Commercial Vehicles - Jordan

Jordan

The projected unit sales in the Commercial Vehicles market in Jordan are expected to reach 4.66k vehicles by 2024.
This market is also expected to show an annual growth rate (CAGR 2024-2029) of -0.78%, resulting in a projected market volume of 4.48k vehicles units by 2029.
Furthermore, the production of Commercial Vehicles market in Jordan is expected to reach 0.85k vehicles units by 2029, indicating the potential growth of the market in the country.
From an international perspective, it is noteworthy that the in the United States is projected to have the highest sales volume in the Commercial Vehicles market , with 11,630.00k vehicles units in 2024.
Jordan's commercial vehicle market is experiencing a surge in demand for electric trucks, driven by the government's initiatives to promote sustainable transportation.

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.

For further information on the displayed data, refer to the info button on the right-hand side of each box.

Market

Region

Region comparison

Currency

Analyst Opinion

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

This trend is driven by increasing awareness of the impact of vehicle emissions on the environment, as well as rising fuel prices. Customers are now seeking vehicles that offer better fuel efficiency and lower emissions, such as hybrid and electric commercial vehicles. Another customer preference in the market is for vehicles with advanced safety features.

As road safety concerns continue to be a major issue in Jordan, customers are increasingly demanding vehicles that are equipped with features such as lane departure warning, automatic emergency braking, and blind-spot detection. These safety features not only enhance the safety of the drivers and passengers but also help reduce the number of accidents on the roads. One of the key trends in the Commercial Vehicles market in Jordan is the growing demand for light commercial vehicles.

This trend is driven by the increasing number of small and medium-sized enterprises (SMEs) in the country. SMEs are playing a significant role in the country's economy, and they require vehicles that are suitable for their business needs, such as vans and pickup trucks. These vehicles offer flexibility and versatility, allowing SMEs to transport goods and materials efficiently.

Another trend in the market is the adoption of telematics systems in commercial vehicles. Telematics systems provide real-time information about the vehicle's location, speed, and performance, allowing fleet managers to optimize routes, monitor driver behavior, and improve overall operational efficiency. The use of telematics systems is becoming increasingly popular among commercial vehicle operators in Jordan, as they provide valuable data for decision-making and help reduce costs.

In terms of local special circumstances, Jordan's geographic location and infrastructure play a significant role in the Commercial Vehicles market. The country is strategically located in the Middle East, making it an important hub for trade and logistics. The transportation of goods across borders and within the country requires a reliable and efficient commercial vehicle fleet.

Additionally, Jordan's road infrastructure is continuously improving, with ongoing investments in road construction and maintenance. These factors contribute to the growth of the Commercial Vehicles market in the country. Underlying macroeconomic factors also contribute to the development of the Commercial Vehicles market in Jordan.

The country has been experiencing stable economic growth, which has led to an increase in consumer spending power. This, in turn, has driven demand for commercial vehicles as businesses expand their operations and invest in their fleets. Furthermore, government initiatives to support entrepreneurship and small businesses have also contributed to the growth of the Commercial Vehicles market.

In conclusion, the Commercial Vehicles market in Jordan is developing in response to changing customer preferences, such as the demand for fuel-efficient and safe vehicles. The market is also influenced by trends such as the growing demand for light commercial vehicles and the adoption of telematics systems. Local special circumstances, such as Jordan's geographic location and infrastructure, as well as underlying macroeconomic factors, including stable economic growth, 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.