Europe Heavy Ground Transportation Vehicles Market Witnessing Robust Growth due to Rising Trade Activities, says P&S Intelligence

NEW YORK, March 29, 2022 /PRNewswire/ -- In 2021, the Western European heavy ground transportation vehicles market valued $155.4 billion, which is expected to increase to $271.5 billion by 2030, at a 6.4% CAGR.

A lot of people from bordering countries come to France to explore its iconic monuments, taste its fine wines, wander in its beautiful countryside, and partake in its haute cuisine, thereby driving the demand for transit buses in Western Europe at a high rate. Although the bus market in the region is small presently, it offers lucrative opportunities to OEMs, component providers, and aftermarket firms, especially with the advent of autonomous and electric buses. Hence, seeing the potential increase in the demand for buses and trucks in Central and Western Europe, automakers have started launching new models with advanced technologies, to suit various industrial and commercial purposes.

On the other hand, the Central European heavy ground transportation vehicles market revenue is predicted to witness a CAGR of 5.0%, to grow from $42.9 billion in 2021 to $66.6 billion by 2030.

A key driver for truck sales in the central part of the continent is, therefore, a massive increase in domestic and cross-border trade. For instance, Poland extensively trades with neighboring countries, including Germany, the U.K., the Czech Republic, France, and Italy, which is why the demand for trucks here is rather high. To cater to the rising demand for freight transportation, OEMs are introducing new technologies in trucks, such as autonomous driving, electric propulsion, and automatic transmission.

Additionally, trucks have dominated the European heavy ground transportation vehicles market in both its western and central parts, as they are essential for trade. In this regard, the rapid industrialization and urbanization are the major reasons behind the growing demand for heavy land transportation vehicles in Western and Central Europe, as they are driving an increase in the population and construction, industrial, and trading activities. Trucks not only help in the transportation of finished goods across borders, but also for bringing material to and from construction, mining, industrial, and many other sites.

Thus, with the construction and industrial boom in the region, the demand for trucks for various purposes is burgeoning. However, these activities lead to a rise in the emission of GHGs, which is why governments in the region are implementing stringent emission control laws and launching initiatives to boost the shift to alternative fuels. This is why while conventional buses and trucks currently dominate the European heavy ground transportation vehicles market, in the coming years, the sale of electric variants will rise fast.

Alstom Holdings, Hitachi Ltd., CRRC Corporation Limited, Stadler Rail AG, Wabtec Corporation, Siemens Aktiengesellschaft, CNH Industrial N.V., Mercedes-Benz Group AG, AB Volvo, Traton Group, CAF Construcciones y Auxiliar de Ferrocarriles S.A., PACCAR Inc., Mitsubishi Fuso Truck and Bus Corporation, BYD Motors Inc., VDL Bus & Coach B.V., Toyota Industries Corporation, Stellantis N.V., and SAIC Motor Corporation Limited are among the biggest companies offering trucks and buses in Western and Central Europe.

Explore Detailed Insights on Heavy Ground Transport Vehicles Market in the Western Europe @ https://www.psmarketresearch.com/market-analysis/european-heavy-ground-transportation-vehicles-market

Explore Detailed Insights on Heavy Ground Transport Vehicles Market in the Central Europe @ https://www.psmarketresearch.com/market-analysis/heavy-ground-transportation-vehicles-market

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SOURCE P&S Intelligence