Global Commercial Vehicle Market to Grow 4.97% by 2022

According to a report from ResearchAndMarkets, the global commercial vehicle market will grow at a CAGR of 4.97% from 2018 to 2022.

The report notes a major trend in the market is the integration of advanced safety technologies to gain higher safety ratings. With the growing awareness of road safety, commercial vehicle manufacturers are encouraged to integrate new safety features.

According to the report, the market is being driven by a need to increase penetration of downsized engines which will reduce the overall price of vehicles. Vehicle manufacturers focus on developing downsized engine blocks to decrease curb weight, improve fuel efficiency and reduce vehicle emission. The power generated by downsized engines can be equivalent to that of higher-powered models.

Further, the report states that one challenge in the market is increased cost pressures on OEMs. In the automotive industry valve chain, OEMs bear the liability for most of the warranty costs and price pressure from the demand side. With the increasing adoption of advanced technologies in vehicles, the bargaining power of OEMs has reduced for certain equipment and technologies.

The report also notes key vendors in the market, including Daimler, Fiat Chrysler, Ford, General Motors, Hyundai, Toyota, Volkswagen and Volvo.

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