Business Car Market Measurement is Projected to Attain USD 1,712.44 Billion in 2029, At CAGR of 8.7%: Fortune Enterprise Insights

Business Car Market Measurement is Projected to Attain USD 1,712.44 Billion in 2029, At CAGR of 8.7%: Fortune Enterprise Insights
Business Car Market Measurement is Projected to Attain USD 1,712.44 Billion in 2029, At CAGR of 8.7%: Fortune Enterprise Insights

Fortune Enterprise Insights

The worldwide industrial automobile market measurement to develop from USD 955.57 billion in 2022 to USD 1,712.44 billion by 2029, rising at CAGR of 8.7% throughout forecast interval of 2022-2029. Traits for Electrical Car to bolster the investments in industrial automobile business in coming years.

Pune, India, Nov. 21, 2022 (GLOBE NEWSWIRE) — The worldwide industrial automobile market measurement was valued at USD 821.28 billion in 2021. The market may surge from USD 955.57 billion in 2022 to USD 1,712.44 billion by 2029 at a CAGR of 8.7% through the forecast interval. Fortune Enterprise Insights™ has deep-dived these inputs in its newest analysis report titled, “Business Car Market, 2022-2029.”

In response to the evaluation, freight automobiles, together with heavy and light-weight automobiles have turn into sought-after to streamline enterprise operations. Governments have triggered investments to make the most of and develop freight automobiles. As an example, the European Union has reportedly regulated automakers to put in Superior Driver Help Programs (ADAS), Lane Departure Warning (LDW), and AEB in all heavy automobiles with a weight of just about 15,400 kilos.

Trade Growth

February 2022– Paccar revealed 18-speed automated guide transmissions for Peterbilt, Kenworth.

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Report Highlights:

Report Protection


Forecast Interval


Forecast Interval 2022 to 2029 CAGR


2029 Worth Projection

1,712.44 billion

Base 12 months


Market Measurement in 2022

955.57  billion

Historic Knowledge for

2018 – 2020

No. of Pages


Segments lined

By Car Kind, By Gas Kind

Progress Drivers

Industrialization and Digital Transformation to Steer Progress

Bullish Demand for Freight Automobiles to Enhance North America Market

Market Highlights:

Industrialization and Digital Transformation to Steer Progress

The growth of e-commerce may foster the industrial automobile market share through the forecast interval. Burgeoning industrialization will drive technological developments and improvements globally. The expansion of the e-commerce sector has inspired automakers and OEMs to emphasise the manufacturing of sunshine & heavy automobiles. Furthermore, the tourism sector has turn into one of many main recipients of car, largely because of the pattern for vacation spot weddings boosting the penetration of rental automobiles. Stakeholders additionally count on infrastructure developments, together with sensible metropolis and residential initiatives and the necessity for bridges and flyovers to set off the automobile demand. Nonetheless, excessive manufacturing prices and complexity in working superior methods may impede the expansion prospect.

Nonetheless, as varied firms, akin to Europcar Mobility Group, Hertz, and Avis Funds Group are majorly depending on air rental providers for producing earnings, the COVID-19 pandemic has created large losses due to strict lockdowns and journey bans. It might hinder the industrial automobile rental and leasing market development within the upcoming years.

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Regional Insights

Bullish Demand for Freight Automobiles to Enhance North America Market

North America market forecast might be robust resulting from surging demand for freight automobiles throughout the U.S. and Canada. Hovering demand for fleet administration’s long-distance operations may underpin the penetration of business automobiles. As an illustration, the rising footfall of cargo and personnel transportation will augur nicely for the regional development.

Trade contributors count on the Asia Pacific industrial automobile market development to realize traction following the rising automotive manufacturing and gross sales. Prominently, increasing penetration of autonomous automobiles and electrical automobiles will drive improvements throughout the area. Furthermore, bullish investments in logistics and mining are anticipated to encourage main firms to emphasise China and India.

Europe may account for a big share of the worldwide market, largely because of the pattern for EV-powered automobiles. Fleet operators may inject funds into electrical vans to faucet into regional markets. The growth of EVs will bode nicely for the Europe market. The rising footprint of superior applied sciences will propel the market over the following few years.

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Market Segments:

Mild Business Automobiles to Stay Dominant Attributable to Elevated Utilization in Logistics Operations

When it comes to automobile sort, the market is segmented into heavy automobile, gentle automobile, and buses. The sunshine industrial automobile phase may account for the most important share of the worldwide market. The expansion is attributed to surging demand from the logistics sector.

Electrical Automobiles to Depict Highest CAGR with Rising Demand for Autonomous Driving

With respect to gasoline sort, the market is segregated into electrical automobile and I.C. engine. The electrical automobile phase will increase on the highest CAGR through the forecast interval. The pattern is principally attributed to the demand for autonomous driving and the implementation of rigorous laws on gasoline economic system requirements.

Aggressive Panorama

Stakeholders Put money into Natural and Inorganic Methods to Faucet into Markets

Distinguished gamers may inject funds into mergers & acquisitions, product rollouts, technological developments, and R&D actions. In addition to, main firms may spend money on improvements and product choices within the ensuing interval.

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Record of Key Gamers Profiled within the Report

  • Daimler AG (Germany)

  • PACCAR Inc. (U.S.)

  • Hino (Japan)

  • Scania (Sweden)

  • Tata Motors (India)

  • Navistar Worldwide Corp (U.S.)

  • BYD Auto Co., Ltd. (China)

  • AB Volvo (Sweden)

  • Toyota Motor Company (Japan)

Desk of Content material:

  • Introduction

  • Govt Abstract

  • Market Dynamics

    • Market Drivers

    • Market Restraints

    • Market Alternatives

  • Key Insights

  • Porter’s 5 Forces Evaluation

  • SWOT Evaluation

  • Technological Developments

  • Distribution of Business Car Market (in Worth & Quantity)

  • Influence of COVID-19

  • International Business Car Market Evaluation, Insights and Forecast, 2018-2029


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