Commercial Vehicles - Sweden

Sweden

In Sweden, the Commercial Vehicles market is projected to reach 46.76k vehicles unit sales by 2024.
This market is expected to demonstrate an annual growth rate (CAGR 2024-2029) of -2.04%, resulting in a projected market volume of 42.18k vehicles units by 2029.
This indicates the potential for significant growth in the Commercial Vehicles market.
Furthermore, the production of Commercial Vehicles market is expected to reach 17.13k vehicles units in 2029, further emphasizing the market's potential.
From an international perspective, it is worth noting that the in the United States is anticipated to have the highest sales volume in 2024, with 11,630.00k vehicles units.
Sweden's commercial vehicle market is witnessing a shift towards electric vehicles, driven by the country's strong 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 Sweden has been experiencing steady growth in recent years.

Customer preferences: Swedish customers have shown a strong preference for commercial vehicles that are fuel-efficient and environmentally friendly. This is in line with the global trend towards sustainability and the increasing awareness of the environmental impact of transportation. Customers are also looking for vehicles that offer advanced safety features and modern technology, such as connectivity options and driver assistance systems.

Trends in the market: One of the key trends in the Swedish Commercial Vehicles market is the growing demand for electric and hybrid vehicles. The government has introduced various incentives and subsidies to promote the adoption of electric vehicles, which has led to an increase in their sales. Additionally, stricter emissions regulations have pushed manufacturers to develop more eco-friendly options, further driving the demand for electric and hybrid commercial vehicles. Another trend in the market is the rise of e-commerce and last-mile delivery services. With the increasing popularity of online shopping, there has been a significant increase in the number of delivery vehicles on the roads. This has created a demand for smaller, more maneuverable vehicles that can navigate urban areas efficiently. As a result, there has been a shift towards the use of vans and smaller trucks for delivery purposes.

Local special circumstances: Sweden has a well-developed infrastructure and a strong commitment to sustainable transportation. The country has an extensive network of charging stations for electric vehicles, making it easier for customers to adopt electric and hybrid commercial vehicles. Additionally, the government has set ambitious targets to reduce greenhouse gas emissions, which has created a favorable environment for the growth of the market.

Underlying macroeconomic factors: The Swedish economy has been performing well in recent years, with steady GDP growth and low unemployment rates. This has led to an increase in consumer spending and business investments, which has positively impacted the Commercial Vehicles market. Additionally, the government has implemented policies to support the growth of the manufacturing sector, which has contributed to the expansion of the market. In conclusion, the Commercial Vehicles market in Sweden is experiencing growth due to customer preferences for fuel-efficient and environmentally friendly vehicles, the rise of e-commerce and last-mile delivery services, local special circumstances such as a well-developed infrastructure and commitment to sustainability, and underlying macroeconomic factors such as a strong economy and government support for the manufacturing sector.

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.