Commercial Vehicles - EU-27

EU-27

In 2024, the projected unit sales in the Commercial Vehicles market for the EU-27 are expected to reach 1,985.00k vehicles.
This market is anticipated to demonstrate a compound annual rate of 2.40% (CAGR 2024-2030), resulting in a projected market volume of 2,289.00k vehicles by 2030.
Consequently, the production of Commercial Vehicles market in the EU-27 is estimated to reach 4.02m vehicles by 2030, highlighting the potential for significant growth in this market.
From an international standpoint, 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 sold.
Germany remains the dominant player in the EU-27 commercial vehicles market, with its strong manufacturing capabilities and robust demand.

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 EU-27 is experiencing significant growth and development. Customer preferences in the Commercial Vehicles market in EU-27 are shifting towards vehicles that are more fuel-efficient and environmentally friendly.

There is a growing demand for electric and hybrid commercial vehicles as businesses seek to reduce their carbon footprint and comply with stricter emissions regulations. Additionally, customers are also looking for vehicles that offer advanced safety features and connectivity options to improve efficiency and productivity. Trends in the market show a strong focus on innovation and technology.

Commercial vehicle manufacturers in EU-27 are investing heavily in research and development to introduce new and improved models with advanced features. There is a growing demand for vehicles that are equipped with telematics systems, which enable businesses to track and manage their fleets more effectively. Furthermore, there is an increasing adoption of autonomous driving technology in the commercial vehicles sector, which is expected to revolutionize the industry in the coming years.

Local special circumstances play a significant role in the development of the Commercial Vehicles market in EU-27. The region is known for its strict emissions regulations, which are driving the demand for electric and hybrid vehicles. EU-27 countries are also investing in infrastructure to support the adoption of electric vehicles, such as the installation of charging stations.

Additionally, there is a growing focus on urbanization and congestion management, which is leading to an increased demand for smaller and more maneuverable commercial vehicles. Underlying macroeconomic factors are also contributing to the growth of the Commercial Vehicles market in EU-27. The region has experienced steady economic growth in recent years, which has led to an increase in business activity and demand for commercial vehicles.

Furthermore, the rise of e-commerce and online shopping has created a need for efficient and reliable delivery vehicles. The ongoing urbanization and population growth in EU-27 countries are also driving the demand for commercial vehicles for transportation and logistics purposes. In conclusion, the Commercial Vehicles market in EU-27 is developing in response to changing customer preferences, technological advancements, local special circumstances, and underlying macroeconomic factors.

The shift towards more fuel-efficient and environmentally friendly vehicles, the focus on innovation and technology, the strict emissions regulations, and the growth of business activity and e-commerce are all contributing to the growth and development of the market.

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.