Latin America Commercial Vehicles Market Size & Outlook
Latin America commercial vehicles market, 2018-2030 (US$M)
Related Markets
Latin America commercial vehicles market highlights
- The Latin America commercial vehicles market generated a revenue of USD 36,306.5 million in 2023.
- The market is expected to grow at a CAGR of 1.8% from 2024 to 2030.
- In terms of segment, light commercial vehicle was the largest revenue generating product in 2023.
- Light Commercial Vehicle is the most lucrative product segment registering the fastest growth during the forecast period.
- Country-wise, Brazil is expected to register the highest CAGR from 2024 to 2030.
Latin America data book summary
| Market revenue in 2023 | USD 36,306.5 million |
| Market revenue in 2030 | USD 41,068.1 million |
| Growth rate | 1.8% (CAGR from 2023 to 2030) |
| Largest segment | Light commercial vehicle |
| Fastest growing segment | Light Commercial Vehicle |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Light Commercial Vehicle, Heavy Trucks, Buses & Coaches |
| Key market players worldwide | Bosch, Daimler Truck Holding AG ADR, Volkswagen AG, Toyota Motor Corp, Mahindra & Mahindra Ltd DR, Volvo AB ADR, General Motors Co |
Other key industry trends
- In terms of revenue, Latin America region accounted for 3.1% of the global commercial vehicles market in 2023.
- Globally, North America is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 363,337.5 million by 2030.
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Commercial Vehicles Market Scope
Commercial Vehicles Market Companies
| Name | Profile | # Employees | HQ | Website |
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Latin America commercial vehicles market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to commercial vehicles market will help companies and investors design strategic landscapes.
Light commercial vehicle was the largest segment with a revenue share of 65.87% in 2023. Horizon Databook has segmented the Latin America commercial vehicles market based on light commercial vehicle, heavy trucks, buses & coaches covering the revenue growth of each sub-segment from 2018 to 2030.
The Latin American region is transforming itself into an established manufacturing and sales hub for the automotive industry, which is made attractive by free trade agreements and increased government incentives. However, lack of adequate infrastructure and low internet penetration across the region are the key restraints for the growth of the commercial vehicles market in the region.
The automotive manufacturers in Brazil are one of the leading exporters of automobiles. However, the country lacked the introduction of stringent vehicle safety standards until 2016. Hence, in an attempt to prioritize vehicle safety, in 2017, the government announced a collaboration with a branch of Vehicle Certificate Agency (UK) located in Sao Paulo. This collaboration was expected to ensure compliance of Brazilian automakers with the international safety certification norms.
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Horizon Databook provides a detailed overview of continent-level data and insights on the Latin America commercial vehicles market , including forecasts for subscribers. This continent databook contains high-level insights into Latin America commercial vehicles market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Latin America commercial vehicles market size, by country, 2018-2030 (US$M)
Latin America Commercial Vehicles Market Outlook Share, 2023 & 2030 (US$M)
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