The global commercial vehicle cabin marketis expected to grow at a CAGR of around 3% during the forecast period, according to Technavio's latest report.
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Technavio has published a new report on the global commercial vehicle cabin market from 2017-2021. (Graphic: Business Wire)
In this report, Technavio covers the market outlook and growth prospects of global commercial vehicle cabin marketfor 2017-2021. The market is segmented based on vehicle type, which include LCVs and HCVs.
The commercial vehicle cabin market is expected to grow due to the stringent government regulations on safety and convenience. For instance, the installation of an HVAC unit is a safety measure to safeguard the driver against extreme climatic conditions. The comfort features in CVs drivers help the aging drivers to drive comfortably. Due to the decline in the skilled worked force, the fleet operators maximize the comfort features to ease driving. A comfortable vehicle enhances the driving experience. The global commercial vehicle cabin market is expected to grow during the forecast period.
Technavio's research analysts segments the global commercial vehicle cabin market into the following regions:
- Americas
- APAC
- EMEA
Americas: largest commercial vehicle cabin market
"The US and Canada were the key contributors to the commercial vehicle cabin market in the Americas. There is a high demand for commercial vehicle cabins due to the high adoption of commercial vehicles in the region," says Siddharth Jaiswal, a lead analyst at Technavio for research on automotive manufacturing
The Americas is the largest market in the global LCV market. The region sold more than 11.31 million LCVs in 2016. Key players, such as Ford, are crucial for the CV market in the Americas. The entry of new players has intensified competition in the region.
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Commercial vehicle cabin market in APAC
"APAC will record the fastest growth among all regions. The governments in this region have mandated location-based tracking systems in trucks, school buses, and vans to improve safety. The introduction of these modern features in commercial vehicle cabins will drive market growth," says Siddharth.
China, Japan, and Australia dominate the commercial vehicle cabin market in APAC. The market will witness strong growth during the forecast period due to the rising demand in India, China, Thailand, and Indonesia. Due to the increasing awareness and the growing demand for safety and convenience features, OEMs like Ford and GM are fitting LCV cabins with in-vehicle entertainment and information systems.
Commercial vehicle cabin market in EMEA
Technological innovations have revolutionized the commercial vehicle market in EMEA. CV manufacturers offer infotainment systems, convenience and comfort features, and better styling to gain a competitive edge. These innovations are expected to drive the market growth.
The LCV segment in Europe is expected to witness significant growth during the forecast period due to the growth in the home delivery sector. Vans are the most preferred vehicles for the transportation and distribution of goods due to the restrictions on HCVs in cities. The European governments focus on reducing emissions by pushing the demand for LCVs over HCVs. Renault is the market leader in the LCV segment in Europe.
The top vendors in the global commercial vehicle cabin market highlighted in the report are:
- Ford Motor Company
- General Motors
- Daimler
- Toyota Motor
- Volvo
- Volkswagen
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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