Ever wonder what is a commercial vehicle and which are the top commercial vehicle manufacturers and truck manufacturers in the world? Let Duniakagyan keep you in the know of the top 10 of them.
What is a Commercial Vehicle?
Think of it as any four-wheeler used to transport people and goods for monetary gains. Its ownership could rest with either a private individual or a business. Trucks, buses, trailers, or other four-wheelers used for commercial purposes fall in the commercial vehicle (CMV) category.
Specifications might vary from country to country, but a vehicle must fulfill certain conditions to qualify as a commercial vehicle. These might include the following:
- The vehicle’s ownership rests with a business entity or it is employed for commercial purposes but owned by a private individual.
- It could be leased and operated by a banking institution, which owns it
- In certain countries, any vehicle weighing more than the specified weight limit pass as a commercial vehicle, notwithstanding whether it’s used for business purposes or owned commercially.
Types of Commercial Vehicles:
Typically, the following vehicles fall in the Commercial Vehicle category:
- Buses
- Light Vans
- Light Pick-up Trucks
- Medium-duty Trucks
- Heavy-duty Trucks
Now that you know what a commercial vehicle is, it’s time to look at the top commercial vehicle manufacturers in the world. We have rounded up the top 10 of them, based on their capabilities.
1. Toyota Motor Corporation
Toyota has built a reputation for providing high-performance vehicles backed by top-notch service. The Japanese company manufactures and markets a stunning variety of personal and commercial automobiles. This includes SUVs, luxury & sport utility vehicles, minivans, buses, trucks, etc. That makes Toyota one of the top commercial vehicle manufacturers in the world.
Kiichiro Toyota founded this now multinational automotive manufacturer in 1937 with headquarters in Toyota, Aichi, Japan. As of July 2014, Toyota was the largest company in Japan with respect to market capitalization and revenue. On the last count, it was rolling out 10 million vehicles yearly.
As one of the leading truck manufacturers, Toyota manufactures a vast variety of truck models to suit different needs and budgets. The popular truck models include the Toyota Tacoma, Toyota Tundra, and Toyota Hilux, among others. Many of these models are available internationally.
- Since: 1937
- Founder: Kiichiro Toyoda
- Headquarters: Toyota City, Aichi, Japan
- Revenue: US$256.7 billion (FY21)
- Operating Income: ¥2,197,748 million (FY21)
- Net Income: ¥2,282,378 million (FY21)
- Total Assets: US$562 billion (FY21)
- Number of Employees: 366,283 (FY21)
- Website: global.Toyota
2. Tata Motors
Tata Motors is Asia’s largest automobile manufacturing company. The company has 20 state-of-the-art locations globally to roll out commercial vehicles, such as vans, cars, coaches, pickups, trucks, SUVs, and more. Seven are in India, and the rest are in the UK, South Korea, South Africa, Thailand, and Indonesia. The company continues to introduce new models and variants of commercial vehicles to meet evolving market needs in India and internationally.
Tata Motors has been headquartered in Mumbai since 1945. It came into being as Tata Engineering and Locomotive Company (TELCO) with JRD Tata being its founder. It has a bus-manufacturing joint venture with Marcopolo S.A. (Tata Marcopolo) that rolls out world-class buses for Indian conditions. Over the years, Tata has emerged as one of the top truck manufacturers with a vast product range. These include Tata Ace, Tata Super Ace, Tata Xenon, Tata Ultra, Tata Prima, Tata Signa, and Tata LPT/LPK/LPS, among others.
- Since: 1945
- Founder: Jehangir Ratanji Dadabhoy Tata
- Headquarters: Mumbai, Maharashtra, India
- Revenue: US$44 billion (2023)
- Operating Income: US$380 million (2023)
- Net Income: US$340 million) (2023)
- Total Assets: US$42 billion (2023)
- Number of Employees: 59,000+(2022)
- Website: www.tatamotors.com
3. Mahindra & Mahindra Ltd
Mahindra & Mahindra Ltd is a conglomerate worth $19 billion. It is the largest manufacturer of tractors globally and one of the largest SUV manufacturers in India. Obviously, it is also among the top commercial vehicle manufacturers in the world. Mahindra & Mahindra manufactures and markets two-wheelers, buses, pickups, tempos, trucks, and other commercial vehicles.
Mahindra & Mahindra is based out of Mumbai, Maharashtra, India. It started as a steel trading company in 1945 in Ludhiana, later renamed Mahindra & Mahindra. The company is committed to investing in state-of-the-art technology to evolve and grow.
As one of the leading truck manufacturers, Mahindra offers HCV (BlazoX range of GVW, Truck & Tipper), ICV (Furio range of GVW & Truck), and LCV (Furio and Jaya ranges of GVW & Truck). Also, Cruzio and Cruzio Grande complete the company’s bus portfolio.
