Global Commercial Vehicle Industry Development Report 2024

Global Commercial Vehicle Industry Development Report 2024: Profit Differentiation Intensifies, Electrification Transformation dominates the competitive landscape

The global commercial vehicle industry competition in 2024 is gradually unfolding. Against the backdrop of overall revenue pressure, the differentiation of corporate profitability and the effectiveness of electric transformation have become the key strokes to outline the industry landscape. The annual performances of the major players not only demonstrate their commitment to traditional advantages but also herald new opportunities in the new energy and intelligent sectors.

Profit performance shows a significant divergence, with leading enterprises having different offensive and defensive strategies

Global commercial vehicle enterprises are showing a diversified situation in the game of revenue and profit.

The Italian Iveco Group demonstrated strong profitability resilience. Despite a slight 4.3% decline in annual revenue, its net profit saw a significant 60% increase to 349 million euros. Its bus business, with a growth rate of 13.3%, held a 14.2% share in the European market, becoming an important support for profit growth.

German TRATON Group achieved a double growth against the trend, with its revenue climbing to 47.443 billion euros and its net profit increasing to 2.804 billion euros simultaneously. The delivery volume of its Scania brand rose by 6%, and the continuous increase in the proportion of zero-emission models has injected impetus into its growth. In contrast, the performance of the Us-Based Packard Company was somewhat lackluster. Its revenue of 31.564 billion US dollars and net profit of 4.162 billion US dollars both declined year-on-year. Its core brands such as Kenworth and Peterbilt are facing the challenge of market contraction. Despite a 11% decline in truck deliveries, Volvo Group has maintained its industry position with a 70% market share in the European electric heavy truck market. Moreover, it has joined hands with Daimler to establish a 50:50 joint venture to develop an intelligent driving platform, accumulating strength for long-term development.

Electrification transformation has become a core track, and enterprises are accelerating their layout to seize positions

Daimler Trucks maintained its position as the world's largest commercial vehicle company with a revenue of 54.077 billion euros. Despite a 15% decline in adjusted profit, its new energy strategy has achieved remarkable results. The sales of pure electric vehicles soared by 17% year-on-year to 4,035 units, and it successfully won an order for 200 electric heavy-duty trucks from Amazon. Demonstrate the market's recognition of its electric products. In terms of localization layout, the Foton Daimler joint venture delivered nearly 2,000 Mercedes-Benz heavy-duty trucks throughout the year, marking an important achievement in its in-depth cultivation of the Chinese market. The Chinese commercial vehicle market has shown a distinct feature of "a slight decline in total volume and a sharp increase in new energy vehicles". The total annual sales volume was 3.873 million units, a slight year-on-year decrease, while the sales volume of new energy commercial vehicles rose to 532,000 units at a growth rate of 28.9%.However, the pain of industry transformation has already emerged. The net profit of sales champion Foton Motor plummeted by 92%, reflecting the profit pressure faced by traditional enterprises during the transformation process.

The regional market landscape is differentiating, and Chinese automakers are accelerating their overseas expansion

The European market has become a must-win territory for commercial vehicle enterprises. Volvo has delivered over 100,000 trucks in Europe, while Daimler's bus sales have grown by 2% against the trend, demonstrating the resilience of the European market.The North American market shows a differentiated trend. Daimler's truck sales in North America slightly dropped by 2%, while Mercedes-Benz's truck sales plummeted by 20%. The market competition has become even more intense.The pace of Chinese commercial vehicle enterprises going global has significantly accelerated. The annual export volume increased by 17.5% year-on-year to 904,000 units. Leading enterprises such as Foton and Dongfeng have continuously enhanced the competitiveness of their products through technological upgrades and have been making sustained efforts in the global market share competition.