Frost & Sullivan’s recent analysis finds that the commercial vehicles industry, comprising of light commercial vehicles (LCV) and medium and heavy-duty trucks (M&HDT), is on track to recovery as worldwide economic activities resume. The global LCV unit shipment is estimated to reach 12.6 million units in 2021 from 11.4 million units in 2020, at 10.3% year-on-year (YoY) growth. The M&HDT segment is projected to reach 3.4 million units in 2021 from 3.2 million units last year, an uptick at 5.9% YoY growth. The exponential growth of e-commerce and last-mile delivery push the demand for LCV, while the resumption of freight movement at ports and the revival of construction activities accelerate the sales of M&HD trucks globally.
“The commercial vehicles industry is expected to undergo significant transformation in the next two to five years, boosted by the entry of tech-savvy start-ups leveraging big data and artificial intelligence (AI) to introduce solutions such as telematics, advanced safety systems, and digital freight brokerage platforms,” said Marshall Martin, Commercial Mobility Team Leader at Frost & Sullivan. “This will encourage original equipment manufacturers (OEMs), suppliers, and start-ups in the ecosystem to collaborate and develop future technologies, which are vital to developing greener trucks that are not only technologically feasible but also financially viable.”
Martin added, “In addition, battery manufacturing is poised to play a key role, given the tremendous increase in demand for Li-ion batteries. The biggest opportunities lie in battery and fuel cell technologies that ensure cleaner and sustainable commercial mobility.”
