Commercial Vehicles - Americas

Americas

In the Americas, the Commercial Vehicles market is anticipated to achieve unit sales of 14.52m vehicles by 2024.
This market is projected to witness a compound annual growth rate (CAGR 2024-2029) of -0.25%, resulting in a market volume of 14.34m vehicles by 2029.
The production of Commercial Vehicles market is expected to reach 13.07m vehicles units by 2029, indicating the potential for significant market expansion.
Notably, the in the United States is predicted to account for the majority of sales in 2024, with 11,630.00k vehicles units sold.
In the Americas, the commercial vehicles market is experiencing a shift towards electric and hybrid models, driven by increasingly stringent environmental regulations.

Definition

A commercial vehicle is a motor vehicle that is used for business or commercial purposes rather than personal use. These vehicles are designed and used for transporting goods and passengers or providing services in exchange for compensation. The specific definition of a commercial vehicle can vary from one jurisdiction to another, and it may encompass a wide range of vehicles, depending on their size, purpose, and usage.

Structure

The Commercial Vehicles market is structured into three markets:

Light Commercial Vehicles (LCVs): This market focuses on vehicles designed for the transportation of goods or provision of services on a relatively small scale. LCVs typically include vans, mini trucks, and small cargo vehicles used by businesses and individuals for local deliveries, trade, and various commercial applications. Light commercial vehicles are defined as vehicles meant for carrying goods or passengers with a gross vehicle weight rating (GVWR) of up to 3.5 tons with some variation based on specific vehicle models, designs, and regional regulations.
Buses: Buses are motor vehicles designed for the transportation of passengers, varying in size and capacity and ranging from small minibuses to large coaches. This market considers medium and heavy buses and coaches (MHBCs). The gross vehicle weight rating (GVWR) of MHBCs typically exceeds 3.5 tons.
Trucks: The Trucks market is dedicated to heavy-duty vehicles used for the transportation of goods over long distances. Trucks are motor vehicles designed to transport cargo, ranging from small delivery trucks to heavy-duty freight carriers. Only heavy commercial vehicles (HCVs) are considered in this market. HCVs are typically defined as vehicles with a GVWR of 16 tons or more.

Additional Information

The market includes the production and sales of commercial vehicles within a specific region, regardless of the brand or model. Private vehicles, recreational vehicles, construction, and agricultural vehicles, as well as specialty vehicles such as ambulances and fire engines, are not included in the Commercial Vehicles market.

Notable key players in the Commercial Vehicles market include industry giants such as Daimler AG, Volvo Group, and PACCAR Inc., as well as various regional manufacturers and specialized vehicle manufacturers. These companies play a pivotal role in shaping the market landscape and driving innovation within the industry.

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Analyst Opinion

The Commercial Vehicles market in Americas is witnessing significant growth and development in recent years. Customer preferences, market trends, local special circumstances, and underlying macroeconomic factors are all contributing to this positive trajectory.

Customer preferences play a crucial role in shaping the Commercial Vehicles market in Americas. Customers are increasingly looking for vehicles that are fuel-efficient, environmentally friendly, and technologically advanced. They are also demanding vehicles that offer a high level of safety and comfort.

As a result, manufacturers are focusing on developing vehicles that meet these demands, incorporating features such as hybrid or electric engines, advanced safety systems, and connected technologies. Trends in the market further highlight the development of the Commercial Vehicles market in Americas. One major trend is the increasing demand for light commercial vehicles, driven by the growth of e-commerce and last-mile delivery services.

These vehicles are essential for transporting goods in urban areas, where larger trucks may face restrictions. Another trend is the rise of electric commercial vehicles, as governments and businesses prioritize sustainability and emission reduction. The adoption of electric vehicles is expected to increase in the coming years, driven by government incentives and the development of charging infrastructure.

Local special circumstances also contribute to the growth of the Commercial Vehicles market in Americas. In some countries, such as Brazil and Mexico, the commercial vehicle market is driven by the need for transportation in rural areas and the agricultural sector. These countries have vast agricultural lands, and commercial vehicles are essential for carrying agricultural produce and equipment.

Furthermore, the construction industry plays a significant role in driving the demand for commercial vehicles in the Americas. As countries invest in infrastructure development, the need for commercial vehicles for transporting construction materials and equipment increases. Underlying macroeconomic factors are also influencing the development of the Commercial Vehicles market in Americas.

Economic growth, urbanization, and population growth are driving the demand for commercial vehicles. As economies grow, there is an increased need for transportation of goods and services. Urbanization leads to the expansion of cities and the need for efficient transportation within urban areas.

Additionally, population growth drives the demand for goods and services, which in turn increases the demand for commercial vehicles. In conclusion, the Commercial Vehicles market in Americas is experiencing growth and development due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The demand for fuel-efficient, environmentally friendly, and technologically advanced vehicles, as well as the rise of e-commerce and last-mile delivery services, are driving the market.

Local factors such as the need for transportation in rural areas and the growth of the construction industry further contribute to the market's development. Overall, the Commercial Vehicles market in Americas is poised for continued growth in the coming years.

Methodology

Data coverage:

The data encompasses B2B enterprises. Figures are based on unit sales and production of commercial vehicles.

Modeling approach:

Market sizes are determined through a combined Top-Down and bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Consumer Insights Global survey). In addition, we use relevant key market indicators and data from country-specific associations, such as consumer spending per capita on transportation and consumer price index for purchase of vehicles. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, linear regression, the S-curve function and exponential trend smoothing methods are applied.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.