Trucks - Montenegro | Statista Market Forecast

Montenegro is projected to reach a unit sales of 335.00vehicles in the Trucks market by 2024.
The market is expected to show a compound annual rate (CAGR 2024-2030) of 1.99%, resulting in a projected market volume of 377.00vehicles by 2030.
The production of the Trucks market in Montenegro is expected to reach 0.00 by 2030, illustrating the potential for growth in the market.
From an international perspective, it is evident that China will lead in sales with 3.74m vehicles units in 2024.
Montenegro's truck market is experiencing a surge in demand due to increased construction projects and infrastructure development in the country.

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 Montenegro has been experiencing steady growth in recent years, driven by various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Trucks market in Montenegro have been shifting towards vehicles that offer durability, reliability, and versatility.

Customers are increasingly looking for trucks that can handle diverse terrains and weather conditions, as well as provide ample cargo space and towing capacity. This preference is influenced by the country's rugged landscape and the need for transportation solutions that can navigate through challenging road conditions. In terms of market trends, there has been a noticeable increase in the demand for light and medium-duty trucks in Montenegro.

These trucks are favored for their fuel efficiency, maneuverability, and affordability. Additionally, there has been a growing interest in electric and hybrid trucks, as the country aims to reduce its carbon footprint and promote sustainable transportation solutions. This trend aligns with the global shift towards electric vehicles and the increasing emphasis on environmental sustainability.

Local special circumstances also play a role in shaping the Trucks market in Montenegro. The country's geographical location and its proximity to major trade routes make it an important hub for logistics and transportation. As a result, there is a constant demand for trucks that can efficiently transport goods within Montenegro and to neighboring countries.

This has led to the development of a robust trucking industry, with a wide range of truck models and brands available in the market. Underlying macroeconomic factors further contribute to the development of the Trucks market in Montenegro. The country has been experiencing steady economic growth, which has led to an increase in consumer purchasing power.

This, in turn, has fueled the demand for trucks as businesses expand their operations and require reliable transportation solutions. Additionally, government initiatives to improve infrastructure and promote foreign investment have created a favorable business environment, attracting multinational companies that require trucks for their operations. In conclusion, the Trucks market in Montenegro is growing steadily due to customer preferences for durable and versatile vehicles, market trends favoring light and medium-duty trucks, local special circumstances such as the country's geographic location, and underlying macroeconomic factors such as economic growth and government initiatives.

These factors collectively contribute to the positive development of the Trucks market in Montenegro, with a focus on meeting the diverse transportation needs of businesses and individuals in the country.

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.