The commercial vehicles manufacturing market entails of sales of commercial vehicles by entities (organizations, sole traders and partnerships) that introduce the complete light trucks and utility vehicles such as light duty vans, minivans, pick-up trucks and sports utility vehicles, and ntire heavy duty trucks, buses, coaches, heavy duty motor homes and other specific purpose heavy duty motor vehicles for highway usage.
According to the report analysis, ‘Commercial Vehicle Global Market Report 2020-30: Covid 19 Impact and Recovery’ states that Daimler AG; Volvo Group; Man Truck & Bus; Hino Motors; Scania and many more are the effective companies in the commercial vehicle global market for leading the highest market growth and registering the great value of market share during the limited phase while employing the young and intellectual employees, developing the applications of such, spreading the awareness connected to the effective measures of such, analysing the strategies and policies of the government as well as corporate, implementing the policies of profit making and enlargements, delivering the better consumer satisfaction, and establishing the several research and development programs.
While, the outbreak of the Coronavirus disease (COVID-19) has acted as a massive curb on the commercial vehicle market during 2020 as supply chains were disrupted because of trade restrictions and consumption deduction due to lockdowns imposed by governments globally. The COVID 19 is a transferrable disease with flu-like symptoms including fever, cough, and effort in breathing. The virus was initial identified in 2019 across Wuhan, Hubei sphere of the People’s Republic of China and spread globally counting Western Europe, North America and Asia. Transportation manufacturers depend heavily on supply of parts and components from unlike countries across the globe. As several governments restricted the movement of goods across regions, manufacturers had to halt introduction due to lack of parts and components. Also, sales of fresh automobiles deduct significantly due to failure in consumer demand as many countries impose lockdowns. The outbreak is expected to continue to have a harmful impact on businesses throughout 2020 and into 2021. However, it is expected that the commercial vehicle market will convalesce from the shock across the review period as it is a ‘black swan’ event and not related to ongoing or fundamental dimness in the market or the global economy.
Whereas, the Truck manufacturing corporates are now using alternative drive systems to introduce environmentally friendly low carbon emission trucks. Substitute drive systems are hydrogen-powered, electric or hybrid vehicles. They have proficiently low carbon emissions, make usage of renewable fuels and lower fuel costs by up to 50%. For example, Mercedes-Benz manufactures trucks with alternative drive systems utilizing the biogas as fuel, thus creating them sustainable, inexpensive and CO2 neutral. Daimler has the world’s greatest truck fleet with hybrid drives. The Hybrid trucks are being commercially utilized in North America, Europe and Japan. Therefore, in the near years, it is predicted that the commercial vehicle market will increase around the globe more effectively over the forthcoming duration.
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Ankur Gupta, Head Marketing & Communications