Commercial Vehicles - EMEA

EMEA

In the EMEA region, the projected unit sales in the Commercial Vehicles market are expected to reach 3.21m vehicles by 2024.
This market is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of -0.57%, resulting in a projected market volume of 3.12m vehicles by 2029.
The production of Commercial Vehicles market is also expected to increase significantly, reaching 3.66m vehicles units by 2029.
These figures highlight the potential for growth in the Commercial Vehicles market.
When considering the international perspective, it is noteworthy that the in the United States is projected to have the highest sales volume in 2024, with 11,630.00k vehicles units.
The demand for electric commercial vehicles is rapidly growing in Germany, driven by the country's strong commitment to sustainability and environmental protection.

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 EMEA is experiencing significant growth and development in recent years. Customer preferences in the Commercial Vehicles market are shifting towards more fuel-efficient and environmentally friendly vehicles.

Customers are increasingly concerned about the impact of their vehicles on the environment and are looking for options that reduce emissions and improve fuel efficiency. This trend is driven by both regulatory requirements and consumer demand for greener transportation options. As a result, there is a growing demand for electric and hybrid commercial vehicles in the EMEA region.

Another customer preference in the Commercial Vehicles market is for vehicles with advanced safety features. Customers are prioritizing safety in their purchasing decisions and are looking for vehicles that offer features such as lane departure warning, adaptive cruise control, and automatic emergency braking. This trend is driven by a desire to improve road safety and reduce the risk of accidents.

Trends in the market also include the increasing adoption of telematics and connectivity solutions in commercial vehicles. These technologies enable fleet managers to track and monitor their vehicles in real-time, optimize routes and fuel consumption, and improve overall efficiency. The integration of telematics and connectivity solutions is becoming a standard feature in many commercial vehicles, as it offers numerous benefits for fleet operators.

Local special circumstances in the EMEA region also impact the Commercial Vehicles market. For example, in some countries, there are specific regulations and incentives that promote the adoption of electric and hybrid vehicles. These regulations and incentives include tax breaks, subsidies, and access to special lanes or parking spaces.

Such initiatives encourage customers to choose greener vehicles and contribute to the overall growth of the market. Underlying macroeconomic factors also play a role in the development of the Commercial Vehicles market in EMEA. Economic growth and increased industrial activity in the region drive the demand for commercial vehicles, as businesses expand their operations and require more transportation capacity.

Additionally, infrastructure development and construction projects contribute to the demand for commercial vehicles, as they require transportation of materials and equipment. In conclusion, the Commercial Vehicles market in EMEA is experiencing growth and development driven by customer preferences for fuel-efficient and safe vehicles, the adoption of telematics and connectivity solutions, local special circumstances such as regulations and incentives, and underlying macroeconomic factors. These trends and factors shape the market and create opportunities for manufacturers and suppliers in the region.

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.