- Since: 2005
- Headquarters: Pune, Maharashtra, India
- Area Served: India, Bangladesh, Nepal & Sri Lanka
- Number of Employees: 900 approx.
- Net Income: US$680 million (2022)
- Revenue: US$11 billion (2022)
- Total Assets: US$22 billion (2022)
- Website: auto.mahindra.com
4. Suzuki Motor Corporation
Suzuki Motor Company (SMC) manufactures a stunning variety of vehicles. Think automobiles, two-wheelers, ATVs, wheelchairs, outboard marine engines, and more. It’s also associated with other small internal combustion engines. Founded in 1909, it’s one of the oldest players in the automobile industry.
Headquartered in Minami-Ku, Hamamatsu, SMC is a vision of Michio Suzuki. In over 112 years, the company has extended its operations to 23 countries and put together 35 manufacturing units. Over 133 distributors sell Suzuki vehicles in 192 nations.
As a truck manufacturer, Suzuki does not have an extensive lineup like the other companies on the list. Their more popular offerings include Suzuki Carry, a pickup truck available in flatbed, enclosed van, and passenger variants. Likewise, Suzuki Every comes across as a small multipurpose van, which you can use for light cargo transportation upon some modifications.
- Since: 1909
- Founder: Michio Suzuki
- Headquarters: Hamamatsu, Shizuoka, Japan
- Area Served: Worldwide
- Revenue: ¥3.568 trillion (2021)
- Operating Income: ¥191.5 billion (2021)
- Net Income: ¥160.3 billion (2021)
- Total Assets: ¥4.155 trillion (2021)
- Website: www.globalsuzuki.com
5. Daimler India Commercial Vehicles Pvt. Ltd
When it comes to the top commercial vehicle manufacturers in the world, Daimler India is among the top five. It’s an offshoot of the German Daimler AG, which continues to support the diverse requirements of Indian clients with CMVs designed to keep the Indian topography in perspective. Daimler India’s CMVs bear brand names, including “Fuso”, “Mercedes Benz”, or “BharatBenz”.
Beyond its country of origin, Daimler has established its largest R&D facility in Bangalore. They manufacture Commercial vehicles, Trucks, and Buses. Daimler has a long and healthy association with India. In 1954, Tata gained a production license from the German auto giant. In fact, Mercedes-Benz is credited with being the first truck designed especially for the Indian roads.
Daimler has proven credentials as one of the top truck manufacturers. They offer The Light Duty Trucks (LDT) and Heavy Duty Trucks (HDT) in the 9, 12, 25, 31, and 49-tonne categories. Some of their popular truck models include BharatBenz 1014R, BharatBenz 4928R, BharatBenz 2523R, and BharatBenz 1617R. These are medium and heavy-duty trucks designed for rough conditions.
- Since: 2009
- Headquarters: Chennai, India
- Products: Commercial vehicles, Trucks & Buses
- Owner: Daimler Truck AG
- Operating Revenue: INR 500 Crore (2022)
- Number of Employees: 3000+
- Website: www.daimler-trucksasia.in
6. Daihatsu Motor Co., Ltd.
Daihatsu Motor has been manufacturing combustion engines for over seven decades. That makes it one of the oldest in the business. Besides engines, Daihatsu manufactures and sells commercial vehicles as well. They have shaped a reputation for fuel-efficient, practical, and reliable vehicles.
Daihatsu hails from Japan and has established credentials in manufacturing three-wheeled vehicles and a fine selection of Kei models, alongside passenger and off-road vehicles. In August 2016, Toyota Motor bought Daihatsu and made it its subsidiary. The company is based out of Ikeda, Osaka, and operates in Japan, Malaysia & Indonesia. In Malaysia, it operates as Perodua.
Much like Suzuki, Daihatsu offers a small yet sturdy truck lineup. Their best-selling model, Daihatsu Delta, is available in a flatbed, box truck, and passenger van variants. Another key model is the Daihatsu Gran Max, which is a compact truck designed for the transportation of smaller cargo.
- Since: 1951
- Parent Company: Toyota
- Headquarters: Ikeda, Osaka, Japan
- Area Served: Japan, Indonesia, Malaysia
- Revenue: ¥1,327 billion (FY2021)
- Operating Income: ¥50 billion (FY2021)
- Net Income: ¥79 billion (FY2021)
- Total Assets: ¥917 billion (FY2021)
- Number of Employees: 12,426 (April 2022)
- Website: daihatsu.com
7. Honda Motor Co Ltd. Company
In 2013, Honda did the unprecedented. It became the only brand from Japan to emerge as an exporter from America. Its export volume stood at 108,705 units while the imports were only 88,357. Also, Honda has what it takes to be among the top commercial vehicle manufacturers in the world.
