Commercial Vehicles - Israel

Israel

The projected number of unit sales in the Commercial Vehicles market in Israel is expected to reach 29.49k vehicles by 2024.
It is anticipated that the unit sales will exhibit an annual growth rate (CAGR 2024-2029) of 0.57%, resulting in a projected market volume of 30.34k vehicles by 2029.
This growth in unit sales signifies the potential expansion of the Commercial Vehicles market in Israel.
Moreover, the production of Commercial Vehicles market in Israel is expected to reach 0.89k vehicles by 2029, further highlighting the growth prospects of the market.
From an international standpoint, it is noteworthy that the majority of sales, amounting to 11,630.00k vehicles, are projected to occur the in the United States in 2024.
Israel's commercial vehicle market is experiencing a surge in demand for electric vehicles, driven by the country's commitment to sustainable transportation 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 Israel is experiencing significant growth and development. Customer preferences are shifting towards more environmentally friendly and fuel-efficient vehicles.

Additionally, there is a growing demand for vehicles that can accommodate the needs of businesses in various industries. Customer preferences in the Commercial Vehicles market in Israel are influenced by global trends. As environmental concerns continue to rise, there is a growing demand for electric and hybrid vehicles.

Customers are increasingly looking for vehicles that are not only cost-effective but also environmentally friendly. This shift in preferences is driving the development of more fuel-efficient and electric commercial vehicles in the market. Another customer preference that is driving the development of the Commercial Vehicles market in Israel is the need for vehicles that can accommodate the specific needs of businesses in various industries.

For example, there is a demand for vehicles with larger cargo capacities for transportation and logistics companies. Additionally, there is a need for vehicles that can be customized to meet the specific requirements of businesses in industries such as construction and agriculture. In terms of trends in the market, there is a growing focus on connectivity and automation.

Commercial vehicles are increasingly being equipped with advanced technologies that enable real-time tracking, remote diagnostics, and predictive maintenance. This trend is driven by the need for businesses to optimize their operations and improve efficiency. Another trend in the Commercial Vehicles market in Israel is the increasing use of telematics systems.

These systems provide businesses with valuable data and insights about their vehicles, such as fuel consumption, driver behavior, and vehicle performance. This data can be used to improve fleet management, reduce costs, and enhance overall operational efficiency. Local special circumstances in Israel also contribute to the development of the Commercial Vehicles market.

The country has a strong focus on innovation and technology, which has led to the development of advanced commercial vehicle technologies. Additionally, the government has implemented policies and incentives to promote the use of electric and hybrid vehicles, further driving the development of the market. Underlying macroeconomic factors also play a role in the development of the Commercial Vehicles market in Israel.

The country has a strong economy and a thriving business sector, which creates a demand for commercial vehicles. Additionally, Israel has a well-developed infrastructure and transportation network, which supports the growth of the market. In conclusion, the Commercial Vehicles market in Israel is experiencing growth and development driven by customer preferences for environmentally friendly and fuel-efficient vehicles, as well as vehicles that can accommodate the specific needs of businesses in various industries.

The market is also influenced by global trends such as connectivity and automation. Local special circumstances, including a focus on innovation and technology, and government policies and incentives, further contribute 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.