Chile Commercial Vehicle Market Size (2024 - 2029)

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 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).