Commercial Vehicles

Armenia

Highlights

The Commercial Vehicles market in Armenia is anticipated to witness a rise in unit sales, with projections indicating a figure of 1.26k vehicles by the year 2024.
Furthermore, it is expected that the market will experience a compound annual growth rate (CAGR 2024-2030) of -1.52%, ultimately resulting in a market volume of 1.15k vehicles by 2030.
This growth trajectory suggests the potential for the Commercial Vehicles market in Armenia to expand significantly.
With regards to production, it is forecasted that the Commercial Vehicles market in Armenia will reach a production volume of 0.00 by 2030.
This figure serves as an indicator of the market's capacity for growth and development.
When considering the international landscape, it is noteworthy that a significant portion of the sales in the Commercial Vehicles market, specifically 13.75m vehicles units, is anticipated to occur the United States by the year 2024.
This highlights the prominence of the United States as a key market player in the global Commercial Vehicles market industry.
Armenia's commercial vehicle market is experiencing a surge in demand for electric vehicles, driven by government incentives and a growing focus on sustainability.

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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Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Commercial Vehicles market in Armenia has been experiencing significant growth in recent years. Customer preferences in the Armenian market for commercial vehicles have been shifting towards more modern and technologically advanced vehicles.

Customers are increasingly looking for vehicles that offer better fuel efficiency, lower emissions, and improved safety features. This trend is in line with global customer preferences, as businesses around the world are becoming more conscious of their environmental impact and are seeking vehicles that can help them reduce their carbon footprint. Additionally, customers in Armenia are also looking for vehicles that offer better comfort and convenience features, as well as vehicles that are versatile and can be used for multiple purposes.

One of the key trends in the Commercial Vehicles market in Armenia is the growing demand for electric and hybrid vehicles. As the government and businesses in Armenia are increasingly focused on sustainability and reducing dependence on fossil fuels, the demand for electric and hybrid commercial vehicles has been on the rise. This trend is also driven by the availability of government incentives and subsidies for electric and hybrid vehicles, which make them more affordable for businesses.

Furthermore, the improving charging infrastructure in the country is also contributing to the growth of the electric and hybrid commercial vehicle market. Another trend in the market is the increasing popularity of light commercial vehicles. These vehicles are smaller in size compared to heavy commercial vehicles, and they are preferred by businesses for their versatility and lower operating costs.

Light commercial vehicles are often used for transportation of goods within cities and for various services, such as delivery and maintenance. The growing e-commerce industry in Armenia has also contributed to the demand for light commercial vehicles, as businesses require efficient and reliable vehicles for last-mile delivery. Local special circumstances in Armenia, such as its geographical location and the condition of its road infrastructure, also influence the Commercial Vehicles market.

Armenia is a landlocked country, which means that most goods are transported by road. Therefore, there is a high demand for commercial vehicles for transportation purposes. However, the condition of the road infrastructure in Armenia is not ideal, with many roads being in need of repair and maintenance.

This creates a demand for commercial vehicles that are durable and can withstand the challenging road conditions. Underlying macroeconomic factors, such as economic growth and government policies, also play a role in the development of the Commercial Vehicles market in Armenia. The Armenian economy has been growing steadily in recent years, which has led to an increase in business activities and the need for commercial vehicles.

Additionally, the government has implemented policies to support the growth of the automotive industry, such as tax incentives for vehicle manufacturers and importers. These factors have contributed to the positive growth of the Commercial Vehicles market in Armenia.

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.