Market Insights Mobility Commercial Vehicles

Trucks - United Kingdom

United Kingdom

In the United Kingdom, unit sales in the Trucks market are projected to reach 59.80k vehicles in 2024.
This indicates the anticipated level of demand for Trucks market in the country.
Moreover, it is expected that these unit sales will exhibit a compound annual growth rate of 3.94% within the period of 2024-2030 (CAGR 2024-2030).
As a result, the Trucks market is estimated to expand and reach a market volume of 75.39k vehicles units by 2030.
This growth in unit sales reflects the potential for the Trucks market to flourish in the United Kingdom.
Additionally, the production of Trucks market in the country is also anticipated to increase, reaching 11.89k vehicles units by 2030.
This production figure further emphasizes the potential growth and development of the Trucks market in the United Kingdom.
From an international perspective, it is noteworthy that the majority of truck sales in 2024 are expected to occur in China, with a projected volume of 3,741.00k vehicles units.
This indicates the significant market presence and demand for Trucks market in China compared to other countries.
The United Kingdom is experiencing a significant shift towards electric trucks in the commercial vehicles market.

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Analyst Opinion

The Trucks market in United Kingdom has been experiencing significant growth in recent years. Customer preferences have shifted towards more fuel-efficient and environmentally friendly trucks, leading to increased demand for electric and hybrid vehicles.

Additionally, there has been a growing trend towards the adoption of advanced technologies such as autonomous driving and telematics in the trucking industry. Customer preferences in the United Kingdom have been influenced by global trends in the trucking market. With increasing concerns about climate change and the need to reduce carbon emissions, customers are now prioritizing fuel efficiency and environmental sustainability when purchasing trucks.

As a result, there has been a surge in demand for electric and hybrid trucks in the United Kingdom. These vehicles offer lower fuel consumption and reduced emissions, making them a popular choice among environmentally conscious customers. Another important customer preference in the United Kingdom is the adoption of advanced technologies in trucks.

Autonomous driving technology has gained significant attention in recent years, as it promises to improve safety and efficiency in the transportation industry. Customers are increasingly interested in trucks equipped with autonomous features such as adaptive cruise control and lane-keeping assist. Similarly, telematics systems that provide real-time monitoring and data analysis are becoming more popular among fleet operators in the United Kingdom.

The United Kingdom has its own unique set of local special circumstances that have influenced the development of the truck market. One such circumstance is the country's aging truck fleet. Many trucks in the United Kingdom are reaching the end of their operational life, creating a need for replacement vehicles.

This has contributed to the growth of the truck market as customers seek to upgrade their aging fleets with newer, more efficient models. Additionally, the United Kingdom has a well-developed logistics industry, with a high demand for trucks to transport goods across the country. The growth of e-commerce and online shopping has further increased the need for efficient and reliable trucking services.

This has created a favorable market environment for truck manufacturers and suppliers in the United Kingdom. Underlying macroeconomic factors have also played a role in the development of the truck market in the United Kingdom. The country's strong economic growth and stable business environment have boosted investment in the transportation sector.

With a thriving economy, businesses are expanding their operations and requiring more trucks to meet their growing transportation needs. Furthermore, government initiatives and regulations aimed at reducing carbon emissions have incentivized the adoption of cleaner and more efficient trucks. In conclusion, the Trucks market in United Kingdom is experiencing growth driven by customer preferences for fuel-efficient and technologically advanced vehicles.

The adoption of electric and hybrid trucks, as well as advanced technologies like autonomous driving and telematics, has become increasingly popular among customers. Local special circumstances, such as the need for fleet replacement and the growth of the logistics industry, have further contributed to the market's development. Additionally, underlying macroeconomic factors, including strong economic growth and government regulations, have created a favorable market environment for the trucking industry in the United Kingdom.

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.