Global Industry Analysts, Inc. (GIA) on Tuesday released a market research report that predicts growth for commercial vehicles due to increasing commercial and industrial activity.
With increasing fuel prices, vehicles with lower energy needs and energy-efficiency innovations will become more common. Trucks that are hybrid or electric will also likely gain popularity as more environmentally friendly fuel sources become more available. The report also indicated that volumes of temperature-sensitive items such as food, medicine chemicals and plants are increasing and, with it, the need for vehicles that are refrigerated also increases. One surge that has been documented is in food and beverage home delivery.
GIA states that global commercial vehicles will reach approximately 29.1 million units by the year 2020. The bulk of manufacturing of these vehicles has shifted to countries in Asia, which is expected to drive urban development in the region and further spur additional manufacturing as the need for mass transit vehicles as urbanization in the area grows.
Included in the report are comprehensive overviews on the industry in major regions of the world including Europe, North America, the Asia-Pacific and Latin America.