Trucks - Lithuania | Statista Market Forecast

The Trucks market in Lithuania is projected to reach 10.62k vehicles unit sales in 2024.
This market is expected to show a compound annual rate of 0.06% (CAGR 2024-2030), resulting in a projected market volume of 10.66k vehicles units by 2030.
The production of the Trucks market is also expected to grow, reaching 20.00vehicles units in 2030.
From an international perspective, it is revealed that China will dominate the sales in 2024, with a projected figure of 3.74m vehicles units.
Lithuania is experiencing a surge in demand for electric trucks, driven by the government's push for sustainable transportation solutions.

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.

For further information on the displayed data, refer to the info button on the right-hand side of each box.

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 Lithuania has been experiencing steady growth in recent years, driven by customer preferences for reliable and efficient transportation solutions.

Customer preferences: Customers in the Trucks market in Lithuania prioritize vehicles that offer durability, fuel efficiency, and low maintenance costs. They also demand trucks that can handle heavy loads and navigate through challenging terrains. Additionally, there is a growing interest in eco-friendly trucks that have reduced carbon emissions.

Trends in the market: One of the notable trends in the Trucks market in Lithuania is the increasing popularity of electric and hybrid trucks. As environmental concerns continue to rise, customers are seeking alternative fuel options that can reduce their carbon footprint. Electric and hybrid trucks offer a greener solution without compromising on performance. Another trend is the adoption of advanced safety features in trucks. Customers are increasingly prioritizing safety in their purchasing decisions, leading to a higher demand for trucks equipped with technologies such as lane departure warning systems, adaptive cruise control, and advanced braking systems.

Local special circumstances: Lithuania's geographic location and infrastructure play a significant role in shaping the Trucks market. The country serves as a transportation hub for goods moving between Western Europe and the Baltic states. As a result, there is a constant demand for trucks that can efficiently transport goods across borders and handle long-distance journeys. Furthermore, Lithuania's commitment to improving its road infrastructure has created opportunities for truck manufacturers. The country has invested in the development of highways and transportation networks, making it easier for trucks to navigate through the country and connect with neighboring countries.

Underlying macroeconomic factors: The growth in the Trucks market in Lithuania can also be attributed to favorable macroeconomic factors. The country has experienced stable economic growth in recent years, leading to increased business activities and trade. This has resulted in higher demand for trucks to facilitate transportation of goods. Additionally, Lithuania's membership in the European Union has opened up opportunities for trade within the region. The removal of trade barriers and the harmonization of regulations have made it easier for Lithuanian businesses to export their products to other EU countries. This has further fueled the demand for trucks in the country. In conclusion, the Trucks market in Lithuania is experiencing growth due to customer preferences for reliable and efficient transportation solutions. The adoption of electric and hybrid trucks, as well as advanced safety features, reflects the evolving needs of customers. Lithuania's strategic location, infrastructure development, and favorable macroeconomic factors also contribute to the market's growth.

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.