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:
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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Most recent update: Oct 2024
Source: Statista Market Insights
Most recent update: Oct 2024
Source: Statista Market Insights
The Commercial Vehicles market in Australia & Oceania is experiencing steady growth and development, driven by various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Commercial Vehicles market in Australia & Oceania are shifting towards more fuel-efficient and environmentally friendly vehicles.
Customers are increasingly looking for vehicles that offer better fuel efficiency and lower emissions, in line with global trends towards sustainability. This preference is driving the demand for hybrid and electric commercial vehicles in the region. Trends in the market indicate a growing demand for light commercial vehicles in Australia & Oceania.
This can be attributed to the increasing need for efficient transportation and delivery services, as well as the rise of e-commerce and online shopping. Light commercial vehicles, such as vans and pick-up trucks, are preferred for their versatility and ability to navigate urban areas with ease. Another trend in the Commercial Vehicles market in Australia & Oceania is the growing popularity of leasing and rental services.
Many businesses in the region are opting to lease or rent commercial vehicles instead of purchasing them outright. This trend is driven by the flexibility and cost-effectiveness offered by leasing and rental agreements, allowing businesses to access the vehicles they need without the burden of ownership. Local special circumstances also play a role in the development of the Commercial Vehicles market in Australia & Oceania.
The vast size and geography of the region, with its remote areas and challenging terrains, require vehicles that are capable of handling these conditions. As a result, there is a demand for commercial vehicles with robust off-road capabilities and high ground clearance. Underlying macroeconomic factors, such as economic growth and infrastructure development, also contribute to the growth of the Commercial Vehicles market in Australia & Oceania.
As the economies in the region continue to expand, there is an increasing need for commercial vehicles to support various industries, including construction, logistics, and agriculture. Additionally, government investments in infrastructure projects, such as road and rail networks, further drive the demand for commercial vehicles. In conclusion, the Commercial Vehicles market in Australia & Oceania is experiencing growth and development due to customer preferences for fuel-efficient and environmentally friendly vehicles, the increasing demand for light commercial vehicles, the popularity of leasing and rental services, local special circumstances such as challenging terrains, and underlying macroeconomic factors such as economic growth and infrastructure development.
These factors collectively contribute to the evolving landscape of the Commercial Vehicles market in Australia & Oceania.
Most recent update: Oct 2024
Source: Statista Market Insights
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.Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights