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Commercial Vehicle Market is Expected to Reach USD 2094.85 Billion by 2024 with the CAGR of 6.63%

Commercial Vehicle Market is valued at USD 1336.59 Billion in 2017 and expected to reach USD 2094.85 Billion by 2024 with the CAGR of 6.63% over the forecast period. Increased use of Telematics and Connectivity Services are the Driving Factor for Commercial vehicle market consists of vehicles which are specially used for purpose like transporting goods and services from one place to another and get paid for the transporting services. Many types of commercial vehicles are used for transporting raw materials from mines area, products from industry to market, people from one place to another. Commercial vehicles include mini trucks, pickup trucks, mini and large buses, coaches, lorries, light trucks, heavy trucks, trailers, and semi-trailers. A vehicle may be called as a commercial vehicle if it belongs to a corporation, is used for business, is a leased vehicle, having weight rating of more than 26,001 pounds or used to transport hazardous material. Commercial vehicle market is segmented on the basis of vehicle type, by fuel and by end-use type. On the basis of vehicle type it is divided in to light duty (ex-minivan, sport utility vehicle, pick-up truck, panel truck etc.), medium duty and heavy-duty vehicles. By fuel type the commercial vehicle market is classified in to petrol, diesel and others. On the basis of end-use the market is divided in to industrial vehicles, mining and construction heavy vehicles, logistics, passenger transportation. The regions covered in this Commercial vehicle Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Commercial vehicle is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.

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