Chile Commercial Vehicle Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 7.81 Million |
| Market Size (2029) | USD 15.67 Million |
| CAGR (2024 - 2029) | 3.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Chile Commercial Vehicle Market Analysis
The Chile Commercial Vehicle Market size is estimated at USD 7.81 million in 2024, and is expected to reach USD 15.67 million by 2029, growing at a CAGR of 3.5% during the forecast period (2024-2029).
The Chilean commercial vehicle market experienced significant growth and transformation in 2022 and 2023. This growth is driven by economic recovery, infrastructure development, and a shift towards more sustainable transportation options.
The aftermath of the COVID-19 pandemic continued to impact the commercial vehicle market in 2022 and 2023. Supply chain disruptions and semiconductor shortages affected vehicle production and delivery times, leading to increased waiting periods for certain models. However, these challenges also accelerated the adoption of digital sales channels and after-sales services in the commercial vehicle sector.
Further, the market has also been largely influenced by the government's focus on promoting electric and low-emission vehicles.
- In 2022, the Chilean government announced its National Electromobility Strategy, aiming to have 100% of new urban public transport buses and 100% of new sales of light and medium vehicles be zero-emission by 2035.
This policy initiative led to increased interest in electric commercial vehicles, with several major manufacturers introducing new electric models to the Chilean market. For example, Reborn Electric Motors, the first Chilean manufacturer of electric buses, has already manufactured more than a hundred zero-kilometer electric vehicles for the country.
Despite the overall positive trends, the commercial vehicle market faced some headwinds in 2023. The global economic slowdown and inflationary pressures led to increased caution among some buyers, particularly small and medium-sized enterprises.
Hence, the Chilean commercial vehicle market is expected to grow at a slow and steady rate during the forecast period.
Chile Commercial Vehicle Market Trends
Light Commercial Vehicles Are Leading the Market
Light Commercial Vehicles have been at the forefront of Chile's commercial vehicle market in recent years, driven by several factors including urbanization, e-commerce growth, and government policies.
Further, the COVID-19 pandemic accelerated the adoption of e-commerce and last-mile delivery services, which in turn boosted demand for LCVs. This trend continued into 2023, with many businesses investing in smaller, more agile vehicles to meet the growing need for urban logistics and delivery services. The versatility of LCVs, which can navigate narrow city streets more easily than larger trucks, made them particularly attractive for businesses operating in Chile's urban centers.
Additionally, the mining sector, a crucial part of Chile's economy, has also contributed to the growth of the LCV market. Many mining companies have been investing in smaller, more fuel-efficient vehicles for personnel transport and light cargo duties within mining sites.
Hence, increasing range of options in the LCV segment have made these vehicles particularly attractive to a wide range of businesses in Chile.
Electric Vehicle Type is Expected to Grow with Significant Rate During the Forecast Period
Chile has been making significant strides in promoting electric vehicles, including in the commercial sector, as part of its efforts to reduce carbon emissions and promote sustainable transportation.
- Chile's National Electromobility Strategy mandates that all HDV sales transition to ZEVs by 2045, with a vision for EVs to comprise 40% of the passenger LDV stock by 2050, illustrating Chile's long-term vision for a sustainable transportation infrastructure.
Further, electric buses have been at the forefront of this transition. Santiago, the capital city, has been a leader in this regard. By early 2023, Santiago had one of the largest electric bus fleets outside of China, with hundreds of electric buses in operation. This initiative has been part of a broader plan to improve public transportation and reduce air pollution in the city. Additionally, the Chilean government has implemented various policies to encourage the adoption of electric vehicles, including commercial ones.
Owing to these positive efforts, the market for electric CVs is expected to be the fastest growing during the forecast period.
Chile Commercial Vehicle Market News
- In March 2024, HORSE supplied its first 1.0-litre, low-emission engine to REBORN Electric Motors, one of the leading electric bus factory operators in the country. The engine will power Range Extender technology within the vehicle.
- In October 2023, Anglo American, in partnership with Andes Motor, Foton, Copec, and Linde, officially launched its first hydrogen-powered bus for operational service in Chile. This bus uses a 120kW SinoHytec G120 hydrogen fuel cell, is able to fit 47 passengers, and can cover distances of up to 400 km when its hydrogen tanks and batteries are fully charged.
Chile Commercial Vehicle Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Growing E-Commerce Is Creating A Conducive Environment
4.2 Market Restraints
4.2.1 Increased Prices To Counterbalance The Heightened Production Costs Is A Challenge
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Vehicle Type
5.1.1 Light Commercial Vehicles
5.1.2 Medium & Heavy-duty Trucks
5.1.3 Buses & Coaches
5.2 By Propulsion Type
5.2.1 Internal Combustion Engine (ICE)
5.2.1.1 Petrol
5.2.1.2 Diesel
5.2.2 Electric & Hybrid
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Mercedes-Benz
6.2.2 Volvo Group
6.2.3 Traton SE
6.2.4 Jiangling Motors Group Co. Ltd
6.2.5 Scania AB
6.2.6 Foton Motor
6.2.7 Freightliner Trucks
6.2.8 FUSO Trucks
6.2.9 JAC Group
6.2.10 Hino Motors
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 The Market Will Witness A Surge In Vehicle Electrification
8. AN OVERVIEW OF THE EMISSION STANDARDS AND XEV INCENTIVES AND SUBSIDIES
Chile Commercial Vehicle Industry Segmentation
A commercial vehicle is a type of motor vehicle primarily used for transporting goods or passengers for business purposes. It includes a diverse range of vehicles such as trucks, buses, vans, and delivery vehicles designed to meet the specific needs of commercial enterprises and public transportation.
The Chile Commercial Vehicle Market is segmented based on vehicle type, and propulsion type. By vehicle type, the market is segmented as light commercial vehicles, medium & heavy-duty trucks, and buses & coaches. By propulsion type, the market is segmented as internal combustion engine (ICE), and electric & hybrid. Internal Combustion Engine (ICE) is further segmented into petrol and diesel. The report offers market size and forecasts for all the above segments in terms of value (USD).
| By Vehicle Type | |
| Light Commercial Vehicles | |
| Medium & Heavy-duty Trucks | |
| Buses & Coaches |
| By Propulsion Type | ||||
| ||||
| Electric & Hybrid |
Chile Commercial Vehicle Market Research FAQs
How big is the Chile Commercial Vehicle Market?
The Chile Commercial Vehicle Market size is expected to reach USD 7.81 million in 2024 and grow at a CAGR of 3.5% to reach USD 15.67 million by 2029.
What is the current Chile Commercial Vehicle Market size?
In 2024, the Chile Commercial Vehicle Market size is expected to reach USD 7.81 million.
What years does this Chile Commercial Vehicle Market cover, and what was the market size in 2023?
In 2023, the Chile Commercial Vehicle Market size was estimated at USD 7.54 million. The report covers the Chile Commercial Vehicle Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Chile Commercial Vehicle Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Chile Commercial Vehicle Industry Report
Statistics for the 2024 Chile Commercial Vehicle market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Chile Commercial Vehicle analysis includes a market forecast outlook for 2024 to (2024to2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
