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Trends Shaping The Future of Commercial Vehicle Industry

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Several trends are transforming the outlook for commercial vehicles in 2020’s and beyond. They include growth in the use of electric and self-driving cars, vans, and trucks, more reliance on connectivity and vehicle data, the growing popularity of predictive maintenance, monitoring commercial vehicles using tracking devices, the introduction of shorter model cycles, enhanced agility of and innovation in commercial vehicles, as well as the trend towards creating a better customer experience for people driving commercial vehicles and using them to deliver products to cities worldwide. The trends mentioned above and many others will transform commercial vehicles in the 2020’s.

Commercial Vehicle Trends

Top 10 Commercial Vehicle Trends

Increased Use Of Electric Vehicles

To protect and improve the environment, commercial vehicle manufacturers have begun to introduce zero-emission electric-powered cars, vans, and trucks and have started to phase out commercial vehicles powered by environment polluting fossil fuels.

Improved electric vehicle battery technology has now made electric-powered commercial vehicles a viable option to those powered by an internal combustion engine. A growing number of electric vehicles are now powerful enough and have a long enough range for many commercial vehicles. Beginning in 2021, more of them will be on roadways worldwide as more cities begin enacting anti-pollution regulations and penalties.

Here Comes The Self-Driving Commercial Vehicles

Many companies that manufacture commercial vehicles have been experimenting with the new self-driving technologies. Several trucking companies have been testing automated self-driving vehicles on roadways and highways all over the world. And a number of them plan to begin using self-driving vehicles as a big part of their commercial trucking fleet in 2021. Bluetooth, GPS, 5G, Wi-Fi, and other connectivity technology have made using self-driving commercial vehicles a viable option. Plus, research shows fewer accidents, are more fuel-efficient, and don’t need rest like human drivers.

The Benefits Of More Connectivity

In 2021 and beyond, commercial vehicles will benefit from more connectivity. There are already many examples that prove commercial vehicles fitted with high-speed connections provide a safer driving experience. Increased connectivity will also enable companies to gather and quickly analyze more data from all the commercial vehicles in their fleet. That will include information on the speed, fuel economy, emissions, and time spent parked and idling, and environmental impact. The use of 3K to 4K video technology will enhance diversity mobility and help to transform and improve commercial vehicles.

Predictive Maintenance

In 2021 a growing number of vehicles will have systems in place to allow drivers and fleet managers to do timely predictive maintenance on commercial vehicles. Modern connected vehicles generate a lot of valuable data about their parts and systems. That data can be used to notify drivers and fleet managers when specific parts of a vehicle need maintenance services. It could include when to change the oil, transmission fluid, or brake pads. Other predictive maintenance services include changing the air or fuel filters, brake or power steering fluid, and any other system that needs to be serviced periodically.

The Use Of Tracking Devices

Another commercial vehicle trend poised to become more prevalent in 2021 is using tracking devices to monitor the location, speed, and other activities of the cars, vans, SUVs, and trucks used for commercial activities. This allows companies to monitor how and where the vehicles are being used more closely. The information tracking devices provide companies the data to know precisely where their commercial vehicles are located at all times. The tracking devices can show if any commercial vehicles have deviated from their assigned route or job site. Those tracking devices are a great tool for identifying and preventing theft of materials and unauthorized vehicle use.

Shorter Model Cycles

Shorter model cycles are another trend, with commercial vehicles anticipated to be much more prevalent beginning in the 2021 model year. Traditionally the model cycle of commercial vehicle models and technologies is between five and eight years. However, beginning in 2021, the lifecycle of the new technology used on many new commercial cars, vans, SUVs, and trucks will only be a year or two. As such, the vehicle model cycle of the commercial vehicles will be shorter as well. The rapid pace at which the digital technologies that are being installed in commercial vehicles are changing will lead to significantly shorter model cycles.

Enhanced Agility And Innovation

In 2021 and beyond, commercial vehicles will be more agile and innovative. Information Technology departments at many automakers play integral roles in the development of commercial vehicles with much more agility and cutting-edge innovations. Many new commercial vehicles in the production pipeline can do things thought to be impossible for heavy-duty vehicles to do not long ago. The pace of innovation in the product development that enhances the agility and innovation of the new commercial vehicles is staggering. Companies can now get commercial vehicles to perform any task their customers need.

Growing Demand For Commercial Vehicles In Asia And Africa

Construction is one of the many industries in which commercial vehicles are vital. The growing number of construction projects in Asia and Africa will require a wide array of commercial vehicles. In Saudi Arabia they are doing a $500 billion project creating a futuristic new smart city. It’s 460 kilometers long and covers 26,500 square kilometers in area, and will require lots of commercial vehicles to complete.

China will also need to import lots of commercial vehicles to complete its One Belt One Road project. It’s a construction project that combines facilities for road, rail, and sea-based activities. Plus, there are construction projects in Africa worth $120 billion that will require many imported commercial vehicles.

Radical Changes In The Commercial Vehicle Sector In India

India’s commercial trucking industry is undergoing radical changes in 2021, and it will need lots of technologically advanced commercial vehicles. They will need commercial vehicles that will handle a diverse array of jobs without exacerbating the country’s high pollution levels. India also needs commercial vehicles with the latest innovations to help with road safety issues. The Indian government has made its goal to get commercial vehicles with technology on par with top global standards. The demand for commercial vehicles in India will last for years and be supported by many government incentives.

Improved Commercial Vehicle Buying Experience

Another 2021 trend related to commercial vehicles that are expected to make a significant and lasting impact is improvements in how commercial vehicles are bought. Before 2021, when people wanted to buy commercial vehicles, they had to make time in their hectic schedule to visit a dealership and haggle with salespeople to try to get the best deal.

In 2021 and beyond, the commercial vehicle buying experience will be faster, better, and more accessible. Buyers will be able to log on to an app or a website, find the vehicles they want with the features and technology they need at the right price, and purchase it without having to visit a dealership showroom.

10 Must-Know Statistics

The following are some vital statistics related to the worldwide growth in commercial vehicles in communities in several of the most populous developed and developing countries.

  1. The commercial vehicle market is expected to grow by 6.63% annually and be valued over $2094.85 billion by 2024.
  2. The main factor behind the increase in demand globally for commercial vehicles in the developing countries of Asia-Pacific region. The building spree will require countless commercial vehicles.
  3. The time it takes to shop for commercial vehicles will continue to reduce in 2021 and beyond. It took 96 days in 2017 and will only take 20 days in 2021 because buyers use accurate data and online tools.
  4. Electric busses will make up 20% of global bus sales by 2021 because of increased use in the Asia-Pacific and European regions.
  5. Commercial vehicle sales fell 42.2% between March 2020 and March 2021 because of the negative impact Covid-19 had on commercial activities.
  6. In India, monthly commercial vehicle sales are estimated to be 90 thousand units by the end of the 2021 financial year.
  7. Russia is projected to produce 134.8 thousand light commercial vehicles in 2021.
  8. Increased global demand for connected commercial vehicles is expected to increase the global commercial vehicle telematics market by 18.9% a year. By 2026 it’s projected to reach $41.29 billion.
  9. The market for commercial vehicles is anticipated to grow by 18% in Europe between 2021 and 2026. During that period, the Asia-Pacific region will have 20.4% growth, the fastest in the world.
  10. Light commercial vehicle sales are projected to grow by 20.3% between 2019 and 2026.
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