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Global Light, Medium, and Heavy Commercial Vehicle Outlook, 2022

·2-min read

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.

New York, June 01, 2022 (GLOBE NEWSWIRE) -- announces the release of the report "Global Light, Medium, and Heavy Commercial Vehicle Outlook, 2022" -

The analyst 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.Governments around the world are mandating advanced driver assistance systems in commercial vehicles. Manufacturers, meanwhile, are developing bundled solutions that manage all fleet requirements, from logistics and connectivity to service and maintenance, as a service.Despite Frost & Sullivan’s optimism for the market, the Russo-Ukrainian war, the ongoing semiconductor shortage, rising inflation, and still-climbing oil prices are among the factors that could affect sales.
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