Commercial Vehicles - Europe

Europe

In Europe, the projected unit sales in the Commercial Vehicles market for 2024 are estimated to reach 2.67m vehicles.
These sales are expected to experience an annual growth rate (CAGR 2024-2029) of -0.76%, ultimately resulting in a projected market volume of 2.57m vehicles by 2029.
This demonstrates the potential for growth within the Commercial Vehicles market.
Furthermore, the production of Commercial Vehicles market is forecasted to reach 3.14m vehicles in 2029, further exemplifying the market's potential.
From an international standpoint, it is noteworthy that the in the United States is anticipated to have the highest sales volume in 2024, with 11,630.00k vehicles units.
In Germany, the market for electric commercial vehicles is experiencing rapid growth due to strict emissions regulations and government incentives.

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 Europe is experiencing significant growth and development. Customer preferences are shifting towards more fuel-efficient and environmentally-friendly vehicles, leading to an increase in the demand for electric and hybrid commercial vehicles. Additionally, there is a growing need for advanced safety features and connectivity solutions in commercial vehicles.

Customer preferences: Customers in Europe are increasingly concerned about the environmental impact of their vehicles. As a result, there is a growing demand for electric and hybrid commercial vehicles. These vehicles offer lower emissions and greater fuel efficiency, making them more attractive to customers. Additionally, customers are looking for advanced safety features and connectivity solutions in their commercial vehicles. Features such as lane departure warning, automatic emergency braking, and telematics systems are becoming more popular among customers.

Trends in the market: One of the key trends in the European Commercial Vehicles market is the increasing adoption of electric and hybrid vehicles. Governments across Europe have introduced strict emission regulations and incentives to promote the use of electric vehicles. This has led to a surge in the production and sales of electric and hybrid commercial vehicles. Major manufacturers are investing heavily in developing electric and hybrid models to meet the growing demand. Another trend in the market is the integration of advanced safety features and connectivity solutions in commercial vehicles. Customers are increasingly looking for vehicles that offer advanced safety features such as automatic emergency braking, blind spot detection, and adaptive cruise control. Additionally, connectivity solutions such as telematics systems and in-vehicle infotainment systems are becoming more popular among customers.

Local special circumstances: Europe has a well-developed infrastructure for electric vehicles, including a wide network of charging stations. This infrastructure supports the adoption of electric and hybrid commercial vehicles in the region. Additionally, European governments have introduced incentives and subsidies to encourage the purchase of electric vehicles, further driving the demand.

Underlying macroeconomic factors: The European economy is experiencing steady growth, which is contributing to the development of the Commercial Vehicles market. Economic stability and rising disposable incomes have led to an increase in consumer spending, including the purchase of commercial vehicles. Additionally, the growth of e-commerce and logistics industries in Europe is driving the demand for commercial vehicles. In conclusion, the Commercial Vehicles market in Europe is witnessing significant growth and development. Customer preferences are shifting towards electric and hybrid vehicles, as well as vehicles with advanced safety features and connectivity solutions. The integration of these features is driven by the need for more fuel-efficient and environmentally-friendly vehicles, as well as the demand for advanced safety and connectivity options. The European market benefits from a well-developed infrastructure for electric vehicles and government incentives, which support the adoption of electric and hybrid commercial vehicles. The steady economic growth in Europe and the growth of e-commerce and logistics industries are also contributing to the 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.