Japan Commercial Vehicles Market Size
| Icons | Lable | Value |
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Study Period | 2017 - 2030 |
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Market Size (2024) | USD 26.21 Billion |
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Market Size (2030) | USD 54.11 Billion |
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Largest Share by Vehicle Body Type | Light Commercial Pick-up Trucks |
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CAGR (2024 - 2030) | 12.85 % |
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Fastest Growing by Vehicle Body Type | Buses |
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Market Concentration | High |
Major Players |
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*Disclaimer: Major Players sorted in alphabetical order. |
Japan Commercial Vehicles Market Analysis
The Japan Commercial Vehicles Market size is estimated at 26.21 billion USD in 2024, and is expected to reach 54.11 billion USD by 2030, growing at a CAGR of 12.85% during the forecast period (2024-2030).
26.21 Billion
Market Size in 2024 (USD)
54.11 Billion
Market Size in 2030 (USD)
-0.16 %
CAGR (2017-2023)
12.85 %
CAGR (2024-2030)
Largest Segment by Fuel Category
47.12 %
value share, Diesel, 2023
Diesel leads due to its efficiency for long-haul transportation, higher torque, and the established infrastructure supporting diesel engines, making it a preferred choice for commercial operations.
Fastest-growing Segment by Fuel Category
103.95 %
Projected CAGR, PHEV, 2024-2030
PHEVs are the fastest-growing due to technological advancements, government incentives, and the transition towards more sustainable and fuel-efficient commercial vehicles.
Leading Market Player
35.67 %
market share, Toyota Motor Corporation, 2023
Domestic manufacturing, diversification of commercial vehicles, high production capabilities, and strong brand value, denotes Toyota as a leader in Japan's commercial vehicle market.
Second leading Market Player
14.71 %
market share, Suzuki Motor Corporation, 2023
Suzuki Motor Corporation is a major player due to its reliable commercial vehicle models, strong brand reputation, and extensive dealership network supporting diverse commercial transportation needs in Japan.
Third Leading Market Player
13.44 %
market share, Daihatsu Motor Co. Ltd., 2023
Honda Motor Co. Ltd. is a key player due to its innovative commercial vehicle offerings, strong focus on fuel efficiency, and commitment to meeting the evolving demands of Japan's commercial vehicle market.
The Japanese government's ambitious goal of carbon neutrality by 2050, coupled with incentives for green investments, is driving the rapid adoption of electric vehicles (EVs) in Japan, despite challenges posed by the COVID-19 pandemic
- In 2020, the Japanese government set a 'carbon neutral' target, aiming for zero carbon emissions by 2050. Despite the challenges posed by the COVID-19 pandemic, Huis Ten Bosch took a step toward its environmental objectives by introducing all-electric buses. The market for alternative vehicles, including plug-in hybrids, fuel cell electric vehicles, and battery electric vehicles, has witnessed a remarkable surge in recent years.
- While the COVID-19 pandemic disrupted numerous sectors, the electric vehicles (EVs) market has been on a notable expansion trajectory, driven by a rising global adoption rate. In the wake of the pandemic, consumers are increasingly seeking more cost-effective options. However, Japan's transportation industry, which accounted for 19% of the nation's total emissions, contributed to a staggering 1.11 billion tons of CO2 emissions in 2019. In response, the automotive sector is actively bolstering efforts to reduce CO2 emissions, ramping up the supply of next-gen vehicles and enhancing fuel efficiency.
- The Japanese government is actively endorsing the use of ethanol in gasoline. By the mid-2030s, the policy aims to phase out gasoline-powered vehicles, favoring a shift toward electric vehicles, including hybrids and fuel cells. To drive economic growth, the government is offering tax exemptions and financial incentives, targeting a boost of JPY 90 trillion (USD 870 billion) annually through green investments and sales by 2030, and a staggering JPY 190 trillion (USD 1.8 trillion) by 2050. This heightened emphasis on battery electric and full hybrid vehicles is poised to shape the market's growth in the coming years.
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Japan Commercial Vehicles Market Trends
Japan's electric vehicle market grows gradually due to government and industry partnerships
- The electric vehicle industry in Japan is growing gradually, and the government's norms and targets to electrify all new car sales by 2035 are shifting the country toward electric mobility. Moreover, government efforts in terms of subsidies and rebates are driving the country's electric vehicle market. In November 2021, the government of Japan announced that it would provide subsidies on electric vehicles, i.e., up to USD 7200 per vehicle. However, hybrid vehicles are not included in the subsidy program. Such factors contribute to the growth of electric vehicles (passenger cars) by 11.11% in 2022 over 2021.
