EU: Truck Market 2023

Truck Market Size in the EU

The EU truck market rose rapidly to $X in 2021, picking up by 6.1% against the previous year. The market value increased at an average annual rate of +2.9% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Truck Production in the EU

In value terms, truck production amounted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.5% from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 10%. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Truck Exports

Exports in the EU

In 2021, shipments abroad of trucks increased by 9.9% to X units for the first time since 2018, thus ending a two-year declining trend. The total export volume increased at an average annual rate of +2.2% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2016 when exports increased by 11%. The volume of export peaked at X units in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, truck exports rose remarkably to $X in 2021. The total export value increased at an average annual rate of +2.9% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2016 with an increase of 15% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

France (X units), Germany (X units), Spain (X units), Italy (X units), Poland (X units) and Belgium (X units) represented roughly 84% of total exports in 2021. The Netherlands (X units) took a minor share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by France (with a CAGR of +6.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest truck supplying countries in the European Union were Germany ($X), France ($X) and Spain ($X), with a combined 51% share of total exports.

In terms of the main exporting countries, France, with a CAGR of +7.9%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in the European Union amounted to $X per unit, increasing by 3.8% against the previous year. In general, the export price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the export price increased by 4.2% against the previous year. The level of export peaked in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was the Netherlands ($X per unit), while Italy ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+7.9%), while the other leaders experienced more modest paces of growth.

Truck Imports

Imports in the EU

In 2021, after two years of decline, there was significant growth in purchases abroad of trucks, when their volume increased by 15% to X units. Total imports indicated a noticeable increase from 2012 to 2021: its volume increased at an average annual rate of +4.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -4.8% against 2018 indices. The pace of growth was the most pronounced in 2016 when imports increased by 19%. Over the period under review, imports hit record highs at X units in 2018; afterwards, it flattened through to 2021.

In value terms, truck imports surged to $X in 2021. The total import value increased at an average annual rate of +4.8% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 when imports increased by 19% against the previous year. The level of import peaked at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, France (X units) and Germany (X units) were the largest importers of trucks in the European Union, together accounting for approx. 34% of total imports. Belgium (X units) took a 10% share (based on physical terms) of total imports, which put it in second place, followed by Italy (7.9%), the Netherlands (7.4%), Poland (5.7%) and Spain (5.4%). Slovenia (X units), Sweden (X units), Austria (X units), Denmark (X units), Hungary (X units) and Portugal (X units) took a minor share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Slovenia (with a CAGR of +18.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), France ($X) and Belgium ($X) were the countries with the highest levels of imports in 2021, with a combined 46% share of total imports. The Netherlands, Italy, Poland, Spain, Sweden, Austria, Slovenia, Denmark, Hungary and Portugal lagged somewhat behind, together accounting for a further 42%.

In terms of the main importing countries, Slovenia, with a CAGR of +17.7%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in the European Union amounted to $X per unit, leveling off at the previous year. In general, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the import price increased by 7.6% against the previous year. As a result, import price attained the peak level of $X per unit. From 2014 to 2021, the import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Germany ($X per unit), while Portugal ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (+3.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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