MarketLine Blog

Keep on trucking; global truck market demonstrates resilience

The global truck market experienced strong growth during 2009-2013, fuelled by the Americas as the US’ economic recovery and South America’s dynamic economies continue to gather strength, and the Asia-Pacific region as China and India continue to show strong growth. With Western Europe also finally showing signs of sustainable recovery, the short term future for the truck market looks promising.

The global truck industry (which includes light commercial vehicles, light buses and coaches, commercial vehicles, buses and coaches, heavy commercial vehicles, and heavy buses and coaches in this research) grew by 5.1% in 2013, to reach a value of $586.2 billion, representing a compound annual growth rate of 10.0% for the period spanning 2009-2013.

As manufacturers in the United States report rapidly growing sales in pick-up trucks, the demand for light commercial vehicles (LCVs) dominates the truck market, with LCV sales accounting for over three quarters of the total global market, and almost 90% in North America.

This trend is less pronounced in the Asia-Pacific region, with LCVs accounting for just short of 62% of total sales. The region recorded growth of 10.3% in 2013, with sales registering $173.3 billion. China’s continued dynamic economic development has resulted in the country accounting for over 54% of total truck sales in the region, with the likes of India, South Korea and Japan trailing behind in terms of total sales.

The truck market is benefiting from the ‘trickle-down’ effect of recovering economies as rising consumer spending and increased construction, key indicators of economic recovery, have resulted in increased demand for trucks. Whether they are to serve these industries, or in the case of many pick-up truck sales (particularly in North America) a result of increased disposable income for personal use, the truck market has posted growth in a majority of countries globally and forecasts suggest the short term future is promising.

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