- Various companies are signing partnerships and ventures to enhance electric mobility in various sectors across Japan. In June 2022, the technology company Sony and the Japanese automaker Honda signed a joint venture to work on electric mobility together. The objective of the venture is to produce and sell electric cars in Japan by 2025. Moreover, Honda has announced the launch of 30 electric vehicles and the production of 2 million vehicles annually by 2030. Each company has invested approximately USD 37.52 million in the venture. Such factors are expected to impact electric mobility positively.
- In April 2022, the US-based automaker General Motors announced an expand its partnership with Honda to produce electric vehicles. As part of the expansion, the companies will develop new affordable electric vehicles, including cars. The production of the vehicles is expected to start in early 2027. Moreover, such international expansions are expected to develop new designs and enhanced cars, which further is expected to raise the sales of electric cars During the 2024-2030 period in Japan, which will also accelerate the demand for battery packs across Japan.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Japan's population decline, driven by aging demographics and low birth rates, presents challenges and highlights the need for policy reforms
- Japan's automotive market in the Asia-Pacific region displays a trend of cautious recovery in 2022-2023 after a period of fluctuations
- Japan's auto interest rates have shown a sustained downward trend, driven by the country's low-interest-rate policy and efforts to combat deflation
- In 2022, while South Africa, Kenya, and Morocco witnessed decreasing inflation hinting at economic stabilization, Nigeria faced a surge before stabilizing in 2023; future projections suggest a trend towards declining inflation and economic stability for all four countries
- Japan, known for its "Kaizen" approach and technological prowess, consistently maintained high LPI scores near 4 from 2010 to 2018. With a 2023 LPI score of 3.9 and ongoing tech-driven innovations, Japan remains a formidable player in the global logistics arena
- Japan's commercial vehicle sector in 2023 Witnessed a rise in bus production, possibly due to infrastructure or public transport initiatives, while light trucks declined.
- Japan's GDP per capita is poised for a robust rebound, projected to reach USD 47,745.41 by 2030
- Japan's transition from deflation to moderate inflation signals cautious economic progress
- Japan's EV charging network stabilizes at 29,400 stations, reflecting maturity and technological excellence
- Automakers are launching electric SUVs to drive electrification and battery pack demand in Japan
- The Japanese government decided to extend its gasoline subsidy program until the end of 2023, citing concerns over potential price hikes should the program be discontinued
Japan Commercial Vehicles Industry Overview
The Japan Commercial Vehicles Market is fairly consolidated, with the top five companies occupying 81.27%. The major players in this market are Daihatsu Motor Co. Ltd., Honda Motor Co. Ltd., Mazda Motor Corporation, Suzuki Motor Corporation and Toyota Motor Corporation (sorted alphabetically).
Japan Commercial Vehicles Market Leaders
Daihatsu Motor Co. Ltd.
Honda Motor Co. Ltd.
Mazda Motor Corporation
Suzuki Motor Corporation
Toyota Motor Corporation
Other important companies include Isuzu Motors Limited, Mitsubishi Motors Corporation, Renault-Nissan-Mitsubishi Alliance, Stellantis N.V., Subaru Corporation, Volkswagen AG.
*Disclaimer: Major Players sorted in alphabetical order.
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Japan Commercial Vehicles Market News
- August 2023: Toyota Kirloskar Motor launched the all-new MPV Vellfire strong hybrid electric vehicle (SHEV) for a starting price of INR 11.99 million and going to INR 12.99 million.
- August 2023: Subaru and Panasonic Energy to establish partnership for lithium-ion battery supply.
- July 2023: Honda's next-generation fuel cell system makes its Chinese debut.It is mainly applied to fuel cell electric vehicles, commercial vehicles, fixed power supply, and engineering machinery.
