Commercial Vehicles

LATAM

Highlights

In 2024, the projected unit sales in the Commercial Vehicles market in LATAM are set to reach a significant figure of 2.03m vehicles.
These sales are expected to experience a compound annual rate of 2.36% from 2024 to 2030, resulting in a projected market volume of 2.34m vehicles by the end of the forecast period.
This growth indicates the potential expansion of the Commercial Vehicles market in the region.
Looking ahead to 2030, the production of Commercial Vehicles market is estimated to reach an impressive 5.38m vehicles units.
This highlights the potential growth potential of the market and its ability to meet the increasing demand for Commercial Vehicles market.
From an international perspective, it is worth noting that the United States is projected to be the leading market for Commercial Vehicles market in 2024, with anticipated sales of 13.75m vehicles units.
This underscores the significance of the United States market in driving the overall growth and development of the Commercial Vehicles market.
The demand for electric commercial vehicles is on the rise in LATAM, as countries like Brazil and Mexico focus on reducing emissions and promoting 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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Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Commercial Vehicles market in LATAM is experiencing significant growth and development due to various factors. Customer preferences in the Commercial Vehicles market in LATAM are shifting towards vehicles that are more fuel-efficient and environmentally friendly.

Customers are also looking for vehicles that offer advanced safety features and technology. This shift in customer preferences is driven by increasing awareness about the impact of vehicles on the environment and the need for safer transportation options. Trends in the market include the increasing demand for electric and hybrid commercial vehicles.

Governments in several countries in LATAM are implementing policies and incentives to promote the adoption of electric vehicles, which is driving the demand for electric commercial vehicles. Additionally, there is a growing trend towards the use of telematics and connectivity solutions in commercial vehicles, which enable fleet management and optimization. Local special circumstances in LATAM also contribute to the development of the Commercial Vehicles market.

The region has a large agricultural sector, which requires specialized commercial vehicles for transporting agricultural produce. There is also a growing demand for commercial vehicles in the construction industry, as infrastructure development projects continue to drive construction activities in the region. Underlying macroeconomic factors such as population growth and urbanization are also driving the development of the Commercial Vehicles market in LATAM.

As the population in the region continues to grow, there is an increasing need for efficient transportation solutions. Urbanization is leading to the expansion of cities and the need for transportation of goods within and between urban areas. These factors are creating a growing demand for commercial vehicles in the region.

In conclusion, the Commercial Vehicles market in LATAM is developing rapidly due to shifting customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The market is witnessing a shift towards more fuel-efficient and environmentally friendly vehicles, as well as the adoption of advanced safety features and technology. The demand for electric and hybrid commercial vehicles is also increasing, driven by government policies and incentives.

The region's agricultural and construction sectors are driving the demand for specialized commercial vehicles. Population growth and urbanization are creating a growing need for efficient transportation solutions, leading to the development of the Commercial Vehicles market in LATAM.

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.