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Global Light, and Medium and Heavy Commercial Vehicle Outlook, 2021
Growth Strategies to Aid the Market Rebound from Last Year’s Lows Due to COVID-19, with LCV and M&HD Truck Segments Expected to Grow by 10.3% and 5.9%, Respectively, this Year
11-Jun-2021
North America
Market Outlook
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The trucking industry was not immune to the disruptions in supply chain and falling trade that the global COVId-19 pandemic created. Major markets, such as North America and Latin America, were badly hit, while Europe and India suffered the steepest sales declines. China was the only region to register positive growth across both LCV and M&HD Truck segments in 2020.
Being the first major region to be hit by COVID-19, China bounced back the quickest, by Q2 2020, as it was able to largely control the spread of the disease through strict measures. Besides, the strong support from the government helped the Chinese trucking industry achieve unusually high growth.
The COVID-19 pandemic has expedited a lot of trends that were already taking shape slowly before the pandemic hit. eCommerce and last-mile delivery are expected to grow exponentially as people travel less and work from home more, at least in the short-to-medium term. This is expected to create higher demand for last-mile delivery vehicles, such as panel vans and box trucks.
2020 saw both local government and OEMs take several measures to not only promote but also expedite the adoption of cleaner, greener, and zero-emission powertrains. For instance, the California state’s Advanced Clean Truck (ACT) regulation which was passed last year mandated a percentage of zero-emission trucks be sold from 2024, gradually increasing to 100% by 2045.
2021 will see a slew of electric vehicle launches, even that of those delayed by the pandemic, which will lead this decade into an electric future. While major European OEMs, such as Renault-Nissan, Daimler, Volvo, and DAF, are expected to add on to their existing EV portfolio, American OEMs, such as Ford, GM, Tesla, Rivian, Lordstown, and Workhorse, are expected to introduce their EV models this year. the adoption of alternative powertrains, especially hydrogen-fuel cells, which will in turn spur the growth of hydrogen infrastructure and the entire hydrogen-fuel-based mobility ecosystem in Europe, China, and North America.
Though, plummeting demand pushed oil prices into the negative territory in 2020, oil prices are set to rise in 2021 and expedite the adoption of alternative powertrains, especially hydrogen-fuel cells, which will in turn spur the growth of hydrogen infrastructure and the entire hydrogen-fuel-based mobility ecosystem in Europe, China, and North America.
The trucking industry is expected to undergo significant transformation in the coming years; this has already pushed OEMs, suppliers, and start-ups in the ecosystem to collaborate with each other and develop future technologies. TRATON and Navistar have joined hands at an overall strategic level; Daimler-Volvo and GM-Nikola have come together to develop fuel-cell trucking; Waymo-Daimler and TuSimple-ZF have partnered to develop autonomous trucking. Such collaborations are vital to bringing out greener trucks that are not only technologically feasible but also financially viable.
Key Issues Addressed
- The size of the global truck industry in 2020 and impact of COVID-19 on the market in various regions?
- How is the global truck industry expected to recover in 2021 in terms of volumes and key drivers for growth in different regions?
- Projected penetration of key powertrain technologies across different regions?
- Top OEM performers in 2020 and their powertrain strategy in future across different regions?
- Key trends and activities in the field of connected and autonomous trucks in select regions?
Author: Marshall Martin
Key Highlights of the Global Trucking Industry
Global LCV and M&HD Truck Market Forecast
Impact of COVID-19 on Key Regions and Recovery—LCV
Impact of COVID-19 on Key Regions and Recovery—M&HD Truck
Emissions and Fuel Economy Targets in Advanced Economies
Top Predictions for 2021
Why is it Increasingly Difficult to Grow?
The Strategic Imperative 8™
The Impact of the Top Three Strategic Imperatives on Truck Industry
Growth Opportunities Fuel the Growth Pipeline Engine™
Research Scope
Market Segmentation
COVID-19 Impact on World GDP Growth
Global Growth Scenario Analysis—Assumptions
World GDP Growth Under Differing Scenarios
COVID-19 Impact on Key Regions
Global LCV Market Forecast—Overview
Global LCV Market Forecast by Region
2020 LCV OEM Sales Performance
2021 Powertrain Technology Forecast—LCV
Anticipated e-LCV Launches by Key OEMs
Global M&HD Truck Market Forecast—Overview
Global M&HD Truck Market Forecast by Region
2020 M&HD Truck OEM Sales Performance
2021 Powertrain Technology Forecast—M&HD Truck
Anticipated Electric M&HD Truck Launches by Key OEMs
Key Trends in the Region
CARB’s Advanced Clean Trucks Regulation (ACT)
COVID-19 Impact
Segment Volumes Forecast
Emission Standards and EV Incentives and Subsidies
Powertrain Technology Split
OEM Powertrain Technology Platforms
Telematics Market Analysis—North America
Autonomous Product Pipeline Plan of Major OEMs—North America
Key Trends in the Region
COVID-19 Impact
Segment Volumes Forecast
Emission Standards and EV Incentives and Subsidies
Powertrain Technology Split
OEM Powertrain Technology Platforms
Telematics Market Analysis—Europe
Autonomous Product Pipeline Plan of Major OEMs—Europe
Key Trends in the Region
COVID-19 Impact
Segment Volumes Forecast
Emission Standards and EV Incentives and Subsidies
Powertrain Technology Split
OEM Powertrain Technology Platforms
Key Trends in the Region
COVID-19 Impact
Segment Volumes Forecast
Emission Standards and EV Incentives and Subsidies
Powertrain Technology Split
OEM Powertrain Technology Platforms
Telematics Market Analysis—India
Key Trends in the Region
COVID-19 Impact
Segment Volumes Forecast
Emission Standards and EV Incentives and Subsidies
Powertrain Technology Split
OEM Powertrain Technology Platforms
Telematics Market Analysis—LATAM
Growth Opportunity 1: Rising Demand in Last-mile Delivery Application
Growth Opportunity 1: Rising Demand in Last-mile Delivery Application (continued)
Growth Opportunity 2: Move Towards Cleaner and Zero-emission Transportation Through Electrification
Growth Opportunity 2: Move Towards Cleaner and Zero-emission Transportation Through Electrification (continued)
Growth Opportunity 3: Development in Advanced Connectivity and Safety Features in Commercial Mobility
Growth Opportunity 3: Development in Advanced Connectivity and Safety Features in Commercial Mobility (continued)
Key Conclusions
Key Conclusions and Future Outlook
List of Exhibits
List of Exhibits (continued)
List of Exhibits (continued)
List of Exhibits (continued)
Legal Disclaimer
Abbreviations and Acronyms
Learn More—Next Steps
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Key Issues Addressed
- The size of the global truck industry in 2020 and impact of COVID-19 on the market in various regions?
- How is the global truck industry expected to recover in 2021 in terms of volumes and key drivers for growth in different regions?
- Projected penetration of key powertrain technologies across different regions?
- Top OEM performers in 2020 and their powertrain strategy in future across different regions?
- Key trends and activities in the field of connected and autonomous trucks in select regions?
Author: Marshall Martin
| Deliverable Type | Market Outlook |
|---|---|
| No Index | No |
| Podcast | No |
| Author | Marshall Martin |
| Industries | Automotive |
| WIP Number | MFFD-01-00-00-00 |
| Is Prebook | No |
| GPS Codes | 9673-A6,9800-A6,9807-A6,9813-A6,9B01-A6,9963-A6,9882-A6,9965-A6 |