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For the Vehicle Hub report, we provide an extensive collection of over 150 free charts, delivering detailed insights on regional and country-level dynamics within the vehicle industry. This encompasses in-depth analyses of vehicle registrations, usage patterns in both consumer and business segments, and evaluations of various vehicle configurations and body types. The report delves into critical industrial trends such as shifts in vehicle production and distribution centers, changes in vehicle ownership costs, and advancements in automotive technologies. Further, our report offers comprehensive market segmentation by vehicle type, body type, propulsion, and fuel categories, providing a nuanced understanding of the market landscape. It also explores the adoption rate of new technologies, the impact of regulatory changes, and the influence of economic factors on the vehicle market. We include a thorough examination of key industry players, regulatory frameworks, and market size in terms of both revenue and unit sales, leading to strategic projections and forecasts that account for emerging trends and potential shifts in the industry.
Japan Commercial Vehicles Market Report - Table of Contents
EXECUTIVE SUMMARY & KEY FINDINGS
REPORT OFFERS
1. INTRODUCTION
1.1. Study Assumptions & Market Definition
1.2. Scope of the Study
1.3. Research Methodology
2. KEY INDUSTRY TRENDS
2.1. Population
2.2. GDP Per Capita
2.3. Consumer Spending For Vehicle Purchase (cvp)
2.4. Inflation
2.5. Interest Rate For Auto Loans
2.6. Impact Of Electrification
2.7. EV Charging Station
2.8. Battery Pack Price
2.9. New Xev Models Announced
2.10. Logistics Performance Index
2.11. Fuel Price
2.12. Oem-wise Production Statistics
2.13. Regulatory Framework
2.14. Value Chain & Distribution Channel Analysis
3. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)
3.1. Vehicle Type
3.1.1. Commercial Vehicles
3.1.1.1. Buses
3.1.1.2. Heavy-duty Commercial Trucks
3.1.1.3. Light Commercial Pick-up Trucks
3.1.1.4. Light Commercial Vans
3.1.1.5. Medium-duty Commercial Trucks
3.2. Propulsion Type
3.2.1. Hybrid and Electric Vehicles
3.2.1.1. By Fuel Category
3.2.1.1.1. BEV
3.2.1.1.2. FCEV
3.2.1.1.3. HEV
3.2.1.1.4. PHEV
3.2.2. ICE
3.2.2.1. By Fuel Category
3.2.2.1.1. CNG
3.2.2.1.2. Diesel
3.2.2.1.3. Gasoline
4. COMPETITIVE LANDSCAPE
4.1. Key Strategic Moves
4.2. Market Share Analysis
4.3. Company Landscape
4.4. Company Profiles
4.4.1. Daihatsu Motor Co. Ltd.
4.4.2. Honda Motor Co. Ltd.
4.4.3. Isuzu Motors Limited
4.4.4. Mazda Motor Corporation
4.4.5. Mitsubishi Motors Corporation
4.4.6. Renault-Nissan-Mitsubishi Alliance
4.4.7. Stellantis N.V.
4.4.8. Subaru Corporation
4.4.9. Suzuki Motor Corporation
4.4.10. Toyota Motor Corporation
4.4.11. Volkswagen AG
5. KEY STRATEGIC QUESTIONS FOR VEHICLES CEOS
6. APPENDIX
6.1. Global Overview
6.1.1. Overview
6.1.2. Porter’s Five Forces Framework
6.1.3. Global Value Chain Analysis
6.1.4. Market Dynamics (DROs)
6.2. Sources & References
6.3. List of Tables & Figures
6.4. Primary Insights
6.5. Data Pack
6.6. Glossary of Terms
List of Tables & Figures
- Figure 1:
- JAPAN COMMERCIAL VEHICLES MARKET, POPULATION YOY GROWTH RATE, UNITS, 2017 - 2030
- Figure 2:
- JAPAN MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 3:
- JAPAN MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 4:
- JAPAN MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 5:
- JAPAN COMMERCIAL VEHICLES MARKET, INTEREST RATE FOR AUTO LOANS YOY GROWTH RATE, PERCENTAGE, 2017 - 2022
- Figure 6:
- JAPAN MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 7:
- JAPAN MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 8:
