FRANKFURT--German car manufacturers' association VDA expects global truck market growth of 5% this year, driven by demand in the U.S., Russia, Japan and India, VDA President Matthias Wissmann said Friday at an event ahead of the IAA commercial vehicle fair later this year.
Growth in U.S. truck demand is likely to be around 20%, Wissmann said. The market outlook for Europe this year is less fortunate, demand is likely to fall between 2% and 4%, he added.
"The sooner financial markets are stabilized, the sooner the commercial vehicle market will regain momentum," he said.
Weaker economic growth in boom-markets such as China and Brazil will take a toll on truck markets, and Chinese demand is likely to fall around 3% this year, he said.
Globally, Wissmann expects new truck registrations to reach 3.27 million vehicles.
For 2013, Wissmann noted strong fundamentals for the transportation market, and said momentum is likely to increase if Europe resolves the debt crisis.
The IAA trade fair will take place in Hanover, beginning Sept. 20.
-Write to Nico Schmidt at [email protected]