The global Commercial Vehicle (CV) market is growing at a compound annual growth rate (CAGR) of 6.8% and is expected to reach USD 3.07 Trillion by 2030. The revenue portfolios can be divided into four groups:
- Traditional vehicle sales
- Aftermarket sales
- Fleet services, and
- Other services (insurance)
Interestingly, in the truck segment alone, revenue from fleet services is likely to be 32% higher than it is today, and other non-sales service revenues are likely to be 43% higher. This will result in a $465 billion shift from traditional sales to new services by 2030.