Commercial Vehicles - Croatia

Croatia

In Croatia, the Commercial Vehicles market is expected to see unit sales of 9.05k vehicles in 2024.
These sales are projected to grow at an annual growth rate of -0.72% (CAGR 2024-2029), resulting in a market volume of 8.73k vehicles by 2029.
The production of Commercial Vehicles market is also expected to increase, reaching 0.46k vehicles in 2029, showcasing the potential growth of this market.
From a global perspective, the in the United States is anticipated to have the highest sales in 2024, with a figure of 11,630.00k vehicles.
Croatia's commercial vehicle market is experiencing a growing demand for electric vans, driven by the government's push for sustainable transportation solutions.

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 Croatia has been experiencing significant growth in recent years.

Customer preferences: Customers in Croatia have shown a strong preference for commercial vehicles that are fuel-efficient and environmentally friendly. This trend is in line with global market preferences, as customers are increasingly conscious of the environmental impact of their vehicles. Additionally, customers in Croatia prioritize vehicles that offer a high level of safety and reliability, as well as those that are equipped with advanced technology features.

Trends in the market: One of the key trends in the Commercial Vehicles market in Croatia is the increasing demand for electric and hybrid vehicles. This trend is driven by both environmental concerns and government incentives that promote the adoption of clean energy vehicles. As a result, many manufacturers are expanding their electric and hybrid vehicle offerings in the Croatian market to cater to this growing demand. Another trend in the market is the rising popularity of light commercial vehicles. These vehicles are preferred by small businesses and individuals for their versatility and cost-effectiveness. The demand for light commercial vehicles is expected to continue growing as more businesses in Croatia opt for smaller, more agile vehicles to meet their transportation needs.

Local special circumstances: Croatia's geographical location and tourism industry have a significant impact on the Commercial Vehicles market. With its beautiful coastline and numerous tourist destinations, Croatia attracts a large number of tourists every year. This has led to an increased demand for commercial vehicles in the tourism sector, such as buses and vans, to transport tourists to various attractions. Additionally, the construction industry in Croatia is also a major driver of the Commercial Vehicles market, as construction companies require trucks and other heavy-duty vehicles for their operations.

Underlying macroeconomic factors: The growth of the Commercial Vehicles market in Croatia can be attributed to several macroeconomic factors. The country has experienced steady economic growth in recent years, which has led to increased business activity and investment. This has created a favorable environment for businesses to expand their fleets of commercial vehicles. Additionally, government initiatives to improve infrastructure and transport networks have also contributed to the growth of the market. In conclusion, the Commercial Vehicles market in Croatia is experiencing growth due to customer preferences for fuel-efficient and environmentally friendly vehicles, as well as the increasing demand for electric and hybrid vehicles. The popularity of light commercial vehicles and the special circumstances of Croatia's tourism and construction industries also contribute to the growth of the market. The underlying macroeconomic factors, including steady economic growth and government initiatives, further support the expansion of the Commercial Vehicles market in Croatia.

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.