Trends in the markets for commercial vehicles

For 2021, we expect a significantly positive development in new registrations for mid-sized and heavy trucks with a gross weight of more than six tonnes compared with the previous year, with variations from region to region, in the markets that are relevant for the Volkswagen Group.

Significant market growth is expected for the 27 EU states excluding Malta, but plus the United Kingdom, Norway and Switzerland (EU27+3). Russia will probably witness a noticeable rebound in demand. We are forecasting a slight increase in Turkey and a significant increase in demand in South Africa. We estimate that demand in Brazil will be considerably higher than in the previous year.

On average, we anticipate moderate growth rates in the relevant truck markets for the years 2022 to 2025.

A moderate increase in overall demand with regional variations for 2021 is likely in the bus markets relevant for the Volkswagen Group. We anticipate a slight year-on-year decline in the market in the EU27+3 countries. In Mexico, we expect to see very strong market growth. New registrations in Brazil will probably be distinctly higher than the prior-year figure.

Overall, we expect a noticeable increase in the demand for buses on the relevant markets for the period from 2022 to 2025.