Commercial Vehicles - Australia

Australia

In 2024, it is projected that unit sales in the Commercial Vehicles market in Australia will reach 4.62m vehicles.
The market is expected to show a compound annual rate (CAGR 2024-2030) of 0.64%, resulting in a projected market volume of 4.80m vehicles by 2030.
This growth in unit sales indicates the potential for the Commercial Vehicles market to expand.
Furthermore, it is worth noting that from an international perspective, the in the United States is expected to have the highest sales volume in 2024, with 13,750.00k vehicles units.
In Australia, the commercial vehicles market is currently experiencing a shift towards electric and hybrid vehicles to reduce carbon emissions and increase 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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Analyst Opinion

The Commercial Vehicles market in Australia has been experiencing significant growth in recent years. Customer preferences in the market have been shifting towards more fuel-efficient and environmentally friendly vehicles.

As a result, there has been a rise in the demand for electric and hybrid commercial vehicles. Additionally, customers are increasingly looking for vehicles with advanced safety features and connectivity options. This trend is in line with the global market, where customers are becoming more conscious of the environmental impact of their vehicles and are seeking vehicles that offer advanced technology and features.

One of the key trends in the Australian market is the increasing adoption of light commercial vehicles. These vehicles are versatile and can be used for various purposes, such as transporting goods and equipment or serving as mobile offices. They are particularly popular among small businesses and tradespeople who require a vehicle that can accommodate their specific needs.

The demand for light commercial vehicles is expected to continue growing in the coming years. Another trend in the market is the rise of online shopping and home delivery services, which has led to an increased demand for delivery vans and trucks. With the growing popularity of e-commerce, businesses are expanding their delivery fleets to meet the rising demand for online orders.

This trend is expected to continue as more consumers opt for the convenience of online shopping. In addition to customer preferences, there are also local special circumstances that are influencing the development of the Commercial Vehicles market in Australia. One such circumstance is the vast size of the country and the long distances that need to be covered for transportation.

This has led to a higher demand for heavy-duty trucks and long-haul vehicles that can handle the challenging terrain and long distances. Underlying macroeconomic factors are also playing a role in the market's growth. Australia has seen steady economic growth in recent years, which has resulted in increased business activity and investment.

This has led to a higher demand for commercial vehicles as businesses expand their operations and require more transportation options. In conclusion, the Commercial Vehicles market in Australia is experiencing growth due to shifting customer preferences towards fuel-efficient and technologically advanced vehicles, as well as the rise of online shopping and home delivery services. The demand for light commercial vehicles and delivery vans is expected to continue growing.

Local special circumstances, such as the vast size of the country, and underlying macroeconomic factors, such as steady economic growth, are also contributing to the market's development.

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.