Pune, India, Feb. 03, 2022 (GLOBE NEWSWIRE) -- The Russian commercial vehicle market size is expected to reach USD 11.31 billion by 2028, exhibiting a CAGR of 3.1% during the forecast period. The strict environmental standards coupled with high demand for commercial vehicles will positively impact the Russian commercial vehicle market growth, states Fortune Business Insights in a report, titled “Russia Commercial Vehicle Market, 2021-2028.” The market size stood at USD 9.32 billion in 2020 and USD 9.14 billion in 2021.
Key Development:
- 2020: Volvo AB group had a strategic alliance with ISUZU group to divest UD Trucks to Isuzu Motors. Volvo Group and Daimler Truck AG inked a joint venture agreement in November 2020 to develop and market fuel-cell technologies.
- July 2021: Scania announced a collaboration with AMAZON web services for the green IT-Initiative. This collaboration will create an opportunity for the Russian commercial vehicle segment.
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Rising Emphasis on Road Infrastructure to Influence Growth
The rapid rise of the population, urbanization, industrial sector expansion, and infrastructure development are the primary drivers of commercial vehicle development in Russia. The industrial sector is rapidly developing, creating a large number of jobs in industries such as mining, construction, and tourism. It has also increased the number of commuters, resulting in a strong demand for public transportation. In the medium term, large-scale investment projects under the Public Private Partnership may help to stimulate demand. According to the government's projections, infrastructure spending is anticipated to total RUB 6.3 trillion between now and 2024. Furthermore, government support, open business, and state-sponsored "Russia Hauler" initiatives will boost demand for new trucks, enabling the Russian commercial vehicle market expansion.
COVID-19 Impact:
The global pandemic of COVID-19 has had a significant impact on the global automobile sector, particularly both value and supply chain participants, who COVID-19's rapid spread has severely disrupted. This epidemic has left the sector in a state of flux. Many automakers are required to shut down their factories for a set period of time. Furthermore, several tier-one suppliers in Europe have experienced production disruptions.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/russia-commercial-vehicle-market-106318
Market Segments:
Based on power source, the market is segmented into Gasoline, Diesel, HEV/PHEV, BEV, and Fuel Cell Vehicles.
Based on the vehicle type, the market is segmented into Light Commercial, Heavy Commercial, and Bus & Coaches. In Russia, the light commercial vehicle sector has the highest Russian commercial vehicle market share. Various reasons, including a huge number of vehicles on the road and growing disposable incomes, have contributed to the domination. In 2020, the heavy commercial vehicle category will have a moderate growth rate and a high penetration rate.
Growing demand for excavator trucks in nations where they are used for industrial purposes, as well as increased government attention on electrifying the trucking sector segment, are expected to enhance demand for heavy commercial vehicles, hence aiding the Russian commercial vehicle market.
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Competitive Landscape
Mergers and Acquisitions among Prominent Companies to Consolidate Business
The major companies operating in the Russian commercial vehicle market are focused on partnerships and collaborations to strengthen their position in the industry. For instance, KAMAZ and TATNEFT formed a joint venture in May 2021 to develop refueling complexes utilizing liquefied natural gas refueling units (LNG) to assist consumers in adopting LNG commercial vehicles. Similarly, KAMAZ and Cummins inked an MOU in September 2018 to explore electrified power solutions for a new range of KAMAZ battery-powered vehicles.
The Report Lists the Key Players Russia Commercial Vehicle Market:
• KAMAZ (Naberezhnye, Chelny, Russia)
• Volvo AB (Gothenburg, Sweden)
• Hino Motors (Tokyo, Japan)
• Mercedes Benz (Stuttgart, Germany)
• Navistar International Corp (Illinois, U.S)
• GAZ (Nizhny Novgorod, NIZ, Russia)
• SCANIA (Södertälje, Sweden)
• ISUZU (Tokyo, Japan)
• PACCAR Inc. (Bellevue, Washington, U.S.)
• URAL (Miass, Russia)
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Table Of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments - Merger, Acquisitions, and Partnerships
- Distribution Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Technological Developments
- Impact of COVID-19
- Russia Commercial Vehicle Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Vehicle Type
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Buses & Coaches
- Market Analysis, Insights and Forecast – By Power Source
- Gasoline
- Diesel
- HEV/PHEV
- BEV
- Fuel Cell Vehicle
TOC Continued…
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