Market Insights Mobility Commercial Vehicles

Trucks - Portugal

Portugal

In Portugal, the Trucks market is projected to reach 5.98k vehicles unit sales by 2024.
This indicates a positive growth trend in the market.
Furthermore, it is expected that the annual growth rate (CAGR 2024-2030) will be 2.49%, resulting in a projected market volume of 6.93k vehicles units by 2030.
This demonstrates the potential for further expansion in the market.
Additionally, the production of Trucks market in Portugal is estimated to reach 5.89k vehicles units by 2030, highlighting the significant growth potential of the industry.
From an international perspective, it is worth noting that in China is anticipated to have the highest sales volume in 2024, with 3,573.00k vehicles units.
This further emphasizes the global significance of the Trucks market.
Portugal's commercial truck market is experiencing a surge in demand due to the country's growing logistics and transportation industry.

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Analyst Opinion

The Trucks market in Portugal has been experiencing significant growth in recent years. Customer preferences in the Trucks market in Portugal have been shifting towards more fuel-efficient and environmentally friendly vehicles.

Customers are increasingly looking for trucks that have lower emissions and better fuel economy. This trend is in line with the global shift towards sustainability and the increasing awareness of the environmental impact of transportation. In addition to fuel efficiency and environmental concerns, customers in Portugal also value reliability and durability in their trucks.

They want vehicles that can withstand the demanding conditions of the transportation industry and require minimal maintenance and repairs. Trends in the market indicate a growing demand for electric trucks in Portugal. As the technology for electric vehicles continues to improve and become more affordable, customers are showing a greater interest in electric trucks.

The government of Portugal has also been promoting the use of electric vehicles through various incentives and subsidies, further driving the demand for electric trucks in the country. Another trend in the Trucks market in Portugal is the increasing adoption of connected and autonomous technologies. Customers are looking for trucks that are equipped with advanced telematics systems and autonomous driving capabilities.

These technologies not only improve the efficiency and safety of truck operations but also allow for better fleet management and optimization. Local special circumstances in Portugal, such as the country's geography and infrastructure, also play a role in shaping the Trucks market. Portugal has a diverse landscape with mountainous regions and narrow roads, which require trucks that are agile and maneuverable.

Additionally, the country's investment in infrastructure development, including the expansion of highways and the improvement of transportation networks, has created opportunities for truck manufacturers and suppliers. Underlying macroeconomic factors, such as GDP growth and trade activities, also influence the Trucks market in Portugal. A strong economy and increased trade activities result in higher demand for trucks for the transportation of goods.

Portugal's membership in the European Union and its strategic location as a gateway to Europe also contribute to the growth of the Trucks market, as the country serves as a key transportation hub for goods moving within Europe and to other parts of the world. Overall, the Trucks market in Portugal is driven by customer preferences for fuel efficiency, reliability, and advanced technologies. The growing demand for electric trucks and the adoption of connected and autonomous technologies are shaping the market.

Local special circumstances and underlying macroeconomic factors also contribute to the development of the Trucks market in Portugal.

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.