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Summary
The global truck market, valued at $201.52 billion in 2020, is projected to grow at an annual rate of 10.5% from 2021 to 2025, reaching $330.32 billion. The market is diverse, with developed countries focusing on features and heavy regulations, while developing nations are cost-conscious. An emerging trend is the demand for advanced driving technologies and safety features.
The Italian Trucking Renaissance: Emerging from the Pandemic
Lull towards Technological Advancement and Fleet Modernization" In the wake of a global pandemic-induced stagnation, the Italian truck market is experiencing a resurgence, with an upswing in new truck registrations indicating a robust recovery trajectory. This revival points to a burgeoning demand growing at an impressive rate, reflecting a heightened need for road freight transportation in a post-pandemic economy rekindling its operations across various sectors. Truck sales trends in Italy showcase a strong preference for the N2 category, underscoring a market shifting gears towards medium-sized vehicles. The popular brands leading the charge include Iveco, Scania, and Mercedes-Benz, each carving a significant position in the market. A standout aspect of the current market inclination is an amplified customer focus on advanced driver-assistance systems and cutting-edge safety technologies. Market offerings such as Collision Mitigation Systems (CMS) and Lane Departure Warning Systems are increasingly sought after, suggesting a heightened communal commitment to road safety and accident prevention. The Italian production of commercial and industrial vehicles reveals an encouraging upward march, notably in the first half of 2021 with light commercial vehicles leading the production line, followed by trucks, and a nominal yet growing production of buses. As per the disclosed figures, the total output of commercial and industrial vehicles marked an increase of over 50 percent compared to the previous year, and a slight but positive deviation from the figures. The segmentation of demand within the light commercial vehicle sector is quite diverse with medium/large vans, small vans, and small vans/minicargo making up more than half of the market demands. This diversity in demand reflects a multifaceted market with various sectors seeking varied transportation solutions corresponding to their specific needs. For the heavier segment with a permissible total weight of over 3.5 tons, the largest market share is dominated by trucks from 16,000 kg, indicative of a sector relying largely on heavy-duty vehicles for transport of goods. A closer look at the impact of COVID-19 underscores the sharp downturn in the sector, with stark contractions in vehicle registrations and a concerning loss of jobs. However, the subsequent periods showed signs of stabilization and tentative recovery as the economy began to rally. Italian authorities, cognizant of the challenges and potential of this sector, have introduced decrees focused on incentivizing fleet renewal and embracing alternative fuel technologies, signifying a policy direction aimed at sustainability and modernization. The emphasis is on grants for purchases of alternative-fueled trucks.
Pioneers of the Trucking Industry: Leading Manufacturers on the Road to Innovation and Efficiency
The global truck market is a dynamic and diverse arena with multiple key players that have positioned themselves at the forefront of the industry through a combination of technological advancements, strategic market presence, and responsive product offerings. These players have sculpted the landscape of transport logistics, aiding economies and empowering businesses.
- Iveco is a flagship name in the trucking domain, particularly renowned in the Italian market for its impressive lineup. As a brand that stands for industrial excellence, Iveco offers a wide range of vehicles, including light, medium, and heavy commercial trucks that serve various purposes from city logistics to long-haul transports. With innovation at its heart, Iveco has also committed to sustainable solutions, steering the market towards alternative fuels and reduced emissions.
- Scania represents another heavyweight, revered for its sturdy trucks and relentless focus on customization to suit customer needs. Scania’s heavy-duty trucks excel in delivering high-performance and sustainability, a combination that reassures clients of lower operational costs and aligned environmental values. With a robust presence in Europe and beyond, Scania continues to make strides in safety features and assisted driving technologies.
- Mercedes-Benz, under the umbrella of Daimler AG, has a longstanding reputation for its premium commercial vehicles. From the robust Actros trucks, ideal for long-distance haulage, to the versatile Atego for distribution transport, Mercedes-Benz trucks embody reliability, efficiency, and cutting-edge technology. Additionally, their commitment to advancing autonomous driving and electric trucks solidifies their stance as innovators in the industry.
- Volkswagen Group, another giant in the automotive market, has extended its prolific ethos to the cargo transport segment through vehicles that are synonymous with quality and versatility. Their portfolio of light commercial vehicles and heavy trucks encapsulate clever design and practical innovation.
- Volvo, hailing from Sweden, is not just a brand but an institution that has helped shape the heavy-duty trucking industry with a focus on driver safety and fuel efficiency. It invests heavily in R&D to ensure that their trucks lead in areas such as autonomous driving and electrification, responding to the global demands for sustainability in freight logistics.
Each of these companies has contributed to the vibrant fabric of the global and, notably, the European trucking market. They have mastered the art of catering to both developed and emerging markets, strategizing their offerings to meet regulatory requirements and market demands alike.
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Summary and extracts
1 Market Overview
1.1 Definition and presentation
A truck is a vehicle used to transport goods by road. This means of transport differs from other vehicles used for transporting goods by road in that it has its own traction. Internationally, trucks are classified into three macro-groups: N1, N2, N3 on the basis of vehicle mass. In addition, different types of trucks can be distinguished, such as those with a body and crane behind the cab, silo and tank trucks, trucks with an extended cab, etc.
In 2020, the global truck market was worth $201.52 billion. The future outlook is for the market to grow at an annual growth rate of 10.5% between 2021 and 2025, reaching a value of $330.32 billion at the end of the forecast period. Despite this, the global market has very different characteristics: on the one hand, there are the more developed countries that are characterized by heavy regulations in this regard and a very feature-focused demand; on the other hand, there are the less developed countries where this market is much more cost-conscious than the features offered.
After a period of stagnation due to the Covid-19 pandemic, the Italian truck market is beginning to show the first signs of recovery: in fact, there is an average increase in registrations of 9% and Italy is confirmed as the European nation with the largest increase in the number of registrations. The most popular brands in the Italian truck market are Iveco, Scania and Mercedes-Benz, and in terms of type, the one with the highest sales is the N2 category.
Within this market, a particularly relevant emerging trend is the growing customer focus on advanced assisted driving technologies and safety features that vehicles are equipped with, such as, for example, the collision mitigation system (CMS) or the lane departure warning system that aim to increase road safety by reducing the likelihood of accidents.
List of charts
- Development of the global truck market (over 3.5 tons)
- World production of medium and heavy buses and trucks
- World production of medium and heavy buses and trucks
- Impact of Covid-19 on truck and commercial vehicle production
- Segmentation of demand for light commercial vehicles
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