Commercial Vehicles - Ireland

Ireland

In Ireland, the projected unit sales in the Commercial Vehicles market for 2024 are estimated to be 26.81k vehicles.
This market is expected to experience an annual growth rate of -0.35% between 2024 and 2029, resulting in a projected market volume of 26.35k vehicles by 2029.
The production of Commercial Vehicles market in Ireland is also expected to increase, reaching 1.83k vehicles by 2029.
These figures highlight the potential for growth in the Commercial Vehicles market in Ireland.
From an international perspective, it is worth noting that the in the United States is projected to have the highest sales volume in 2024, with 11,630.00k vehicles units sold.
The demand for electric commercial vehicles in Ireland is steadily increasing due to government incentives and a growing focus on 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 Ireland is experiencing significant growth and development in recent years.

Customer preferences: Customers in Ireland are increasingly opting for commercial vehicles that are fuel efficient and environmentally friendly. There is a growing demand for electric and hybrid commercial vehicles, as businesses in Ireland are becoming more conscious of their carbon footprint and are looking for ways to reduce emissions. Additionally, customers are also looking for commercial vehicles that offer advanced safety features and technology, as well as vehicles that provide a comfortable and efficient driving experience.

Trends in the market: One of the key trends in the Commercial Vehicles market in Ireland is the increasing popularity of electric and hybrid vehicles. The government has introduced various incentives and subsidies to promote the adoption of electric vehicles, including commercial vehicles. This has led to a significant increase in the number of electric and hybrid commercial vehicles on the roads in Ireland. The trend towards electric and hybrid vehicles is expected to continue as the government continues to invest in charging infrastructure and promote sustainable transportation. Another trend in the market is the rise of online shopping and e-commerce, which has led to an increased demand for delivery vans and trucks. With the growth of online retail, businesses in Ireland are expanding their delivery fleets to meet the increasing demand for fast and efficient delivery services. This has resulted in a higher demand for commercial vehicles that are specifically designed for delivery purposes, such as vans with larger cargo capacity and trucks with refrigeration capabilities.

Local special circumstances: Ireland's unique geography and infrastructure pose certain challenges for the Commercial Vehicles market. The country has a relatively small land area and a dense road network, which means that commercial vehicles need to be agile and maneuverable. Additionally, Ireland's weather conditions, including heavy rainfall and strong winds, require commercial vehicles to have robust and reliable performance.

Underlying macroeconomic factors: The growth and development of the Commercial Vehicles market in Ireland can be attributed to several underlying macroeconomic factors. Ireland has experienced strong economic growth in recent years, which has led to increased business activity and investment. This has resulted in a higher demand for commercial vehicles, as businesses expand their operations and require vehicles for transportation and logistics. Furthermore, the government's focus on sustainable development and reducing carbon emissions has also played a role in the growth of the Commercial Vehicles market. The government has implemented policies and initiatives to promote the use of electric and hybrid vehicles, including commercial vehicles, which has created a favorable environment for the market to thrive. In conclusion, the Commercial Vehicles market in Ireland is experiencing significant growth and development, driven by customer preferences for fuel efficiency and advanced technology, as well as the government's focus on sustainable transportation. The increasing popularity of electric and hybrid vehicles, the rise of online shopping and e-commerce, and Ireland's unique geography and infrastructure are all contributing to the growth of the market. The underlying macroeconomic factors, including strong economic growth and government initiatives, are also supporting the expansion of the Commercial Vehicles market in Ireland.

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.