Honda caters to market needs with a diverse selection of CMVs, luxury vehicles, two-wheelers, and more. Other offerings include outboard motors, electric generators, water pumps, lawn and garden equipment, rotary tillers, jet engines, and thin-film solar cells, among others.
Honda, founded by Soichiro Honda and Takeo Fujisawa in 1946, is a Japanese conglomerate based in Minato, Tokyo. Since 1959, the company has been the world leader in motorcycle manufacturing. Even though the focus is on passenger cars and motorcycles, the company offers a select range of SUV models, notably the Honda CR-V, Honda Pilot, and Honda Passport to support different needs.
- Since: 1948
- Founder: Soichiro Honda
- Headquarters: Minato, Tokyo, Japan
- Area Served: Global
- Revenue: ¥14.95 trillion (2022)
- Operating Income: ¥871.2 billion (2022)
- Net Income: ¥707.0 billion (2022)
- Total Assets: ¥23.97 trillion (2022)
- Number of Employees: 204,035 (2022)
- Website: global.honda
8. Mitsubishi Fuso Truck and Bus Corporation
Mitsubishi Fuso Truck and Bus Corporation (MFTBC) has a special talent for designing and manufacturing trucks, buses, vans, and industrial engines. From light-duty to heavy-duty trucks, the company manufactures it all to support varying requirements across 160 markets globally. Germany-based Daimler AG owns the majority stakes (89.29%) in Mitsubishi Fuso.
Mitsubishi Fuso comes across as one of the leading truck manufacturers in the world. They offer a wide selection of trucks with different payload capacities, engine types, and body configurations. Your best option is Mitsubishi Fuso Canter if you are looking for a medium-duty truck. Mitsubishi Fuso Fighter is another medium-duty truck that can support long-haul transportation needs. For more challenging applications, you can always rely on Mitsubishi Fuso Super Great.
- Since: 1932
- Parent Company: Daimler Truck
- Headquarters: Nakahara-ku, Kawasaki, Kanagawa, Japan
- Area Served: Worldwide
- Revenue: $7.6 billion (2010)
- Owners: Daimler Truck (89.29%) & Mitsubishi (10.71%)
- Number of Employees: 10,000
- Website: mitsubishi-fuso.com
9. Isuzu Motors Ltd.
It is a Japanese brand associated with CMVs and diesel engines. Isuzu Motors also manufactured and sold passenger cars till 2002. The company has a strong presence in well over 100 countries worldwide with overseas sales accounting for 60% of their business.
Isuzu has been headquartered in Tokyo, Japan since 1916. Like all conglomerates, the company has multiple subsidiaries and joint ventures.
- Since: 1934
- Headquarters: Yokohama Gate Tower, Nishi-ku, Yokohama, Japan
- Area Served: Global
- Revenue: ¥2,514.29 billion (2022)
- Operating Income: ¥187.19 billion (2022)
- Net Income: ¥126.19 billion (2022)
- Total Assets: ¥2,856,139 million (2022)
- Number of Employees: 36,856 (2022)
- Website: www.isuzu.co.jp/world/index.html
10. Hino Motors, Ltd.
Another Japanese brand, Hino, makes it to the list at number 10. As one of the top commercial vehicle manufacturers in the world, it has a tradition of manufacturing quality CMVs and diesel engines. The company rules the roost in Asia when it comes to manufacturing medium and heavy-duty diesel trucks. Currently, the company has operations in about 90 countries.
Based out of Hino, Tokyo, Hino Motors was established in 1942 as a Toyota Group company. As of now, it is one of the top 16 subsidiaries of Toyota Motors Co.
- Since: 1942
- Parent Company: Toyota
- Founders: Shibusawa Eiichi & Asano Sōichirō
- Headquarters: Hino, Tokyo, Japan
- Area Served: Global
- Revenue: ¥1,459,706 million (2022)
- Operating Income: ¥33,810 million (2022)
- Net Income: −¥84,732 million (2022)
- Total Assets: ¥1,258,350 million (2022)
- Number of Employees: 33,850 (2022)
- Website: www.hino-global.com
Conclusion
This was our list of the 10 top commercial vehicle manufacturers in the world. A vast majority of them are Japanese brands, which underlines Japan’s innovation and engineering prowess. With Tata and Mahindra, India is also well represented in the list. We hope, you liked the information and found it useful. For more such informative content, stay tuned to Duniakagyan, the only source you need for all the gyan in the world. Feel free to share your thoughts in the comment section below.
