Commercial Vehicles

NAFTA

Highlights

The projected unit sales in the Commercial Vehicles market for the country in North American Free Trade Agreement (NAFTA) are estimated to reach 16.24m vehicles by 2024.
It is anticipated that the unit sales will exhibit a compound annual rate (CAGR 2024-2030) of 2.22%, resulting in a projected market volume of 18.53m vehicles by 2030.
This forecast highlights the potential growth of the Commercial Vehicles market.
Furthermore, it is expected that the production of Commercial Vehicles market will reach 16.92m vehicles by 2030.
From an international perspective, the United States is projected to account for the majority of sales in the Commercial Vehicles market, with sales reaching 13.75m vehicles by 2024.
This showcases the significant market presence of the United States in the NAFTA region.
The demand for electric commercial vehicles in the NAFTA market is rapidly increasing due to government incentives and environmental regulations.

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 NAFTA has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development.

Customer preferences in the Commercial Vehicles market in NAFTA have shifted towards vehicles that are more fuel-efficient and environmentally friendly. With increasing concerns about climate change and rising fuel prices, customers are opting for vehicles that offer better fuel economy and lower emissions. This has led to the rise in demand for electric and hybrid commercial vehicles in the region.

Additionally, customers are also looking for vehicles that offer advanced safety features and improved connectivity options. One of the key trends in the Commercial Vehicles market in NAFTA is the increasing adoption of autonomous technology. Autonomous vehicles have the potential to significantly improve efficiency and safety in the transportation industry.

This trend is driven by advancements in technology and the potential cost savings that autonomous vehicles can offer. As a result, several companies in the region are investing in the development and testing of autonomous commercial vehicles. Another trend in the market is the growing popularity of online sales channels.

With the increasing use of the internet and smartphones, customers are now more inclined to research and purchase commercial vehicles online. This trend has led to the emergence of online marketplaces and platforms that cater specifically to the commercial vehicle industry. These platforms provide customers with a wide range of options and convenient purchasing processes.

Local special circumstances in the Commercial Vehicles market in NAFTA also play a role in its development. For example, the infrastructure for electric and hybrid vehicles is more developed in certain regions, leading to higher adoption rates. Additionally, government regulations and incentives can also influence customer preferences and market trends.

For instance, government subsidies and tax incentives for electric and hybrid vehicles can encourage customers to choose these vehicles over traditional ones. Underlying macroeconomic factors have also contributed to the growth of the Commercial Vehicles market in NAFTA. Economic growth in the region has led to an increase in industrial activities and the need for commercial vehicles.

Additionally, favorable financing options and low interest rates have made it easier for customers to purchase commercial vehicles. These factors have created a conducive environment for the growth of the market. In conclusion, the Commercial Vehicles market in NAFTA is experiencing growth due to customer preferences for fuel-efficient and environmentally friendly vehicles, the adoption of autonomous technology, the popularity of online sales channels, local special circumstances, and underlying macroeconomic factors.

This market is expected to continue growing in the coming years as technology advances and customer preferences evolve.

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.