Commercial Vehicles - Nordics

Nordics

In the Nordics, the Commercial Vehicles market is estimated to witness a significant growth in the coming years.
By 2024, the unit sales are projected to reach 142.70k vehicles.
This growth is expected to continue with a compound annual rate (CAGR 2024-2030) of 1.53%, resulting in a projected market volume of 156.30k vehicles by 2030.
Furthermore, the production of Commercial Vehicles market in the Nordics is also anticipated to increase substantially, reaching 59.65k vehicles by 2030.
This production figure showcases the potential for further growth in the Commercial Vehicles market.
From an international standpoint, it is noteworthy that the in the United States is expected to dominate the sales in the Commercial Vehicles market in 2024, with an estimated figure of 13,750.00k vehicles.
This highlights the prominence of the United States in this market.
In the commercial vehicles market, Sweden is leading the way with its strong focus on sustainable and electric vehicles.

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 Nordics is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors are all contributing to this positive trajectory.

Customer preferences in the Commercial Vehicles market in Nordics are shifting towards more sustainable and environmentally friendly options. There is a growing demand for electric and hybrid vehicles, as customers prioritize reducing their carbon footprint and complying with stricter emissions regulations. Additionally, there is a strong focus on safety features, with customers seeking vehicles that have advanced driver assistance systems and other technologies that enhance road safety.

One of the key trends in the Commercial Vehicles market in Nordics is the rise of e-commerce and last-mile delivery services. With the increasing popularity of online shopping, there is a growing need for efficient and reliable delivery vehicles. As a result, there is a higher demand for smaller commercial vehicles that are suitable for urban environments and can navigate narrow streets and congested traffic.

Another trend in the market is the integration of connectivity and telematics solutions in commercial vehicles. This allows fleet operators to track and manage their vehicles more effectively, optimizing routes and improving overall efficiency. Additionally, connected vehicles can provide valuable data that can be used for predictive maintenance, reducing downtime and improving productivity.

In terms of local special circumstances, the Nordic region has a well-developed infrastructure and a strong commitment to sustainability. This provides a favorable environment for the adoption of electric and hybrid commercial vehicles. Furthermore, the region's harsh climate and challenging terrain make it necessary for commercial vehicles to have robust features and capabilities that can withstand these conditions.

Underlying macroeconomic factors also contribute to the development of the Commercial Vehicles market in Nordics. The region has a stable and prosperous economy, which translates to increased business activity and demand for commercial vehicles. Additionally, government incentives and subsidies for electric and hybrid vehicles further drive the market growth.

In conclusion, the Commercial Vehicles market in Nordics is experiencing growth and development due to customer preferences for sustainability and safety, trends such as e-commerce and connectivity, local special circumstances including the region's infrastructure and climate, and underlying macroeconomic factors. This positive trajectory is expected to continue as the market evolves to meet the changing needs and demands of customers in the region.

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.