Market Insights Mobility Commercial Vehicles

Trucks - Europe

Europe

In Europe, the Trucks market is anticipated to achieve unit sales of 0.45m vehicles by 2024.
Looking ahead, this market is projected to exhibit a compound annual growth rate (CAGR 2024-2029) of 0.00%, resulting in a market volume of 0.45m vehicles units by 2029.
This growth trajectory highlights the potential expansion of the Trucks market.
Furthermore, the production of Trucks market in Europe is expected to reach 0.70m vehicles units in 2029, further indicating the market's growth potential.
It is worth noting that, on an international scale, in China is expected to dominate the market with sales of 1,722.00k vehicles units in 2024.
In Germany, the trend in the commercial vehicles market is a shift towards electric trucks to meet the country's strict emission standards.

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Analyst Opinion

The bus market is one of the commercial vehicle markets. The growing focus on public transportation, owing to urbanization, has resulted in an upswing in the demand for buses. Governments across the globe are giving increased emphasis to environmentally sustainable mobility solutions, thereby prompting the adoption of electric and hybrid buses that adhere to stringent environmental standards. The incorporation of advanced connectivity and safety features in modern buses is further bolstering their appeal. Despite challenges such as unpredictable fuel prices and global economic instability, the bus industry remains resilient. Rather than stifling growth, these challenges inspire innovation and strategic collaboration within the industry.

The North American bus market reflects the competitive dynamics of the broader commercial vehicle industry, featuring key players such as New Flyer Industries and Gillig. Sustainable transportation solutions, coupled with urbanization trends and the promotion of efficient public transport have maintained market growth. Conversely, Europe has seen a surge in electric and hybrid bus adoption through its commitment to sustainability. Renowned innovators in this market, such as Daimler Buses and Volvo Buses, align with stringent emission standards. The market is comprised of established leaders and rising participants, creating a competitive environment that values ecological concerns. The Asia-Pacific area, encompassing significant markets such as India and China, serves as a major hub for bus market growth. The expansion is primarily driven by rapid urbanization and governmental programs for modernizing public transportation, resulting in substantial progress. Chinese electric bus manufacturers like BYD and Yutong are trailblazers in the electric bus market, bolstering the region's standing in the global bus industry.

Successful navigation of challenges, the adoption of innovative technologies and meeting the demand for eco-friendly public transport options are vital for stakeholders in this evolving and indispensable market.

Methodology

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.