Western Europe Heavy Ground Transportation Vehicles Industry Will Reach USD 271.5 Billion By 2030

The Western Europe heavy ground vehicles industry by 2030, will be valued at USD 271.5 billion. Mainly because of automotive technology developments, rapid urbanization, and commercial activity development. 

In recent years, the bus industry in the region generated more than USD 8 billion. This development can be credited to the growing per-capita income of the population. Furthermore, businesses’ expenditure on research and development, for the deployment of e-buses in the public fleets in Western European nations, has augmented in recent years. Governments are extremely worried about the environment and are, thus, helping private fleet owners and public transportation departments in accepting battery electric buses (BEBs), which are eco-friendly.

During the projection period, the industry for electric and hybrid buses in Western Europe is projected to advance rapidly, as they release minimal levels of contamination. They also offer supportable mobility choices by lessening the dependence on fossil fuels. Additionally, the European Commission’s Sustainable and Smart Mobility Strategy introduced in 2020 purposes at 90% lesser transport industry emissions by 2050. The acceptance of this plan will boost public and private transportation agencies to avoid diesel buses in Favor of electric and hybrid variants in the coming few years.

As trade activities surge in the continent, the requirement for trucks will increase. Trade needs effective goods transport solutions, which fuels the development of the truck industry in Western Europe. Furthermore, the industry is reinforced by trade contracts between neighboring nations. As Germany is the nearby neighbor of France, it has a dual relationship with that nation. This proportion of relations permits both nations to trade their items and services in a range of transportation modes, like trains and trucks, therefore encouraging industry growth within the region.

During the projection period, the demand for LCVs is projected to advance at a higher CAGR, of above 6%. This can be credited to the advanced efficiency and a lower upkeep expanse of LCVs than heavy-duty variants. Furthermore, the appearance of intelligent transport and logistics aids the acceptance of light trucks. The requirement for such trucks is also increasing due to their reduced price, which makes them inexpensive for small-to-mid-sized enterprises in the region for last-mile deliveries.

The requirement for trucks with automatic transmissions is growing quickly because they are simple to drive and more powerful than manual-transmission-based trucks. Automatic transmission needs a simpler system that lets the engine work at a slightly more effective rate, which leads to better utilization of the fuel and better mileage as a result. 

Hence, the automotive technology developments, rapid urbanization, and commercial activity development are the major factor propelling the industry. 

Source: P&S Intelligence