Trucks - Iraq | Statista Market Forecast

In Iraq, the Trucks market is anticipated to witness a significant increase in unit sales, projected to reach 3.35k vehicles by 2024.
This growth is expected to continue with a compound annual rate (CAGR 2024-2030) of 4.18%, resulting in a projected market volume of 4.29k vehicles by 2030.
Interestingly, the production of Trucks market in Iraq is expected to reach 0.00 by 2030, highlighting the potential for further expansion in the market.
From a global perspective, it is evident that China will dominate the Trucks market, with sales estimated to reach 3.74m vehicles in 2024.
Iraq's commercial truck market is experiencing a surge in demand due to the country's ongoing infrastructure development projects.

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 Iraq has been experiencing steady growth in recent years, driven by customer preferences for durable and reliable vehicles, as well as the country's unique local circumstances. Customer preferences in the Trucks market in Iraq are largely influenced by the challenging terrain and harsh weather conditions.

Customers prioritize trucks that are capable of handling rough roads and extreme weather, as well as those that offer good fuel efficiency and low maintenance costs. Additionally, customers in Iraq have a preference for trucks with spacious cargo capacity, as many businesses in the country rely on transportation of goods for their operations. One of the key trends in the Trucks market in Iraq is the increasing demand for heavy-duty trucks.

This can be attributed to the growth of various industries in the country, such as construction, oil and gas, and agriculture. These industries require trucks that can transport heavy loads and withstand demanding work conditions. As a result, manufacturers have been focusing on introducing new models of heavy-duty trucks with advanced features and technologies to cater to this growing demand.

Another trend in the market is the rising popularity of electric trucks. This trend is in line with the global shift towards sustainable transportation solutions. Electric trucks offer several advantages, including lower operating costs, reduced emissions, and quieter operation.

As the government of Iraq continues to promote environmental sustainability and energy efficiency, the demand for electric trucks is expected to increase in the coming years. In addition to customer preferences and global trends, the Trucks market in Iraq is also influenced by local special circumstances. The country has been rebuilding its infrastructure and investing in various development projects, which has created a need for trucks for construction and transportation purposes.

Furthermore, the ongoing political stability in Iraq has boosted investor confidence and economic growth, leading to increased demand for trucks in various sectors. Underlying macroeconomic factors, such as GDP growth, population growth, and government policies, also play a significant role in the development of the Trucks market in Iraq. As the economy continues to grow and the population increases, the demand for trucks is expected to rise.

Additionally, government initiatives to improve road infrastructure and promote economic development are expected to further drive the growth of the Trucks market in Iraq. Overall, the Trucks market in Iraq is witnessing steady growth due to customer preferences for durable and reliable vehicles, the increasing demand for heavy-duty trucks, the rising popularity of electric trucks, local special circumstances such as infrastructure development, and underlying macroeconomic factors. As the market continues to evolve, manufacturers and stakeholders in the industry need to stay abreast of these trends and adapt their strategies to capitalize on the opportunities in the market.

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.