Zita Zigan, Director, Global Commercial Vehicle Forecasts at GlobalData, in a webinar held at the end of June, provided a positive outlook for the global truck market in 2023, 2024 and beyond. Zigan, in her presentation, highlighted some of the many factors influencing different markets in Europe, North America and the BIC countries. Below is a summary of some of her analysis of the global truck markets.

Tractor sales in the first quarter (April to June) of 2023-24 increased by 51.9% to register 14,479 units compared with 9,535 units in the same quarter of the previous year (FY 2022-23).

Sales of medium and heavy-duty rigid trucks (7.5t gvw and above) in India experienced a contraction of 10.4% in Q1 (April-June) of FY2023-24 to register 52,356 units, down from 58,443 units in same quarter of the year 2022-23.

Sales of light-duty trucks (goods carrier vehicles of GVW ≤ 7.5t) in the first quarter (April to June) of fiscal year 2023-24 decreased by 8.9% to 124,834 units, down from 137,044 units in same period of Q1/FY2022-23.

11,174 units were registered in total, making for a fifth consecutive quarter of growth, according to statistics published by the Society of Motor Manufacturers and Traders (SMMT).

The CV market in China continued to recover in June 2023, with sales rebounding by more than 26% from weak year-earlier sales, according to wholesale data released by the China Association of Automobile Manufacturers (CAAM). As we report this news, August 9, saw many leading newspapers around the world announce that the Chinese economy, the second largest in the world, had dipped into deflation, as the economy slowed.

Peru, like other main countries of South American saw commercial vehicles sales decrease in the first six months of 2023 and by 11.0% to 8,220 units compared with 9,240 units sold in the same period of 2022.

Iveco confirmed its leadership in the Argentine heavy commercial vehicle market, both by brand, displacing Mercedes-Benz, and by model, with the Tector 170E truck.

According to AEADE of Quito, 8,167 units were sold in the first half of 2023, surpassing the 7,413 vehicles registered in the same period last year.

According to Santiago-based ANAC (Asociación Nacional Automotriz de Chile) trucks registrations between January and June this year decreased by 19.7% compared with the same period in 2022, where as the bus and coach volumes rose by 60%.

The Colombian market for commercial vehicles closed the first half of 2023 with a significant decrease of 17.1% compared with the period of January to June in 2022, according to data released by the Bogotá-based Asociación Nacional de Movilidad Sostenible – ANDEMOS.

Uruguay remains one of the smallest markets for CVs in Latin America and yet has a relatively high and disproportionate number of brands competing in the market place.