Market Trends of europe medium and heavy-duty commercial vehicles Industry
This section covers the major market trends shaping the Europe Medium & Heavy-duty Commercial Vehicles Market according to our research experts:
Medium-duty Commercial Trucks is the largest segment by Sub Body Type.
- Effective transport is the foundation of Europe's economy, growth, and competitiveness. The commercial vehicle industry is committed to assisting the European economy in meeting the ambitious climate targets set forth in the Paris Agreement. Alternative fuels and powertrains are becoming more varied, but very few charging and refueling locations are still appropriate for commercial vehicles. The 6.3 million vehicles in use across the EU transport about 15 billion tonnes of freight annually, or 76.7% of all freight transported over land.
- Europe has been the focal point of COVID-19's effects, with some 50,000 units of output lost in March and April due to strict factory closures, workplace regulations across the area, supply chain issues, and orders to stay at home. By the end of 2020, commercial vehicle manufacturing in the European region had decreased by almost 20% from the previous year. Countries like Poland in Central Europe and Italy in Western Europe, where the trucking industry prominently facilitates the flow of commodities throughout Europe, are expected to experience the largest fall in demand.
- Logistics and Construction activities growth raised the need for material transportation, driving up commercial vehicle sales across Europe. This will probably fuel the market for business vehicles in the near future. The market is anticipated to develop due to the rise in construction and e-commerce activities, as well as the transition toward electric vehicles, which is anticipated to present chances for market expansion in the years to come.
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Germany is the largest segment by Country.
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