Market Insights Mobility Commercial Vehicles

Trucks - Europe

Europe

In Europe, the Trucks market is anticipated to achieve unit sales of 0.61m vehicles by 2024.
Looking ahead, this market is projected to exhibit a compound annual growth rate (CAGR 2024-2030) of 2.80%, resulting in a market volume of 0.72m vehicles units by 2030.
This growth trajectory highlights the potential expansion of the Trucks market.
Furthermore, the production of Trucks market in Europe is expected to reach 1.16m vehicles units in 2030, 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 3,741.00k 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 Trucks market in Europe is experiencing significant growth and development in recent years. Customer preferences in the Trucks market in Europe are shifting towards more fuel-efficient and environmentally friendly vehicles.

Customers are increasingly concerned about the impact of their vehicles on the environment and are seeking out trucks that have lower emissions and better fuel efficiency. This trend is driven by both regulatory requirements and customer demand for more sustainable transportation options. Another customer preference in the Trucks market in Europe is for trucks that are equipped with advanced safety features.

Customers are placing a higher priority on safety when selecting trucks, and are willing to pay a premium for vehicles that have features such as lane departure warning, automatic emergency braking, and blind spot detection. This trend is driven by a growing awareness of the importance of safety in the transportation industry and a desire to reduce accidents and injuries. Trends in the market include the increasing adoption of electric trucks.

As governments in Europe implement stricter emissions regulations, truck manufacturers are investing in the development of electric trucks to meet these requirements. Electric trucks offer zero-emission transportation solutions, making them an attractive option for customers who are looking to reduce their carbon footprint. Additionally, advancements in battery technology have led to increased range and improved charging infrastructure, making electric trucks a viable option for long-haul transportation.

Another trend in the Trucks market in Europe is the growing demand for autonomous trucks. Autonomous trucks have the potential to improve efficiency and reduce costs in the transportation industry. They can operate continuously without the need for breaks, resulting in faster delivery times and reduced labor costs.

Additionally, autonomous trucks have the potential to improve safety by reducing human error. As a result, truck manufacturers and technology companies are investing heavily in the development of autonomous truck technology. Local special circumstances in the Trucks market in Europe include the diverse regulatory landscape across different countries.

Each country in Europe has its own set of regulations and standards for trucks, which can impact the design and features of trucks sold in that country. Additionally, infrastructure for electric and autonomous trucks varies across Europe, with some countries having more advanced charging and connectivity infrastructure than others. These local circumstances can influence customer preferences and the availability of certain types of trucks in different markets.

Underlying macroeconomic factors that are driving the development of the Trucks market in Europe include population growth, urbanization, and economic growth. As the population and economy in Europe continue to grow, there is an increased demand for goods and services, which in turn drives the demand for trucks. Additionally, urbanization is leading to increased congestion and the need for more efficient transportation solutions, such as electric and autonomous trucks.

In conclusion, the Trucks market in Europe is experiencing growth and development driven by customer preferences for fuel-efficient and safe vehicles, as well as trends towards electric and autonomous trucks. Local special circumstances and underlying macroeconomic factors also play a role in shaping the 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.