Commercial Vehicles - Hungary

Hungary

In Hungary, the Commercial Vehicles market is projected to reach 25.89k vehicles unit sales in 2024.
This market is expected to experience an annual growth rate (CAGR 2024-2029) of -1.26%, leading to a projected market volume of 24.30k vehicles units by 2029.
The production of Commercial Vehicles market in Hungary is expected to reach 3.77k vehicles units by 2029, showcasing the potential for growth in this market.
From an international perspective, it is evident that the majority of sales, specifically 11,630.00k vehicles units, will be the in the United States in 2024.
The commercial vehicle market in Hungary is experiencing a significant increase in demand for electric trucks due to the government's push for environmental sustainability.

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 Hungary has been experiencing steady growth in recent years, driven by various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Commercial Vehicles market in Hungary have been shifting towards more fuel-efficient and environmentally friendly vehicles.

With increasing awareness about climate change and the need for sustainable transportation solutions, customers are opting for vehicles that have lower emissions and better fuel economy. This trend is also influenced by government regulations and incentives that promote the use of eco-friendly vehicles. In addition to fuel efficiency, customers in Hungary are also placing importance on safety features and technological advancements in commercial vehicles.

They are looking for vehicles that offer advanced driver assistance systems, such as lane departure warning, adaptive cruise control, and autonomous emergency braking. These features not only enhance safety but also improve the overall driving experience. One of the key trends in the Commercial Vehicles market in Hungary is the growing demand for electric vehicles.

As the government provides incentives and subsidies for electric vehicles, more customers are opting for electric commercial vehicles to reduce their carbon footprint and operating costs. This trend is expected to continue as the charging infrastructure improves and the range of electric vehicles increases. 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 that are suitable for urban environments and can navigate through narrow streets. As a result, there is a growing demand for compact vans and electric delivery vehicles.

In terms of local special circumstances, Hungary has a well-developed automotive industry with a strong manufacturing base. This has led to a competitive market with a wide range of commercial vehicle options available to customers. The presence of local manufacturers and suppliers also contributes to the growth of the market and provides employment opportunities.

Underlying macroeconomic factors, such as GDP growth and investment in infrastructure, also play a significant role in the development of the Commercial Vehicles market in Hungary. As the economy continues to grow, there is an increased demand for commercial vehicles for transportation and logistics purposes. Additionally, investments in infrastructure projects, such as road construction and improvement, further drive the demand for commercial vehicles.

Overall, the Commercial Vehicles market in Hungary is experiencing growth due to customer preferences for fuel-efficient and technologically advanced vehicles, the rise of e-commerce and last-mile delivery services, local special circumstances such as a strong automotive industry, and underlying macroeconomic factors such as GDP growth and infrastructure investments. As these trends and factors continue to shape the market, it is expected that the Commercial Vehicles market in Hungary will continue to grow in the coming years.

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.