Between 2016 and 2024, International Motors LLC's revenue generally increased. In 2024, the company reported a revenue of over 11.1 billion euros. The brief period of decline in sales revenue was in the midst of both the COVID-19 pandemic and global semiconductor shortages. It was not only Navistar that suffered such losses as the number of cars sold worldwide suffered a decline during that same period. It was acquired by the Traton Group in 2021. In October 2024, the company formerly known as Navistar changed its name to International Motors LLC.
Navistar reported net sales and revenue streams of 7.5 billion U.S. dollars in 2020. In that year, the company's truck segment reported a 38 percent decrease in net sales. In September 2016, Navistar entered a strategic alliance with Volkswagen Truck & Bus GmbH. VW's MAN and Scania brands are ranked among the world's largest truck manufacturers.
Between 2016 to 2019, Navistar saw a period of steady growth with sales revenue climbing from about 8 billion euros in 2016 up to about 11 billion euros in 2019. In 2020 and 2021, Navistar saw a decline of sales revenue to about 7.3 billion euros and 3.6 billion, respectively. However, this period of decline was followed by a period of extensive growth in 2022, with sales revenue climbing to about 10.5 billion. Finally, in 2023, sales revenue reached about 11 billion euros.
The brief period of decline in sales revenue was in the midst of both the COVID-19 pandemic and global semiconductor shortages. It was not only Navistar that suffered such losses as the number of cars sold worldwide suffered a decline during that same period. It was acquired by the Traton Group in 2021.
In 2022 and 2023, the major share of sales revenue was generated by new vehicle sales, with 6.9 billion and 7.9 billion euros, respectively. The second largest share was through the sale of genuine parts, with about 2.4 billion euros made in 2022 and two billion euros in 2023. Navistar's used vehicles and engine deliveries segments combined generated about 900 million and 800 million euros in 2022 and 2023 respectively. Finally, the rental business constituted the least amount of sales revenue with about 46 and 55 million euros in 2022 and 2023 respectively. The rest of the sales revenue generated was through other sales sources.
In the fiscal year of 2020 Navistar generated 5.3 billion U.S. dollars in revenue from its truck segment. The company recently expanded its product range from Class 6 through 8 trucks into Class 4 and 5 trucks. In September 2016, Navistar entered a strategic alliance with Volkswagen Truck & Bus GmbH. VW's MAN and Scania brands are ranked among the world's largest truck manufacturers. In January 2020, Volkswagen made an unsolicited offer to buy all of Navistar's shares.
Between 2021 and 2024, the major share of International Motors LLC's revenue was generated by new vehicle sales. The second largest share was through the sale of genuine parts that year.
Between 2016 to 2019, MAN SE reported a period of steady growth with sales revenue climbing from about 9.2 billion euros in 2016 up to about 11 billion euros in 2019. In 2020, there was a decline of sales revenue to about 9.7 billion euros. However, this short period of decline was followed by a period of extensive growth from 2021 to 2023, with sales revenues of about 10.9 and 14.8 billion euros respectively.
The brief period of decline in sales revenue was in the midst of both the COVID-19 pandemic and global semiconductor shortages. It was not only MAN that suffered such losses as the number of cars sold worldwide suffered a decline during that same period.
