Central European Heavy Ground Transportation Vehicles Market Is Set To Hit $66.6 Billion by 2030

In 2021, the Central European heavy ground transportation vehicles market was worth $42.9 billion, which is set to grow to $66.6 billion by 2030, at a CAGR of 5.0% from 2021 to 2030. The market is being driven by the growth in commercial activities and rise in the rate of urbanization, which are boosting the demand for the transportation of freight and people. Moreover, technological advancements, most prominently those in the propulsion, are making these vehicles increasingly popular.

Trade necessitates effective goods transportation, which enhances the Central European heavy ground transportation vehicles market growth potential. Regional countries have several trade agreements with each other, which necessitates efficient transportation. For instance, Austria’s key exports include specialized industrial power machinery, medicines, glassware, machinery, and foodstuffs typically through ground transportation to Germany, France, Italy, and Switzerland. This has been driving the demand for light- and heavy-duty trucks, thereby fueling the growth of the market.

Because of the increasing focus on electric transmission, truck sales account for largest share, in terms of revenue, in Central Europe. Regional nations are attempting to minimize greenhouse gas emissions, particularly from road traffic, as well as their reliance on oil. Mercedes-Benz and AB Volvo Group AG, for example, are increasing their R&D investment in order to develop transportation for futuristic cities. Autonomous driving, e-mobility, and connected cars will result in roads that are cleaner, quieter, and safer, which would be imperative for megacities built around the ideas of higher convenience and sustainability.

To obtain a competitive edge, companies in the Central European heavy ground transportation vehicles market have been releasing new products and forming strategic alliances and collaborations. For example, to accomplish comprehensive decarbonization of the transportation sector, Daimler Truck AG, AB Volvo, IVECO, Shell PLC, and OMV Group work partnered to launch H2Accelerate zero-emission hydrogen vehicles in Europe in December 2020. This is in tune with regional countries’ strong efforts to meet the climate neutrality targets decided by the Paris Agreement.

Hence, the rise in trade activities advances the growth of the Central European market.