Trucks - Guatemala | Statista Market Forecast

The Trucks market in Guatemala is projected to reach 321.00vehicles unit sales in 2024.
The market is expected to show a compound annual rate of -0.21% from 2024 to 2030, resulting in a projected market volume of 317.00vehicles units by 2030.
It is interesting to note that the production of Trucks market in Guatemala is expected to reach 0.00 units in 2030, which indicates the potential for growth in the market.
From an international perspective, it is worth mentioning that China is projected to have the highest sales in 2024, with 3.74m vehicles units sold.
Despite the economic challenges, Guatemala's truck market is experiencing growth due to increased demand for logistics and transportation services.

Definition

The Trucks market encompasses a diverse array of vehicles primarily intended for the transportation of goods and materials on a larger scale. These robust and specialized vehicles are engineered for commercial purposes, playing a pivotal role in industries such as logistics, construction, and heavy-duty transportation. Trucks come in various configurations that cater to specific cargo and operational requirements, ranging from light-duty delivery trucks to heavy-duty long-haul trucks with a GVWR of 16 tons or more.

Additional Information

The Trucks market is a dynamic sector characterized by a wide range of vehicle types and applications. Manufacturers continually innovate to improve performance, efficiency, and safety. This market is heavily influenced by factors such as government regulations, emissions standards, and evolving industry needs, which drive advancements in areas like fuel efficiency and alternative propulsion technologies.

Key players in the Trucks market include globally renowned companies such as Daimler Trucks, Volvo Group, PACCAR Inc., and Scania. These manufacturers play a crucial role in shaping the industry by introducing new technologies, improving fuel efficiency, and ensuring compliance with evolving environmental regulations. This market is highly competitive, driving continuous innovation and advancements in truck design and functionality.

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Tanker trucks
Refrigerated trucks
Large delivery trucks
Freight trucks
Flatbed trucks
Construction trucks

Watercraft, aircraft, and railway vehicles
Medium and heavy buses and coaches
Motorcycles and scooters
Light commercial vehicles (LCVs)
Consumer and recreational vehicles
Passenger cars
Off-road and specialized vehicles

The Trucks market in Guatemala has been experiencing steady growth in recent years, driven by customer preferences for reliable and versatile vehicles. Customer preferences in the Trucks market in Guatemala are largely influenced by the need for vehicles that can handle the country's diverse terrain and challenging road conditions.

Guatemala is known for its mountainous landscapes and rough terrain, which require trucks with strong engines and durable suspensions. Additionally, customers in Guatemala often prioritize cargo capacity and fuel efficiency, as they rely on trucks for transportation of goods across the country. One of the key trends in the Trucks market in Guatemala is the increasing demand for pickup trucks.

Pickup trucks are popular among both individual consumers and businesses due to their versatility and practicality. They can be used for personal transportation, as well as for commercial purposes such as transporting goods and equipment. The demand for pickup trucks is expected to continue growing as more Guatemalans recognize their benefits and versatility.

Another trend in the Trucks market in Guatemala is the rising popularity of electric trucks. As the awareness of environmental issues increases, there is a growing demand for electric vehicles in the country. Electric trucks offer a more sustainable and eco-friendly alternative to traditional diesel trucks, and they also provide cost savings in the long run.

The government of Guatemala has been promoting the adoption of electric vehicles through incentives and subsidies, which has further contributed to the growth of the electric truck market. In addition to customer preferences, there are also local special circumstances that are shaping the Trucks market in Guatemala. One of these circumstances is the country's infrastructure development.

Guatemala has been investing in improving its road infrastructure, which has led to increased demand for trucks for construction and transportation purposes. The government's focus on infrastructure development has created opportunities for both domestic and international truck manufacturers to expand their presence in the market. Underlying macroeconomic factors also play a role in the development of the Trucks market in Guatemala.

The country's economic growth and stability have contributed to increased consumer spending power, allowing more people to afford trucks. Additionally, the growth of the construction and logistics sectors has created a higher demand for trucks for commercial purposes. These factors, combined with favorable government policies and incentives, have created a conducive environment for the growth of the Trucks market in Guatemala.

In conclusion, the Trucks market in Guatemala is experiencing growth driven by customer preferences for reliable and versatile vehicles, such as pickup trucks, as well as the rising popularity of electric trucks. Local special circumstances, such as infrastructure development, and underlying macroeconomic factors, including economic growth and stability, are also contributing to the market's development.

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.

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

The trucking industry in Canada refers to companies which are engaged in the transport of goods via truck. This includes both organizations who own and operate a private truck fleet to transport goods they produce themselves, as well as for-hire carriers who are contracted to carry goods produced by a different company. In 2022, the industry generated almost 39.55 billion Canadian dollars from almost 63.7 million shipments. Both these figures are slightly lower than at the industry’s peak in 2014, when shipments of 63.8 million tons of cargo generated 38.7 billion in revenue. However, the revenue per shipment of 621.15 Canadian dollars in 2018 is higher than in 2017, when only 585.6 Canadian dollars of revenue was generated per shipment.