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Truck manufacturing companies are now using alternative drive systems to produce environmentally friendly low carbon emission trucks. Alternative drive systems are hydrogen-powered, electric or hybrid vehicles. They have significantly low carbon emissions, make use of renewable fuels and lower fuel costs by up to 50%. For example, Mercedes-Benz manufactures trucks with alternative drive systems using biogas as fuel, thus making them sustainable, inexpensive and CO2 neutral. Daimler has the world’s largest truck fleet with hybrid drives. Hybrid trucks are being commercially used in North America, Europe and Japan.
Asia Pacific was the largest geographic region in the market, accounting for nearly one-third of the global market, and China was the largest country accounting for nearly one-third of the global commercial vehicles market.
According to The Business Research Company’s Consultant, Nitin Gianchandani, many motor vehicle manufacturing companies are integrating pre-collision assist and pedestrian detection technology in their vehicles to offer advanced safety features to customers. These technologies help in detection of blind spots and also alerts the driver when they are losing focus while driving, this system can also apply auto brake if driver falls asleep and does not respond to the warning, and thus these technologies significantly improve driver and pedestrian safety. For instance, in 2015, Ford launched Mondeo brand with pre-collision assist and pedestrian technology. Hyundai, Honda, Chevrolet and Volvo have also launched vehicles with pre-collision assist and pedestrian technology.
Daimler AG was the biggest player in the commercial vehicles market, with revenues worth $164 billion in 2016. Daimler AG’s growth strategy is product diversification. They plan to invest 10 billion euros in the expansion of their electric models at Mercedes-Benz Cars alone, and launch more than 10 new electric vehicles by 2022. They are the first manufacturers to produce an electric truck in series. An electric bus and transporter will enter the market in 2018.
The commercial vehicles market is segmented into Light Commercial Vehicle; Heavy Trucks; Buses; Coaches.
Light Commercial Vehicle comprises establishments primarily engaged in manufacturing complete light trucks and utility vehicles such as light duty vans, pick-up trucks, minivans, and sport utility vehicles.
Heavy Trucks comprises establishments primarily engaged in manufacturing complete heavy trucks and vehicles for the purpose of transporting bulk goods etc.
Buses comprises establishments primarily engaged in manufacturing buses for the purpose of transporting people and goods.
Coaches comprises establishments primarily engaged in manufacturing buses for the purpose of transporting goods.
Commercial Vehicles Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $4000 for an individual user. To use across your office, the price is $6000 and $8000 if you wish to use across a multinational company.
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