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Get the sample copy of Natural Gas Commercial Vehicle Market Report 2025 (Global Edition) which includes data such as Market Size, Share, Growth, CAGR, Forecast, Revenue, list of Natural Gas Commercial Vehicle Companies (CNH Industrial, Daimler Trucks, General Motors, MAN Truck & Bus, Volvo Trucks, Beiqi Foton Motor, Dongfeng Motor, Fiat Chrysler Automobiles, Ford Motor, Isuzu Motors, Kamaz, Navistar, Renault, BYD, Yutong, Zhongtong Bus, King Long, C&C Truck, Ankai, Xiamen Golden Dragon), Market Segmented by Type (LNG Vehicles, CNG Vehicles), by Application (Bus, Truck, Others, Sales Channel, Direct Channel, Distribution Channel)
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BASE YEAR | 2024 |
HISTORICAL DATA | 2019 - 2024 |
REPORT COVERAGE | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
MARKET SIZE 2023 | 8.09(USD Billion) |
MARKET SIZE 2024 | 8.39(USD Billion) |
MARKET SIZE 2032 | 11.2(USD Billion) |
SEGMENTS COVERED | Truck Class ,Engine Type ,Interior Features ,Application ,Fuel Efficiency ,Safety Features ,Regional |
COUNTRIES COVERED | North America, Europe, APAC, South America, MEA |
KEY MARKET DYNAMICS | Increased freight demand Ecommerce growth Driver shortage Advanced safety features Fuel efficiency |
MARKET FORECAST UNITS | USD Billion |
KEY COMPANIES PROFILED | FAW Group ,SAIC Motor ,Mitsubishi Fuso Truck and Bus Corporation ,Volvo Group ,Paccar Inc. ,UD Trucks ,Scania AB ,CNH Industrial ,Daimler Truck ,Traton Group ,Dongfeng Motor ,Navistar International ,Hino Motors ,Isuzu Motors |
MARKET FORECAST PERIOD | 2024 - 2032 |
KEY MARKET OPPORTUNITIES | 1 Growing demand for longhaul trucking services 2 Increasing adoption of electric and hybrid sleeper trucks 3 Rising need for driver comfort and safety features 4 Expanding ecommerce and logistics industries 5 Government regulations promoting fuel efficiency and emissions reduction |
COMPOUND ANNUAL GROWTH RATE (CAGR) | 3.68% (2024 - 2032) |
Based on revenue, Daimler Truck topped the list of leading truck manufacturers in 2022. Daimler Truck generated almost 55.8 billion U.S. dollars in revenue that year, dwarfing all other brands by at least 4 billion dollars. The company sells trucks under its Freightliner, Western Star, BharatBenz, Mercedes-Benz, and Fuso brands, and split from the Mercedes-Benz Group in 2021. Sales dip for European leaders Germany-based Daimler Truck continued to be the leading truck manufacturer in 2022. Other top companies included Volvo, Volkswagen, and Paccar. Volkswagen owns Scania and MAN SE; it is also in a strategic alliance with Navistar. Scania Aktiebolag is an automotive industry manufacturer of trucks and buses for heavy transport applications, as well as industrial and marine engines. The company was founded in 1891 and is headquartered in Södertälje, Sweden. Although Europe continues to be Scania’s most important market, the manufacturer reported a decline in sales across the market mainly due to supply chain disruption. Scania’s Swedish peer rival, Volvo owns important brands, including Mack, Volvo, and Renault Trucks. The company is also in a strategic partnership with China's Dongfeng. Paccar, the only non-European manufacturer in the ranking, came fourth. The world’s largest truck manufacturers The European market both reflects and impacts worldwide results. Daimler and Volkswagen hold the most market shares for medium and heavy commercial vehicles sales in Europe in 2021. The Covid-19 pandemic led to a slump in truck sales in various European countries, which was also felt globally. Daimler Truck’s revenue dropped by some 22 percent between the 2019 and 2020 financial year. Similar dips were observed for other manufacturers. However, 2021 and 2022 showed signs of recovery for the sector.
Volkswagen Group generated North American revenue of around 67.7 billion euros in the 2024 fiscal year. The company’s core brand is Volkswagen Passenger Cars; major subsidiaries include Audi, Bentley, Bugatti, Lamborghini, Porsche, SEAT, Škoda and Volkswagen Commercial Vehicles. Additionally, the German automotive manufacturing company holds stakes in Scania, MAN, and Navistar.
Volkswagen Group generated North American revenue of around 67.9 billion euros in the 2023 fiscal year. The company’s core brand is Volkswagen Passenger Cars; major subsidiaries include Audi, Bentley, Bugatti, Lamborghini, Porsche, SEAT, Škoda and Volkswagen Commercial Vehicles. Additionally, the German automotive manufacturing company holds stakes in Scania, MAN, and Navistar.
Through 2016 to 2018, the Traton Group saw a period of steady growth with their total assets climbing from about 41.3 billion euros in 2016 up to about 46.4 billion euros in 2018. In 2019, the total value of assets declined, dropping to about 45.2 billion. In 2020, the total assets of the Traton Group continues to suffer losses, dropping down to a further 42.8 billion euros. Finally, this short period of decline was followed by a period of growth from 2021 to 2024, with total assets amounting to some 65.5 billion euros in 2024. The US expansion In 2021, the Traton Group acquired the US commercial vehicle manufacturer Navistar, leaning into a major expansion in the North American market, and leading to increases in sales revenue and operating result. Recovery from a turbulent era The brief period of decline in total assets in 2020 was in the midst of both the COVID-19 pandemic and global semiconductor shortages. It was not only the Traton Group that suffered such losses as the number of cars sold worldwide suffered a decline during that same period.
