Commercial Vehicles - Australia & Oceania

Australia & Oceania

In Australia & Oceania, the Commercial Vehicles market is projected to reach 4.68m vehicles unit sales by 2024.
It is expected to exhibit a compound annual growth rate (CAGR 2024-2030) of 0.60%, resulting in a projected market volume of 4.85m vehicles by 2030.
This indicates the potential for growth in the Commercial Vehicles market.
Furthermore, the production of Commercial Vehicles market is expected to reach 32.73k vehicles units in 2030, further highlighting the market's potential.
From an international perspective, it is noteworthy that the in the United States is projected to have the highest sales volume in 2024, with 13,750.00k vehicles units.
The demand for electric commercial vehicles is increasing in Australia due to the country's commitment to reducing carbon emissions.

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 & 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.

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.