The situation in Europe is not so pressing. But there are signs of truck prices being squeezed, mainly due to pressure on freight rates among haulage operators. Pricing pressures are thought to have been exacerbated by destocking of ageing models by some manufacturers, particularly MAN of Germany. The difficulties have been heightened by rising diesel fuel prices and intense competition among hauliers. So far, the emerging markets of Latin America, south-east Asia and eastern Europe have failed to compensate for the market pressures in North America and western Europe.
Japan remains constrained by excess capacity and a surfeit of both models and manufacturers.
Against that background, manufacturers are considering a strategic rethink that could change the face of the commercial vehicle market for ever. That is persuading manufacturers around the world to expand their service, financing and contract hire operations. Iveco, the Italian truck and bus manufacturer, is already predicting that up to 40 per cent of its future profits could be derived from value-added services rather than manufacturing. The company, part of the Fiat group, also stands to gain from another structural shift in the market. Its strength lies in medium trucks and light commercial vehicles, where demand is expected to rise with changes in the distribution industry.