Commercial Vehicles - New Zealand

New Zealand

The Commercial Vehicles market in New Zealand is expected to witness a significant growth in the coming years.
In 2024, the projected unit sales are estimated to reach 47.41k vehicles.
This indicates a positive trend in the market, with an annual growth rate (CAGR 2024-2029) of 0.55%.
By 2029, the unit sales are projected to reach 48.73k vehicles, reflecting the potential for further expansion.
Moreover, the production of Commercial Vehicles market in New Zealand is expected to reach 6.83k vehicles by 2029.
This highlights the growth potential of the market and the opportunities it presents for the domestic manufacturing sector.
It is worth noting that from an international perspective, the in the United States is anticipated to have the highest sales volume in 2024, with an estimated figure of 11,630.00k vehicles.
This demonstrates the dominance of the American market in the Commercial Vehicles market.
New Zealand's commercial vehicle market is experiencing a surge in demand for electric vehicles, driven by the country's commitment to sustainability and reducing carbon emissions.

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 New Zealand has been experiencing steady growth in recent years, driven by several key factors. Customer preferences in the Commercial Vehicles market in New Zealand have been shifting towards vehicles that are more fuel-efficient and environmentally friendly.

This trend is in line with global market preferences, as customers become more conscious of the impact of their choices on the environment. Additionally, there is a growing demand for vehicles that offer advanced safety features and technology, as customers prioritize the safety of their drivers and cargo. One of the major trends in the Commercial Vehicles market in New Zealand is the increasing adoption of electric and hybrid vehicles.

This trend is driven by both environmental concerns and government incentives, such as tax breaks and subsidies, which aim to promote the use of clean energy vehicles. As a result, many commercial vehicle manufacturers are investing in the development of electric and hybrid models to cater to this growing demand. Another trend in the market is the rise of online retail and delivery services, which has led to an increased demand for light commercial vehicles.

With the growth of e-commerce, businesses are relying more on efficient logistics and transportation services to meet customer demands. This has created a need for smaller, agile vehicles that can navigate urban areas and deliver goods quickly and efficiently. In terms of local special circumstances, New Zealand's geography and infrastructure play a significant role in shaping the Commercial Vehicles market.

The country's rugged terrain and remote locations require vehicles that are capable of handling off-road conditions and long distances. This has led to a demand for robust and durable commercial vehicles that can withstand the unique challenges of the New Zealand landscape. Underlying macroeconomic factors also contribute to the development of the Commercial Vehicles market in New Zealand.

The country's strong economy and stable business environment have created favorable conditions for businesses to invest in commercial vehicles. Additionally, government initiatives aimed at improving transportation infrastructure and promoting economic growth have further stimulated the market. Overall, the Commercial Vehicles market in New Zealand is experiencing growth driven by customer preferences for fuel-efficient and technologically advanced vehicles, the increasing adoption of electric and hybrid models, the rise of online retail and delivery services, the unique local circumstances of the country, and the underlying macroeconomic factors that support business investment in commercial vehicles.

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.