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Commercial Vehicles - South America

South America

Highlights

The South American Commercial Vehicles market is anticipated to witness a significant rise in unit sales, with projections indicating a figure of 1.03m vehicles by the year 2024.
This market is expected to exhibit a compound annual rate of 2.05% between 2024 and 2030, resulting in a projected market volume of 1.17m vehicles units by the end of the latter year.
This growth in unit sales showcases the potential for expansion within the Commercial Vehicles market in South America.
Additionally, it is worth noting that the production of Commercial Vehicles market is predicted to reach 1.12m vehicles units by 2030, further emphasizing the potential for growth in this market.
From an international perspective, the United States is projected to account for the majority of sales in 2024, with a figure of 13.75m vehicles units.
The demand for electric commercial vehicles is rising in Brazil, driven by government incentives and a growing focus on sustainability.

Definition

A commercial vehicle is a motor vehicle that is used for business or commercial purposes rather than personal use. These vehicles are designed and used for transporting goods and passengers or providing services in exchange for compensation. The specific definition of a commercial vehicle can vary from one jurisdiction to another, and it may encompass a wide range of vehicles, depending on their size, purpose, and usage.

Structure

The Commercial Vehicles market is structured into three markets:

Light Commercial Vehicles (LCVs): This market focuses on vehicles designed for the transportation of goods or provision of services on a relatively small scale. LCVs typically include vans, mini trucks, and small cargo vehicles used by businesses and individuals for local deliveries, trade, and various commercial applications. Light commercial vehicles are defined as vehicles meant for carrying goods or passengers with a gross vehicle weight rating (GVWR) of up to 3.5 tons with some variation based on specific vehicle models, designs, and regional regulations.
Buses: Buses are motor vehicles designed for the transportation of passengers, varying in size and capacity and ranging from small minibuses to large coaches. This market considers medium and heavy buses and coaches (MHBCs). The gross vehicle weight rating (GVWR) of MHBCs typically exceeds 3.5 tons.
Trucks: The Trucks market is dedicated to heavy-duty vehicles used for the transportation of goods over long distances. Trucks are motor vehicles designed to transport cargo, ranging from small delivery trucks to heavy-duty freight carriers. Only heavy commercial vehicles (HCVs) are considered in this market. HCVs are typically defined as vehicles with a GVWR of 16 tons or more.

Additional Information

The market includes the production and sales of commercial vehicles within a specific region, regardless of the brand or model. Private vehicles, recreational vehicles, construction, and agricultural vehicles, as well as specialty vehicles such as ambulances and fire engines, are not included in the Commercial Vehicles market.

Notable key players in the Commercial Vehicles market include industry giants such as Daimler AG, Volvo Group, and PACCAR Inc., as well as various regional manufacturers and specialized vehicle manufacturers. These companies play a pivotal role in shaping the market landscape and driving innovation within the industry.

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Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Commercial Vehicles market in South America is experiencing steady growth due to various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in South America are driving the demand for commercial vehicles.

The region has a growing middle class and an increasing number of small businesses, which require vehicles for transportation and logistics. Additionally, there is a rising demand for commercial vehicles in the construction and mining industries, as infrastructure projects and natural resource extraction continue to expand in the region. Trends in the market include the adoption of cleaner and more fuel-efficient vehicles.

South American countries are implementing stricter emission standards and regulations, which is pushing commercial vehicle manufacturers to develop and offer vehicles that are more environmentally friendly. There is also a growing trend towards the use of electric and hybrid commercial vehicles, as governments and businesses aim to reduce their carbon footprint. Local special circumstances in South America also contribute to the development of the commercial vehicles market.

The region has vast and diverse terrains, ranging from dense forests to high-altitude plateaus, which require vehicles with specific capabilities and features. For example, off-road capabilities and durability are important factors for commercial vehicles operating in rural areas or in the mining industry. Furthermore, the economic situation in South America plays a significant role in the growth of the commercial vehicles market.

Despite facing some challenges, such as political instability and economic fluctuations, the region has shown resilience and a potential for growth. As economies stabilize and recover, businesses are investing in transportation and logistics, driving the demand for commercial vehicles. Underlying macroeconomic factors, such as population growth and urbanization, also contribute to the development of the commercial vehicles market in South America.

The region has a growing population, which leads to increased demand for goods and services, requiring efficient transportation systems. Rapid urbanization further drives the need for commercial vehicles, as cities expand and require transportation infrastructure to support economic activities. In conclusion, the Commercial Vehicles market in South America is developing due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

The region's growing middle class, expanding industries, and environmental regulations are driving the demand for commercial vehicles. Additionally, the diverse terrains and economic growth in South America contribute to the market's development. As the region continues to grow and stabilize, the commercial vehicles market is expected to further expand in the coming years.

Data coverage:

The data encompasses B2B enterprises. Figures are based on unit sales and production of commercial vehicles.

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.