- JAPAN MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 9:
- JAPAN COMMERCIAL VEHICLES MARKET, NEW XEV MODELS ANNOUNCED, VOLUME, YOY GROWTH RATE, UNITS, 2023 - 2027
- Figure 10:
- JAPAN COMMERCIAL VEHICLES MARKET, LPI YOY GROWTH RATE, 2017 - 2030
- Figure 11:
- JAPAN MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 12:
- JAPAN MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 13:
- JAPAN COMMERCIAL VEHICLES MARKET, VOLUME IN UNITS, 2017 - 2030
- Figure 14:
- JAPAN COMMERCIAL VEHICLES MARKET, VALUE IN USD, 2017 - 2030
- Figure 15:
- JAPAN COMMERCIAL VEHICLES MARKET, BY VEHICLE BODY TYPE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 16:
- JAPAN COMMERCIAL VEHICLES MARKET, BY VEHICLE BODY TYPE, BY VALUE IN USD, 2017 - 2030
- Figure 17:
- JAPAN COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 18:
- JAPAN COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 19:
- JAPAN COMMERCIAL VEHICLES MARKET, BY BUSES, BY VOLUME IN UNITS, 2017 - 2030
- Figure 20:
- JAPAN COMMERCIAL VEHICLES MARKET, BY BUSES, BY VALUE IN USD, 2017 - 2030
- Figure 21:
- JAPAN COMMERCIAL VEHICLES MARKET, BY HEAVY-DUTY COMMERCIAL TRUCKS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 22:
- JAPAN COMMERCIAL VEHICLES MARKET, BY HEAVY-DUTY COMMERCIAL TRUCKS, BY VALUE IN USD, 2017 - 2030
- Figure 23:
- JAPAN COMMERCIAL VEHICLES MARKET, BY LIGHT COMMERCIAL PICK-UP TRUCKS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 24:
- JAPAN COMMERCIAL VEHICLES MARKET, BY LIGHT COMMERCIAL PICK-UP TRUCKS, BY VALUE IN USD, 2017 - 2030
- Figure 25:
- JAPAN COMMERCIAL VEHICLES MARKET, BY LIGHT COMMERCIAL VANS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 26:
- JAPAN COMMERCIAL VEHICLES MARKET, BY LIGHT COMMERCIAL VANS, BY VALUE IN USD, 2017 - 2030
- Figure 27:
- JAPAN COMMERCIAL VEHICLES MARKET, BY MEDIUM-DUTY COMMERCIAL TRUCKS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 28:
- JAPAN COMMERCIAL VEHICLES MARKET, BY MEDIUM-DUTY COMMERCIAL TRUCKS, BY VALUE IN USD, 2017 - 2030
- Figure 29:
- JAPAN COMMERCIAL VEHICLES MARKET, BY PROPULSION TYPE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 30:
- JAPAN COMMERCIAL VEHICLES MARKET, BY PROPULSION TYPE, BY VALUE IN USD, 2017 - 2030
- Figure 31:
- JAPAN COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY PROPULSION TYPE, 2017 - 2030
- Figure 32:
- JAPAN COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY PROPULSION TYPE, 2017 - 2030
- Figure 33:
- JAPAN COMMERCIAL VEHICLES MARKET, BY FUEL CATEGORY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 34:
- JAPAN COMMERCIAL VEHICLES MARKET, BY FUEL CATEGORY, BY VALUE IN USD, 2017 - 2030
- Figure 35:
- JAPAN COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 36:
- JAPAN COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 37:
- JAPAN COMMERCIAL VEHICLES MARKET, BY BEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 38:
- JAPAN COMMERCIAL VEHICLES MARKET, BY BEV, BY VALUE IN USD, 2017 - 2030
- Figure 39:
- JAPAN COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 40:
- JAPAN COMMERCIAL VEHICLES MARKET, BY FCEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 41:
- JAPAN COMMERCIAL VEHICLES MARKET, BY FCEV, BY VALUE IN USD, 2017 - 2030
- Figure 42:
- JAPAN COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 43:
- JAPAN COMMERCIAL VEHICLES MARKET, BY HEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 44:
- JAPAN COMMERCIAL VEHICLES MARKET, BY HEV, BY VALUE IN USD, 2017 - 2030
- Figure 45:
- JAPAN COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 46:
- JAPAN COMMERCIAL VEHICLES MARKET, BY PHEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 47:
- JAPAN COMMERCIAL VEHICLES MARKET, BY PHEV, BY VALUE IN USD, 2017 - 2030
- Figure 48:
- JAPAN COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 49:
- JAPAN COMMERCIAL VEHICLES MARKET, BY FUEL CATEGORY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 50:
- JAPAN COMMERCIAL VEHICLES MARKET, BY FUEL CATEGORY, BY VALUE IN USD, 2017 - 2030
- Figure 51:
- JAPAN COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 52:
- JAPAN COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 53:
- JAPAN COMMERCIAL VEHICLES MARKET, BY CNG, BY VOLUME IN UNITS, 2017 - 2030
- Figure 54:
- JAPAN COMMERCIAL VEHICLES MARKET, BY CNG, BY VALUE IN USD, 2017 - 2030
- Figure 55:
- JAPAN COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 56:
- JAPAN COMMERCIAL VEHICLES MARKET, BY DIESEL, BY VOLUME IN UNITS, 2017 - 2030
- Figure 57:
- JAPAN COMMERCIAL VEHICLES MARKET, BY DIESEL, BY VALUE IN USD, 2017 - 2030
- Figure 58:
- JAPAN COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 59:
- JAPAN COMMERCIAL VEHICLES MARKET, BY GASOLINE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 60:
- JAPAN COMMERCIAL VEHICLES MARKET, BY GASOLINE, BY VALUE IN USD, 2017 - 2030
- Figure 61:
- JAPAN COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 62:
- JAPAN COMMERCIAL VEHICLES MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2017 - 2030
- Figure 63:
- JAPAN COMMERCIAL VEHICLES MARKET, MOST ADOPTED STRATEGIES, 2017 - 2030
- Figure 64:
- JAPAN COMMERCIAL VEHICLES MARKET SHARE(%), BY MAJOR PLAYERS, 2021
Japan Commercial Vehicles Industry Segmentation
Commercial Vehicles are covered as segments by Vehicle Type. Hybrid and Electric Vehicles, ICE are covered as segments by Propulsion Type.
- In 2020, the Japanese government set a 'carbon neutral' target, aiming for zero carbon emissions by 2050. Despite the challenges posed by the COVID-19 pandemic, Huis Ten Bosch took a step toward its environmental objectives by introducing all-electric buses. The market for alternative vehicles, including plug-in hybrids, fuel cell electric vehicles, and battery electric vehicles, has witnessed a remarkable surge in recent years.
- While the COVID-19 pandemic disrupted numerous sectors, the electric vehicles (EVs) market has been on a notable expansion trajectory, driven by a rising global adoption rate. In the wake of the pandemic, consumers are increasingly seeking more cost-effective options. However, Japan's transportation industry, which accounted for 19% of the nation's total emissions, contributed to a staggering 1.11 billion tons of CO2 emissions in 2019. In response, the automotive sector is actively bolstering efforts to reduce CO2 emissions, ramping up the supply of next-gen vehicles and enhancing fuel efficiency.
- The Japanese government is actively endorsing the use of ethanol in gasoline. By the mid-2030s, the policy aims to phase out gasoline-powered vehicles, favoring a shift toward electric vehicles, including hybrids and fuel cells. To drive economic growth, the government is offering tax exemptions and financial incentives, targeting a boost of JPY 90 trillion (USD 870 billion) annually through green investments and sales by 2030, and a staggering JPY 190 trillion (USD 1.8 trillion) by 2050. This heightened emphasis on battery electric and full hybrid vehicles is poised to shape the market's growth in the coming years.
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Market Definition
- Vehicle Type - The category covers light, medium, and heavy duty commercial vehicle.
- Vehicle Body Type - This includes Light Commercial Pick-up Trucks, Light Commercial Vans, Medium-duty Commercial Trucks, Heavy-duty Commercial Trucks, and Medium and Heavy Duty Buses.
