Commercial Vehicles - Southern Europe

Southern Europe

Sales in the Commercial Vehicles market sector in Southern Europe are estimated to reach 880.90k vehicles units in 2024.
It is anticipated that there will be a compound annual rate of 2.95% between 2024 and 2030, resulting in a projected market volume of 1,049.00k vehicles units by 2030.
The production of Commercial Vehicles market in Southern Europe is expected to reach 2,002.00k vehicles units in 2030, highlighting the potential for significant growth in the market.
In terms of international sales, the in the United States is projected to lead with 13,750.00k vehicles units sold in 2024.
In Southern Europe, Spain is experiencing a surge in demand for electric commercial vehicles as the country pushes towards sustainable transportation solutions.

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 Southern Europe is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this positive trend.

Customer preferences in the Commercial Vehicles market in Southern Europe have shifted towards more fuel-efficient and environmentally friendly vehicles. With the increasing awareness of climate change and stricter emissions regulations, customers are opting for vehicles that have lower carbon footprints. Additionally, there is a growing demand for vehicles with advanced safety features and technology, as well as vehicles that offer greater flexibility and versatility for various business needs.

One of the key trends in the Commercial Vehicles market is the rise of electric and hybrid vehicles. As governments in Southern Europe are implementing stricter emissions standards and offering incentives for the adoption of electric vehicles, there has been a significant increase in the sales of electric and hybrid commercial vehicles. This trend is expected to continue as technology improves and the charging infrastructure becomes more widespread.

Another trend in the market is the growing popularity of light commercial vehicles. These vehicles are versatile and can be used for various purposes, such as delivery services, small businesses, and personal use. The demand for light commercial vehicles is driven by the increasing number of small and medium-sized enterprises in Southern Europe, as well as the rise of e-commerce and home delivery services.

Local special circumstances also play a role in the development of the Commercial Vehicles market in Southern Europe. For example, countries like Italy and Spain have a strong tradition of small businesses and entrepreneurship, which drives the demand for commercial vehicles. Additionally, the geography and infrastructure of Southern Europe, with its narrow streets and historic city centers, require vehicles that are compact and maneuverable.

Underlying macroeconomic factors also contribute to the growth of the Commercial Vehicles market in Southern Europe. The region has been experiencing economic recovery in recent years, which has led to increased business activity and investment. This, in turn, has boosted the demand for commercial vehicles as businesses expand their operations and require reliable transportation solutions.

In conclusion, the Commercial Vehicles market in Southern Europe is developing in response to customer preferences for fuel-efficient and technologically advanced vehicles. The rise of electric and hybrid vehicles, the popularity of light commercial vehicles, local special circumstances, and underlying macroeconomic factors all contribute to the positive trend in the market. As the region continues to recover economically and governments implement stricter emissions regulations, the Commercial Vehicles market in Southern Europe is expected to continue its growth and development.

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.