Commercial Vehicles - Greece

Greece

In Greece, the Commercial Vehicles market is projected to reach 9.91k vehicles unit sales by 2024.
This market is expected to exhibit an annual growth rate (CAGR 2024-2029) of 1.77%, resulting in a projected market volume of 10.82k vehicles units by 2029.
The production of Commercial Vehicles market is also anticipated to reach 3.14k vehicles units by 2029, providing insight into the potential growth of the market in Greece.
From an international standpoint, it is evident that the in the United States will have the highest sales volume in 2024, with a staggering 11,630.00k vehicles units sold.
Greece's commercial vehicles market is experiencing a surge in demand for electric vans, driven by government incentives and environmental consciousness.

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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Market

Region

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Analyst Opinion

The Commercial Vehicles market in Greece has been experiencing significant growth in recent years. Customer preferences in the market have been shifting towards more fuel-efficient and eco-friendly vehicles.

This is driven by increasing awareness of environmental issues and the need to reduce carbon emissions. Customers are also looking for vehicles that offer advanced safety features and technology, as well as comfortable and spacious interiors. One of the key trends in the market is the growing demand for electric and hybrid commercial vehicles.

This is in line with the global trend towards electrification and sustainability. The Greek government has been implementing various incentives and subsidies to promote the adoption of electric vehicles, which has further fueled the demand for electric commercial vehicles in the country. Another trend in the market is the rise of e-commerce and last-mile delivery services.

With the increasing popularity of online shopping, there is a growing need for efficient and reliable delivery services. This has led to an increased demand for commercial vehicles, particularly vans and trucks, that are specifically designed for last-mile delivery. Local special circumstances in Greece also play a role in the development of the Commercial Vehicles market.

The country has a large agricultural sector, which requires the use of commercial vehicles for transportation and logistics. Additionally, Greece is a popular tourist destination, attracting millions of visitors each year. This has created a demand for commercial vehicles in the tourism and hospitality industry, such as buses and vans for transportation of tourists.

Underlying macroeconomic factors have also contributed to the growth of the Commercial Vehicles market in Greece. The country has been recovering from a long period of economic crisis, which has led to increased consumer confidence and spending. As a result, businesses are investing in new commercial vehicles to support their operations and meet the growing demand.

Furthermore, low interest rates and favorable financing options have made it easier for businesses to purchase commercial vehicles. In conclusion, the Commercial Vehicles market in Greece is experiencing growth due to customer preferences for fuel-efficient and eco-friendly vehicles, the rise of e-commerce and last-mile delivery services, local special circumstances such as the agricultural sector and tourism industry, and underlying macroeconomic factors such as the country's recovery from economic crisis.

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.