Which Disruptive Innovations are Powering the Growth of Light, Medium, and Heavy Commercial Vehicles?
Plummeting demand in China will contribute to a contraction in medium- and heavy-duty truck sales
Research Overview
All regions except for China (which contributes annual sales volumes averaging about 40%) witnessed growth in commercial vehicle sales in 2021, indicating a return to normalcy after a dismal 2020. Despite COVID-19 virus surges in some places, the overall sentiment for the year remained positive. Frost & Sullivan expects the global market to grow even further in 2022.
As economies continue to reopen, a resumption of infrastructure build-out and other construction activity will increase the demand for heavy-duty trucks, with double-digit growth anticipated in India, Latin America, and Association of Southeast Asian Nations countries.
Natural gas vehicles have seen a spike in demand in most regions. North America and Europe continued to generate strong demand, and in India demand went up as oil prices increased. China is the only exception, where sales declined largely due to high natural gas prices as well as a significant gain in electric truck volumes. Most truck manufacturers will have at least electric model on the road this year. Much of the demand will come from North America, with numerous launches and order fulfillments expected. Latin America will show the most promise among emerging markets.
Take your first step towards achieving growth-centric solutions with our
Growth Pipeline Dialog™. Speak to our industry experts in a complimentary open discussion that will spark innovative thinking and growth opportunities that will benefit your organization.