Market Insights Mobility Commercial Vehicles

Trucks - South America

South America

In South America, the Trucks market is projected to reach a total of 128.00k vehicles unit sales by the year 2024.
This market is expected to demonstrate a compound annual growth rate of -1.56% from 2024 to 2030, resulting in a projected market volume of 116.50k vehicles units by 2030.
The production of Trucks market is also anticipated to increase significantly, reaching a total of 119.10k vehicles units in 2030.
This growth in production highlights the potential for further expansion in the Trucks market.
Looking at the international perspective, it is evident that the majority of sales in 2024, totaling 3,741.00k vehicles units, will be in China.
In Brazil, the demand for electric trucks in the commercial vehicles market is on the rise, driven by government incentives and increasing environmental consciousness.

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Analyst Opinion

The Trucks market in South America has been experiencing significant growth over the past few years, driven by various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Trucks market in South America have been shifting towards more fuel-efficient and environmentally friendly vehicles.

This is due to increasing awareness about the impact of carbon emissions on the environment and the desire to reduce fuel consumption costs. As a result, there has been a growing demand for trucks with advanced technologies that improve fuel efficiency and reduce emissions. In terms of market trends, there has been a noticeable increase in the demand for light and medium-duty trucks in South America.

This can be attributed to the growth of e-commerce and last-mile delivery services, which require smaller and more agile trucks to navigate urban areas. Additionally, there has been a rise in construction and infrastructure projects in the region, leading to an increased demand for heavy-duty trucks to transport materials and equipment. Local special circumstances also play a role in the development of the Trucks market in South America.

For example, the region has a diverse terrain with challenging road conditions in certain areas. This has led to a higher demand for trucks with off-road capabilities and robust suspension systems to ensure smooth transportation in these conditions. Furthermore, the high import tariffs imposed by some countries in South America have encouraged the development of local truck manufacturing industries, boosting the domestic market.

Underlying macroeconomic factors have also contributed to the growth of the Trucks market in South America. Economic stability and growth in the region have led to increased investment in infrastructure projects, which in turn drives the demand for trucks. Additionally, favorable government policies and incentives for the automotive industry have attracted foreign investments and stimulated the production and sales of trucks.

In conclusion, the Trucks market in South America is developing in response to customer preferences for fuel-efficient and environmentally friendly vehicles, market trends such as the growth of e-commerce and construction projects, local special circumstances such as challenging road conditions, and underlying macroeconomic factors including economic stability and government incentives. These factors are driving the growth of the Trucks market in South America and shaping the future of the industry in the region.

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.