Analysis of Select LATAM Commercial Vehicle Markets
Executive Summary—Key Findings
Commercial vehicle (CV) sales of select Latin American (LATAM) markets will likely surpass units by 2022.
Total CV Market: Key Takeaways, LATAM, 2014
In 2014, CV sales of select LATAM markets witnessed a year-over-year (YOY) decline of %, with an overall combined sales volume of units. All selected countries witnessed a decline in sales: Argentina at %, Brazil at %, Mexico at %, Chile at %, and Peru at %.
European and US original equipment manufacturers (OEM) will continue their dominance in the market. The current market share of all European OEMs in LATAM is%. US OEMs have a market share of %, followed by Japanese OEMs with a market share of %. Chinese OEMs, however, are paving the road into select LATAM markets with price competitive product offerings, accounting for a market share of %.
Heavy-duty trucks (HDT) are the largest key contributors to the CV market in Argentina, Brazil, Chile, and Peru because of key contributing industries such as mining, agriculture, oil and gas (O&G), and infrastructure that demand HDTs for cargo transportation. Light commercial vehicles (LCV) dominate in Mexico because of high urbanization trends and traffic congestion that do not permit HDTs to circulate in large cities.
HDTs and medium commercial vehicles (MCV) will witness higher growth rates because of current and future infrastructure planning and development projects and growth in sectors such as construction and agriculture that would harness the use of HDTs.
Diesel fuel is set to continue as the preferred fuel type in select LATAM markets because of price and availability; however, alternative fuels such as natural gas (NG) and ethanol will grow in market participation, mainly in Argentina, Peru, and Brazil.
About this report
The Latin American commercial vehicle (CV) market is declining, primarily attributed to economic conditions in most countries of the region and a downturn in international commodity prices that negatively impact the regional CV markets, especially if they depend on growth in the mining, oil and gas, retail, and construction industries. Market recovery is expected by 2022 because of gross domestic product growth, investments in infrastructure, and the recovery of the mining and oil and gas industries in the region. This study analyses the light, medium, and heavy CVs in select Latin American markets; future growth; technological and regulation trends; drivers and restraints; and market shares of original equipment manufacturers.
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