New York, USA, July 17, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The global Europe Commercial Vehicles Market size is predicted to grow from USD 112.62 billion in 2023 to USD 159.93 billion by 2032. It is anticipated to grow at a compound annual growth rate (CAGR) of 4.0% from 2024 to 2032, according to the latest research report by Polaris Market Research.
Market Introduction:
What is Europe Commercial Vehicles?
Structured conveyance is the mainstay of Europe's economy, development, and aggression. As a matter of fact, the European Union would, verbatim, come to a halt in the absence of trucks, buses, or vans. Albeit necessary to affluence and happiness, the commercial vehicle industry in Europe, particularly road transport, is encountering many elemental provocations currently. Trucks are the most flexible and effective means of transport for the larger part of commodities. Trucks operate as a segment of a desegregated logistics chain with alternate transport means frequently relying on them to convey cargo to and fro from warehouses, rail terminals, airfields, and ports. Also, buses are the most economical and flexible configuration of public transport needing nominal funding to instigate contemporary routes.
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The Europe commercial vehicles market is considerable propelled by the continent's robust trade and industrial venture. It is a critical constituent of the transportation and logistics industry, easing the gesture of commodities covering borders and within domestic markets. The demand for commercial vehicles is impacted by economic development, consumer disbursement, and industrial production magnitude rendering it susceptible to movements in these areas.
Europe Commercial Vehicles Market Report Attributes
| Report Attributes | Details |
| Market value in 2023 | USD 112.62 billion |
| Market value in 2032 | USD 159.93 billion |
| CAGR | 4.0% from 2024-2032 |
| Base year | 2023 |
| Historical data | 2019-2022 |
| Forecast period | 2024-2032 |
Key Highlights of the Report
- Various factors such as a broad scope of vehicles utilized for conveyance of goods, involving trucks, vans, and unique vehicles outlined to manage several cargo types are driving the market for Europe commercial vehicles.
- The market is primarily segmented into fuel type, gross vehicle weight, application, and country.
- United Kingdom dominated the market with the largest Europe commercial vehicles market.
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Europe Commercial Vehicles Market Key Players
- BAIC Group Co., Ltd.
- BYD Company Limited
- Daimler Truck Holding AG
- Dongfeng Motor Group Company Limited
- Ford Motor Company
- Iveco Group N.V.
- Leyland Trucks
- Mercedes-Benz Group AG
- Nissan Motor Co. Ltd.
- Renault Group
Top Market Developments
Growth Drivers and Trends:
Rise of E-Commerce: The surge of e-commerce has radically influenced the market altering the way commodities are conveyed to consumers. As consumers divert to online shopping for ease and a broad gamut of commodities the demand for systematic last mile transportation services has escalated.
Urbanization: Urbanization has played a notable role in modelling the last mile delivery topography in Europe. With innumerable people residing in thickly populated urban areas, the requirement for systematic and timely conveying has escalated supporting the Europe commercial vehicles market growth.
Progression in Autonomous Driving Technology: Electric and hybrid commercial vehicles have acquired propulsion as firms and governments categorize legitimacy and environmental worries. Progression in independent driving technology is also being traversed to escalate road security and maximize logistics operations.
Challenges:
Strict Emission Directives: One of the noteworthy restrictive elements is growingly strict discharge directives levied by European Union dominion. As environmental worries scale there is an escalating constraint to decrease the carbon footprint of commercial vehicles.
Which Region Leads the Europe Commercial Vehicles Sector?
United Kingdom: United Kingdom is anticipated to witness the fastest growth in Europe commercial vehicles market over estimated period. This is due to the economic surroundings, industry trends, directives, technological progression and consumer demand.
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Segmental Overview
By Fuel Type Outlook
- Fossil Fuel
- Electric
- Alternative Fuel
- Hybrid
By Gross Vehicle Weight Outlook
- Less than 3.5 tons
- 3.5 to 7 tons
By Application Outlook
- Industrial
- Less than 3.5 tons
- 3.5 to 7 tons
- Mining & Construction
- Less than 3.5 tons
- 3.5 to 7 tons
- Logistics
- Less than 3.5 tons
- 3.5 to 7 tons
- Others
- Less than 3.5 tons
- 3.5 to 7 tons
By Country Outlook
- Germany
- UK
- Italy
- Spain
- Netherlands
- Ireland
- Portugal
- Belgium
- Rest of Europe
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About Polaris Market Research:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.
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