Market Insights Mobility Commercial Vehicles

Trucks - BRICS

BRICS

In 2024, the Trucks market is projected to reach a total of 2.18m vehicles unit sales.
This market is expected to exhibit an annual growth rate of -3.87% from 2024 to 2029, resulting in a projected market volume of 1.79m vehicles units by 2029.
The production of Trucks market is also anticipated to increase, reaching a total of 1.94m vehicles units by 2029.
These figures highlight the potential growth of the Trucks market.
From an international perspective, it is noteworthy that the majority of sales in the Trucks market are expected to occur in China, with an estimated 1,722.00k vehicles units sold in 2024.
This demonstrates the significant market presence of in China within the BRICS countries.
Brazil: The demand for trucks in Brazil is driven by the country's robust agriculture and mining industries.

Market

Region

Region comparison

Currency

Analyst Opinion

The Trucks market in BRICS is experiencing significant growth and development due to various factors.

Customer preferences: In the BRICS countries, customers are increasingly opting for trucks that are fuel-efficient, reliable, and have low operating costs. They are also looking for trucks that offer advanced safety features and are compliant with environmental regulations. Additionally, customers in these countries prefer trucks that have a high load-carrying capacity and are suitable for diverse terrains.

Trends in the market: One of the key trends in the Trucks market in BRICS is the increasing demand for electric trucks. As governments in these countries are implementing stricter emission regulations, customers are shifting towards electric trucks as a more sustainable and environmentally friendly alternative. This trend is particularly evident in China, where the government has been actively promoting the adoption of electric vehicles. Another trend in the market is the growing popularity of connected trucks. Customers are increasingly looking for trucks that are equipped with advanced telematics systems, which provide real-time data on vehicle performance, fuel efficiency, and maintenance needs. This helps fleet operators optimize their operations and reduce costs.

Local special circumstances: In Brazil, the Trucks market is influenced by the country's vast agricultural sector. The demand for trucks is driven by the need to transport agricultural products from rural areas to urban centers. Additionally, Brazil has a large mining industry, which also contributes to the demand for trucks. In Russia, the Trucks market is influenced by the country's vast geography and harsh climatic conditions. Customers in Russia prefer trucks that are capable of operating in extreme weather conditions and can handle rough terrains. Additionally, the country's infrastructure development projects, such as the construction of new roads and bridges, are driving the demand for trucks.

Underlying macroeconomic factors: The growth of the Trucks market in BRICS is also supported by favorable macroeconomic factors. These countries have been experiencing steady economic growth, which has led to an increase in construction activities and infrastructure development. This, in turn, has boosted the demand for trucks for transportation of construction materials and equipment. Furthermore, the expanding e-commerce sector in BRICS countries has also contributed to the growth of the Trucks market. As more people are shopping online, there is a greater need for efficient logistics and transportation services, which require a larger fleet of trucks. In conclusion, the Trucks market in BRICS is witnessing significant growth and development due to customer preferences for fuel-efficient and reliable trucks, the increasing demand for electric and connected trucks, local special circumstances such as the agricultural and mining sectors, and favorable macroeconomic factors such as economic growth and the expansion of the e-commerce sector.

Methodology

Data coverage:

The data encompasses B2B enterprises. Figures are based on unit sales and production of trucks.

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.