Global Light, and Medium and Heavy Commercial Vehicle Outlook, 2021

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

RELEASE DATE
11-Jun-2021
REGION
North America
Research Code: MFFD-01-00-00-00
SKU: AU02171-NA-MO_25506

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Description

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

RESEARCH: INFOGRAPHIC

This infographic presents a brief overview of the research, and highlights the key topics discussed in it.
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Table of Contents

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

Related Research
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 states 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.--BEGIN PROMO--

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

More Information
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