Commercial Vehicles - Portugal

Portugal

In Portugal, the Commercial Vehicles market is projected to reach 33.17k vehicles unit sales in 2024.
It is expected to experience an annual growth rate of -2.56% (CAGR 2024-2029), resulting in a projected market volume of 29.13k vehicles units by 2029.
This indicates the potential growth of the Commercial Vehicles market in Portugal.
Moreover, the production of Commercial Vehicles market is expected to reach 66.77k vehicles units by 2029, further highlighting the potential of this market.
From an international perspective, it is noteworthy that the in the United States is anticipated to have the highest sales volume of 11,630.00k vehicles units in 2024.
Portugal's commercial vehicle market is experiencing a surge in demand for electric vans due to government incentives and a push towards 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.

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Analyst Opinion

The Commercial Vehicles market in Portugal has been experiencing steady growth in recent years, driven by various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Commercial Vehicles market in Portugal have been shifting towards more fuel-efficient and environmentally friendly vehicles.

This is in line with global trends, as customers become more conscious of the impact of their choices on the environment. As a result, there has been an increased demand for electric and hybrid commercial vehicles in Portugal. 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 Portugal is the growing demand for light commercial vehicles. This can be attributed to the increasing number of small and medium-sized businesses in the country, as well as the rise of e-commerce. Light commercial vehicles are versatile and can be used for various purposes, making them popular among businesses of all sizes.

Additionally, the demand for electric and hybrid light commercial vehicles is also on the rise, as businesses seek to reduce their carbon footprint. Another trend in the market is the increasing adoption of telematics and connectivity solutions in commercial vehicles. This allows businesses to track and monitor their vehicles in real-time, improving efficiency and reducing costs.

Telematics also enable predictive maintenance, helping businesses to identify and address potential issues before they become major problems. The integration of connectivity solutions in commercial vehicles also enables businesses to streamline their operations and improve overall productivity. In terms of local special circumstances, Portugal has been making efforts to promote the use of electric and hybrid vehicles.

The government has implemented various incentives and subsidies to encourage the adoption of these vehicles, including tax benefits and grants for purchasing electric and hybrid commercial vehicles. This has played a significant role in driving the demand for such vehicles in the country. Underlying macroeconomic factors, such as economic growth and infrastructure development, have also contributed to the growth of the Commercial Vehicles market in Portugal.

As the economy continues to grow, businesses are expanding and investing in new vehicles to meet the increasing demand for goods and services. Additionally, ongoing investments in infrastructure, such as road and transportation networks, have created opportunities for the commercial vehicles market to thrive. In conclusion, the Commercial Vehicles market in Portugal is experiencing growth due to customer preferences for fuel-efficient and environmentally friendly vehicles, the increasing demand for light commercial vehicles, the adoption of telematics and connectivity solutions, local special circumstances promoting electric and hybrid vehicles, and underlying macroeconomic factors such as economic growth and infrastructure development.

These factors are expected to continue driving the growth of the market in the coming years.

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.