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Executive Outlook of the Global Medium- and Heavy-Duty Low-Cost Truck Market : By 2022, Low-Cost Truck Sales will Reach 1.3 Million Units
The TRIAD is expected to experience increasing demand for low-cost trucks due to the struggling economy. Proliferation of low-cost Chinese and Indian brands is likely in these markets in the medium-duty truck segment. Higher penetration of low-cost brands from China and India is likely in Next 11, Africa, and South America due to similar market conditions and customer preferences. Rising affluence in China and India is expected to increase demand for better-quality trucks rather than low-cost trucks.
Key Research Takeaways
The economic slowdown is likely to push developed nations to consider low-cost alternatives, which offers Chinese and Indian truck manufacturers in the region opportunities for penetration and growth.
Low-Cost Truck Market, Global, 2014–2022
Global* low-cost truck market to grow at CAGR % to over million units by 2022
The market is driven by increasing demand in South America, Africa, North America, Western Europe, and Next countries, counteracting stable and declining demand in India and China, respectively.
Increasing demand for low-cost trucks in North America and Western Europe largely due to economic conditions
Prolonged economic slowdown and structural changes to freight movement patterns have changed truck purchase patterns. Low-cost truck sales are expected to grow at CAGRs of % and % in North America and Western Europe, respectively, from 2014 to 2022.
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