Volkswagen Group's top brand is its namesake Volkswagen Passenger Cars brand. Over three million units were sold by the brand in 2024. Best-selling brands The VW Group reported mixed results across its brands over the course of 2024, some of them recording increases in sales. In recent years, some brands have noticeably gained in popularity, such as Škoda and SEAT. Brands in Volkswagen's commercial vehicle segments did not show the same upward trend, as the Traton Group's overall sales dropped in 2023. In July 2021, the Volkswagen Group acquired the American truck and bus manufacturer Navistar, adding it to the brands already operating under the Traton Commercial Vehicles umbrella. The luxurious market shift Many motorists prioritize comfort and enjoyment when driving, and the increasing market size of luxury cars shows how consumers are willing to spend more on upmarket vehicles. Typically speaking, European brands perform well in the luxury car market with the three German brands reporting a high sales volume, including Volkswagen-owned Audi. Even in the United States, where European brands struggle in other segments, European luxury cars tend to do well. As consumers’ preferences shift towards electric vehicles and luxury cars, Volkswagen will compete with companies such as Tesla or Lucid Motor to produce high-performance vehicles.
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BASE YEAR | 2024 |
HISTORICAL DATA | 2019 - 2024 |
REPORT COVERAGE | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
MARKET SIZE 2023 | 82.03(USD Billion) |
MARKET SIZE 2024 | 83.86(USD Billion) |
MARKET SIZE 2032 | 100.0(USD Billion) |
SEGMENTS COVERED | Type, Fuel Type, Construction Type, End Use, Regional |
COUNTRIES COVERED | North America, Europe, APAC, South America, MEA |
KEY MARKET DYNAMICS | increased demand for affordable vehicles, rising fuel prices influencing choices, sustainability and environmental concerns, technological advancements in vehicles, robust logistics and transportation growth |
MARKET FORECAST UNITS | USD Billion |
KEY COMPANIES PROFILED | PACCAR, Scania AB, Navistar International, MAN Truck and Bus, Isuzu Motors, Rajhans Enterprises, Mitsubishi Fuso Truck and Bus Corporation, Volvo Group, Freightliner, Toyota Industries, Hino Motors, Renault Trucks, Daimler Trucks, Eicher Motors |
MARKET FORECAST PERIOD | 2025 - 2032 |
KEY MARKET OPPORTUNITIES | Rising e-commerce logistics demand, Fleet expansion in emerging markets, Increased focus on sustainability, Digital platforms for transparent sales, Growing preference for cost-effective vehicles |
COMPOUND ANNUAL GROWTH RATE (CAGR) | 2.23% (2025 - 2032) |
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BASE YEAR | 2024 |
HISTORICAL DATA | 2019 - 2024 |
REPORT COVERAGE | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
MARKET SIZE 2023 | 46.65(USD Billion) |
MARKET SIZE 2024 | 51.5(USD Billion) |
MARKET SIZE 2032 | 113.6(USD Billion) |
SEGMENTS COVERED | Propulsion Type ,Vehicle Type ,Application ,Battery Type ,Charging Infrastructure ,Regional |
COUNTRIES COVERED | North America, Europe, APAC, South America, MEA |
KEY MARKET DYNAMICS | 1 Rising fuel costs 2 Government incentives 3 Increasing environmental concerns 4 Technological advancements 5 Growing demand from logistics |
MARKET FORECAST UNITS | USD Billion |
KEY COMPANIES PROFILED | Tesla ,Volvo ,BYD ,Daimler Truck ,Renault Trucks ,PACCAR ,Foton ,JAC Motors ,Cummins ,Scania ,Navistar ,Dongfeng ,SAIC Motor ,MAN |
MARKET FORECAST PERIOD | 2024 - 2032 |
KEY MARKET OPPORTUNITIES | 1 Government incentives 2 Growing environmental awareness 3 Technological advancements 4 Increasing fuel costs 5 Rising demand for zeroemission vehicles |
COMPOUND ANNUAL GROWTH RATE (CAGR) | 10.4% (2024 - 2032) |
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Between 2016 and 2024, International Motors LLC's revenue generally increased. In 2024, the company reported a revenue of over 11.1 billion euros. The brief period of decline in sales revenue was in the midst of both the COVID-19 pandemic and global semiconductor shortages. It was not only Navistar that suffered such losses as the number of cars sold worldwide suffered a decline during that same period. It was acquired by the Traton Group in 2021. In October 2024, the company formerly known as Navistar changed its name to International Motors LLC.