicle presence, enhance its product portfolio and technological capabilities, strengthen its footprint in key international markets, and drive long-term growth and operational synergies. Iveco Group, based in Italy, specializes in the design, manufacturing, and distribution of commercial trucks, buses, and specialty vehicles.

Major companies operating in the commercial vehicle market report include Daimler Truck AG, Volvo AB, PACCAR Inc., TRATON SE, Scania AB, MAN Truck & Bus SE, Tata Motors Ltd., Ashok Leyland, Isuzu Motors Limited, Hino Motors Ltd., Dongfeng Motor Corporation, FAW Group Corporation, Foton Motor, IVECO Group, Navistar International, Mack Trucks, UD Trucks, BYD Motors, Rivian Automotive, Hyundai Motor Company.

North America was the largest region in the commercial vehicles market in 2025. Asia-Pacific was the second-largest region in the commercial vehicle market. The regions covered in the commercial vehicle market report include Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the commercial vehicle market report include China, India, Japan, Australia, Indonesia, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, Taiwan, New Zealand, UK, Germany, France, Italy, Spain, Austria, Belgium, Denmark, Finland, Ireland, Netherlands, Norway, Portugal, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.

The commercial vehicle market consists of sales of trucks, buses, trailers, taxis, heavy equipment, trailers, and travel trailers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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