Dublin, Nov. 27, 2024 (GLOBE NEWSWIRE) — The “On-Highway Vehicle – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.
The global market for On-Highway Vehicle was estimated at 6.6 Million Units in 2023 and is projected to reach 8.9 Million Units by 2030, growing at a CAGR of 4.4% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
The growth in the on-highway vehicle market is driven by several factors, most notably the increasing shift towards electric vehicles (EVs) and stringent emissions regulations. The global push for reducing carbon emissions and combating climate change has led to heightened demand for EVs and hybrid vehicles, which are more environmentally friendly. Government incentives, such as tax credits and subsidies for EV buyers, along with expanded charging infrastructure, are further accelerating the adoption of electric vehicles.
Advances in autonomous driving technology and vehicle connectivity are also driving growth, as consumers seek safer and more convenient driving experiences. Moreover, the growing e-commerce sector is fueling demand for commercial vehicles, particularly trucks and delivery vans, to support last-mile logistics. As urbanization continues and cities expand, the demand for on-highway public transport, including electric buses, is also on the rise, contributing to the overall expansion of the on-highway vehicle market.
Additionally, investments in smart infrastructure and the integration of vehicle-to-infrastructure (V2I) technologies are improving traffic efficiency, further driving the adoption of advanced on-highway vehicles. The global shift towards sustainable transportation solutions, combined with technological innovation, is expected to sustain robust growth in this market for years to come.
How Are Technological Advancements Revolutionizing On-Highway Vehicles?
The on-highway vehicle market is being transformed by several technological innovations, particularly in the areas of electrification, autonomous driving, and connected vehicle technologies. Electric vehicles (EVs) are gaining significant market share as automakers ramp up production and governments offer incentives to promote cleaner transportation. Advances in battery technology, such as longer range and faster charging capabilities, are making EVs more practical for everyday use, while reducing their total cost of ownership.
Autonomous driving technologies, including advanced driver-assistance systems (ADAS) and full self-driving (FSD) capabilities, are also rapidly progressing, enhancing safety and convenience for drivers. Moreover, vehicle-to-everything (V2X) communication is enabling cars to interact with infrastructure and other vehicles, improving traffic management and reducing accidents. These technological trends are reshaping the landscape of on-highway vehicles, making them smarter, safer, and more sustainable.
Why Are Consumer Preferences and Regulations Shaping the Future of On-Highway Vehicles?
Consumer preferences are shifting towards environmentally friendly, connected, and safer vehicles, driving demand for electric vehicles (EVs) and hybrid models. Growing environmental awareness, coupled with rising fuel prices, is pushing consumers to opt for more energy-efficient and sustainable options. Additionally, urbanization and changing lifestyles are boosting the demand for shared mobility solutions and electric buses, which contribute to reduced congestion and emissions.
On the regulatory front, governments worldwide are implementing stringent emission standards and offering incentives for the adoption of low-emission vehicles, accelerating the transition to electric and hybrid vehicles. At the same time, safety regulations are mandating the inclusion of advanced driver-assistance systems (ADAS), pushing automakers to integrate cutting-edge safety features. These regulatory and consumer trends are shaping the future of on-highway vehicles, driving innovation and market growth.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Trucks segment, which is expected to reach 4.7 Million Units by 2030 with a CAGR of a 5.2%. The Buses segment is also set to grow at 4.2% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, which was estimated at 1.7 Million Units in 2023, and China, forecasted to grow at an impressive 7.0% CAGR to reach 2.0 Million Units by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players in the On-Highway Vehicle market such as Bentley Motors, Camec Pty Ltd, G H Varley Pty Limited, GAZ international LLC, Karosserie Moeyersons NV and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 194 |
| Forecast Period | 2023 – 2030 |
| Estimated Market Value in 2023 | 6.6 Million Units |
| Forecasted Market Value by 2030 | 8.9 Million Units |
| Compound Annual Growth Rate | 4.4% |
| Regions Covered | Global |
Key Topics Covered:
MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Global Economic Update
- On-Highway Vehicle – Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
MARKET TRENDS & DRIVERS
- Rising Demand for Fuel-Efficient and Low-Emission Vehicles Spurs Growth in the On-Highway Vehicle Market
- Electrification Trends Propel Demand for Hybrid and Electric On-Highway Vehicles Across Global Markets
- Growing Adoption of Advanced Driver Assistance Systems (ADAS) Expands Addressable Market for On-Highway Vehicles
- Rising Focus on Autonomous Driving Technologies Strengthens the Business Case for Smart On-Highway Vehicles
- Increasing Government Regulations on Emissions and Fuel Efficiency Drive the Shift Toward Cleaner On-Highway Vehicles
- Technological Advancements in Battery Technologies Propel Growth in the Electric On-Highway Vehicle Segment
- Increasing Consumer Preference for Connected and Smart Vehicles Generates Demand for On-Highway Vehicles with IoT Capabilities
- The Shift Toward Urbanization and Smart Cities Expands Opportunities for On-Highway Vehicles in Public and Commercial Transportation
- Growing Investment in Infrastructure for Electric Vehicle Charging Propels Demand for Electric On-Highway Vehicles
- Technological Innovations in Lightweight Materials Drive Efficiency and Growth in On-Highway Vehicles
- Increasing Government Incentives for Electric and Hybrid Vehicles Strengthen Adoption of On-Highway Vehicles in Developed Markets
- Rising Demand for Commercial Vehicles with Improved Fuel Economy Spurs Growth in the On-Highway Vehicle Market
FOCUS ON SELECT PLAYERS:Some of the 41 companies featured in this On-Highway Vehicle market report include:
- Bentley Motors
- Camec Pty Ltd
- G H Varley Pty Limited
- GAZ international LLC
- Karosserie Moeyersons NV
- MAN SE
- Thomas Built Buses, Inc.
- Tofas Turk Otomobil Fabrikasi A.S.
- Toyota Auto Body Co., Ltd.
- Toyota Motor Corporation
For more information about this report visit https://www.researchandmarkets.com/r/cmeh7t
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- On-Highway Vehicle Market