- Fuel Category - The category includes various fuel types such as Gasoline, Diesel, LPG (Liquefied Petroleum Gas), CNG (Compressed Natural Gas), HEV (Hybrid Electric Vehicles), PHEV (Plug-in Hybrid Electric Vehicles), BEV (Battery Electric Vehicles), and FCEV (Fuel Cell Electric Vehicles)
| Keyword | Definition |
|---|---|
| Electric Vehicle (EV) | A vehicle which uses one or more electric motors for propulsion. Includes cars, buses, and trucks. This term includes all-electric vehicles or battery electric vehicles and plug-in hybrid electric vehicles. |
| BEV | A BEV relies completely on a battery and a motor for propulsion. The battery in the vehicle must be charged by plugging it into an outlet or public charging station. BEVs do not have an ICE and hence are pollution-free. They have a low cost of operation and reduced engine noise as compared to conventional fuel engines. However, they have a shorter range and higher prices than their equivalent gasoline models. |
| PEV | A plug-in electric vehicle is an electric vehicle that can be externally charged and generally includes all-electric vehicles as well as plug-in hybrids. |
| Plug-in Hybrid EV | A vehicle that can be powered either by an ICE or an electric motor. In contrast to normal hybrid EVs, they can be charged externally. |
| Internal combustion engine | An engine in which the burning of fuels occurs in a confined space called a combustion chamber. Usually run with gasoline/petrol or diesel. |
| Hybrid EV | A vehicle powered by an ICE in combination with one or more electric motors that use energy stored in batteries. These are continually recharged with power from the ICE and regenerative braking. |
| Commercial Vehicles | Commercial vehicles are motorized road vehicles designed for transporting people or goods. The category includes light commercial vehicles (LCVs) and medium and heavy-duty vehicles (M&HCV). |
| Passenger Vehicles | Passenger cars are electric motor– or engine-driven vehicles with at least four wheels. These vehicles are used for the transport of passengers and comprise no more than eight seats in addition to the driver’s seat. |
| Light Commercial Vehicles | Commercial vehicles that weigh less than 6,000 lb (Class 1) and in the range of 6,001–10,000 lb (Class 2) are covered under this category. |
| M&HDT | Commercial vehicles that weigh in the range of 10,001–14,000 lb (Class 3), 14,001–16,000 lb (Class 4), 16,001–19,500 lb (Class 5), 19,501–26,000 lb (Class 6), 26,001–33,000 lb (Class 7) and above 33,001 lb (Class 8) are covered under this category. |
| Bus | A mode of transportation that typically refers to a large vehicle designed to carry passengers over long distances. This includes transit bus, school bus, shuttle bus, and trolleybuses. |
| Diesel | It includes vehicles that use diesel as their primary fuel. A diesel engine vehicle have a compression-ignited injection system rather than the spark-ignited system used by most gasoline vehicles. In such vehicles, fuel is injected into the combustion chamber and ignited by the high temperature achieved when gas is greatly compressed. |
| Gasoline | It includes vehicles that use gas/petrol as their primary fuel. A gasoline car typically uses a spark-ignited internal combustion engine. In such vehicles, fuel is injected into either the intake manifold or the combustion chamber, where it is combined with air, and the air/fuel mixture is ignited by the spark from a spark plug. |
| LPG | It includes vehicles that use LPG as their primary fuel. Both dedicated and bi-fuel LPG vehicles are considered under the scope of the study. |
| CNG | It includes vehicles that use CNG as their primary fuel. These are vehicles that operate like gasoline-powered vehicles with spark-ignited internal combustion engines. |
| HEV | All the electric vehicles that use batteries and an internal combustion engine (ICE) as their primary source for propulsion are considered under this category. HEVs generally use a diesel-electric powertrain and are also known as hybrid diesel-electric vehicles. An HEV converts the vehicle momentum (kinetic energy) into electricity that recharges the battery when the vehicle slows down or stops. The battery of HEV cannot be charged using plug-in devices. |
| PHEV | PHEVs are powered by a battery as well as an ICE. The battery can be charged through either regenerative breaking using the ICE or by plugging into some external charging source. PHEVs have a better range than BEVs but are comparatively less eco-friendly. |
| Hatchback | These are compact-sized cars with a hatch-type door provided at the rear end. |
| Sedan | These are usually two- or four-door passenger cars, with a separate area provided at the rear end for luggage. |
| SUV | Popularly known as SUVs, these cars come with four-wheel drive, and usually have high ground clearance. These cars can also be used as off-road vehicles. |
| MPV | These are multi-purpose vehicles (also called minivans) designed to carry a larger number of passengers. They carry between five and seven people and have room for luggage too. They are usually taller than the average family saloon car, to provide greater headroom and ease of access, and they are usually front-wheel drive. |
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Research Methodology
Mordor Intelligence follows a four-step methodology in all its reports.
- Step-1: Identify Key Variables: To build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built based on these variables.
- Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. Market revenue is calculated by multiplying the sales volume with their respective average selling price (ASP). While estimating ASP factors like average inflation, market demand shift, manufacturing cost, technological advancement, and varying consumer preference, among others have been taken into account.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables, and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms.
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