Unpacked: 2024 commercial vehicle market

The 2024 commercial VEHICLE (CV) market faced a 5.6% decline after strong growth in 2023 but still achieved ITS second-highest sales total since the pandemic. Lightstone unpacks these and other related developments…

After growing by 13.1% in 2023, the combined heavy and extra-heavy commercial market struggled somewhat in 2024, contracting by 5.6%. However, it still recorded its second-best annual sales total since the start of the pandemic, with 22,378 units reported to naamsa as sold.

After climbing from fourth in 2022 to second in 2023, FAW reached the pinnacle of the Top 10 chart in 2024 with 4,375 units sold domestically, followed by Scania and Mercedes-Benz.

The brands in the Top 10 have remained unchanged over the last five years, although their ranking order has varied over time.

Locally-assembled vehicles dominate the heavy and extra-heavy commercial market sales, making up around 90% of the market. FAW, Mercedes-Benz, and Scania are the biggest players in this area.

Sweden was the most popular country of origin for import sales in 2022 and 2023, but in 2024 was overtaken by the exponential increase in the importation of Chinese-assembled trucks.

One of the hottest topics in the motor industry at present is the adoption of new energy vehicles. While this shift predominantly affects the passenger vehicle market (and, to a lesser extent, the light commercial vehicle segment), electric and compressed natural gas-powered vehicles are also emerging in the commercial sector. Sales of these vehicles are currently still low, however, making up less than 0.1% of the market.