Trucks - Iceland | Statista Market Forecast

In 2024, it is projected that unit sales in the Trucks market in Iceland will reach 427.00vehicles.
The market is expected to show a compound annual rate (CAGR 2024-2030) of 0.27%, resulting in a projected market volume of 434.00vehicles by 2030.
Interestingly, the production of Trucks market in Iceland is expected to reach 0.00 by 2030, indicating the potential for significant growth in the market.
When looking at the international perspective, it is noteworthy that China is projected to have the highest sales volume of 3.74m vehicles in 2024.
The demand for electric trucks in Iceland has been steadily increasing due to the country's commitment to renewable energy and sustainable transportation.

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 Iceland has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Trucks market in Iceland have shifted towards vehicles that are more fuel-efficient, environmentally friendly, and technologically advanced.

Customers are increasingly looking for trucks that offer better fuel economy to reduce operating costs and minimize their carbon footprint. Additionally, there is a growing demand for trucks with advanced safety features, such as collision avoidance systems and lane departure warning systems. These customer preferences align with global trends in the Trucks market, where there is a greater emphasis on sustainability and technological innovation.

In terms of trends in the market, there has been a gradual shift towards electric trucks in Iceland. This trend is driven by the country's commitment to reducing greenhouse gas emissions and transitioning towards renewable energy sources. Electric trucks offer zero-emission transportation solutions, making them an attractive option for businesses looking to align with sustainability goals.

Furthermore, advancements in battery technology have improved the range and charging capabilities of electric trucks, making them more practical for long-haul transportation. Another trend in the Trucks market in Iceland is the increasing popularity of light-duty trucks. These trucks are preferred for their versatility and ability to navigate Iceland's challenging terrain.

Light-duty trucks are well-suited for off-road driving and are commonly used in industries such as construction, agriculture, and tourism. This trend is also observed in other regions with similar geographical characteristics, where the demand for trucks that can handle rugged terrains is high. Local special circumstances in Iceland contribute to the development of the Trucks market.

The country's harsh climate and challenging road conditions require trucks that are durable and capable of withstanding extreme weather. Additionally, Iceland's small population and limited road network result in a higher demand for trucks per capita compared to larger countries. These local circumstances create a favorable environment for the growth of the Trucks market in Iceland.

Underlying macroeconomic factors also play a role in the development of the Trucks market in Iceland. The country's strong economic growth, driven by industries such as tourism and renewable energy, has increased demand for trucks for various purposes, including transportation of goods and services. Additionally, favorable government policies and incentives, such as tax breaks for electric vehicles, have encouraged the adoption of trucks in Iceland.

In conclusion, the Trucks market in Iceland is developing in response to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The shift towards more fuel-efficient and technologically advanced trucks, the growing popularity of electric trucks, the demand for light-duty trucks, the country's challenging terrain, and favorable macroeconomic conditions are all contributing to the growth of the Trucks market in Iceland.

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.