Europe Commercial Vehicles Market Size Worth USD 159.93 Billion by 2032 | CAGR: 4.0%

Europe Commercial Vehicles Market Size Worth USD 159.93 Billion by 2032 | CAGR: 4.0%


The Europe commercial vehicles market size is expected to reach USD 159.93 Billion by 2032, according to a new study by Polaris Market Research. The report “Europe Commercial Vehicles Market Share, Size, Trends, Industry Analysis Report, By Fuel Type (Fossil Fuel, Electric, Alternative Fuel, Hybrid); By Gross Vehicle Weight; By Application; By Country; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The European commercial vehicles (goods and cargo) market supports the continent's economy, growth, and competitiveness. With 6.3 million vehicles in use across Europe, they transport approximately 76.7% of all freight carried over land, amounting to about 15 billion tons of goods annually. As such, the industry is responsible for providing efficient, reliable, safe, and sustainable transportation services to European citizens and enterprises.

The market for commercial vehicles is expected to rebound shortly due to the growth in logistics and construction activities. This surge in material transportation demand will likely drive an increase in commercial vehicle sales across Europe. Additionally, the transition toward electric vehicles and the rise of e-commerce activities present opportunities for further market expansion in the coming years. In conclusion, the European commercial vehicles market for goods and cargo is a vital part of the continent's economic landscape. Its substantial size and role in transportation and logistics make it a key indicator of economic health. Despite challenges like the COVID-19 pandemic, the industry continues to evolve, embracing sustainability and technological advancements to meet the growing demand for efficient and eco-friendly transportation solutions. The future presents opportunities for further growth, driven by trends such as electrification and digitalization, solidifying its significance in driving Europe's economic prosperity.

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An increasing focus on environmental sustainability is shaping the commercial vehicle market in Europe. Consumers are becoming more conscious of the environmental impact of their choices, including delivery services. As a result, there has been a significant rise in the adoption of electric and sustainable commercial vehicles for last-mile delivery. Governments and businesses are offering incentives and subsidies to promote the use of electric vehicles, further driving the shift towards greener transportation solutions.

Europe Commercial Vehicles Market Report Highlights

  • In 2023, the commercial vehicle market in Europe was predominantly fueled by fossil fuels, with diesel and gasoline being the primary energy sources historically utilized for commercial vehicles in the region.
  • The less than 3.5 tons segment is expected to experience substantial growth in Europe's commercial vehicle market. Light-duty vehicles (LDVs) with a gross vehicle weight of less than 3.5 tons represent a crucial category within the European commercial vehicle market.
  • The UK market is poised for substantial growth in the upcoming forecast period due to a confluence of factors such as economic conditions, industry dynamics, regulatory landscape, technological innovations, and consumer preferences.
  • The key market players include 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, Rivian Automotive, Inc., Stellantis N.V., Toyota Motor Corporation, Traton SE, Volkswagen AG, etc.

Polaris Market Research has segmented the Europe commercial vehicles market report based on fuel type, gross vehicle weight, application, and country:

Europe Commercial Vehicles, Fuel Type Outlook (Volume – Thousand Units, Revenue - USD Billion, 2019 - 2032)

  • Fossil Fuel
  • Electric
  • Alternative Fuel
  • Hybrid

Europe Commercial Vehicles, Gross Vehicle Weight Outlook (Volume – Thousand Units, Revenue - USD Billion, 2019 - 2032)

  • Less than 3.5 tons
  • 3.5 to 7 tons

Europe Commercial Vehicles, Application Outlook (Volume – Thousand Units, Revenue - USD Billion, 2019 - 2032)

  • 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

Europe Commercial Vehicles, Country Outlook (Volume – Thousand Units, Revenue - USD Billion, 2019 - 2032)

  • Germany
  • UK
  • Italy
  • Spain
  • Netherlands
  • Ireland
  • Portugal
  • Belgium
  • Rest of Europe

Europe Commercial Vehicles Market Report Scope

Report Attributes

Details

Market size value in 2024

USD 116.94 Million

Revenue forecast in 2032

USD 159.93 Million

CAGR

4.0% from 2024 – 2032

Base year

2023

Historical data

2019 – 2022

Forecast period

2024 – 2032

Quantitative units

Revenue in USD Million, Volume in Thousand Units, and CAGR from 2024 to 2032

Segments covered

By Fuel Type, By Gross Vehicle Weight, By Application, By Country

Country scope

Germany, UK, Italy, Spain, Netherlands, Ireland, Portugal, Belgium, Rest of Europe

Customization

Report customization as per your requirements with respect to countries, region and segmentation.

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  • Regional analysis
  • Segmentation analysis
  • Industry outlook
  • Competitive landscape
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