Rockville , March 23, 2023 (GLOBE NEWSWIRE) -- Fact.MR – A Market Research and Competitive Intelligence Provider: The global vocational trucks market is poised to expand at 6.7% CAGR during the forecast period (2023 to 2033). Worldwide vocational truck sales are set to reach US$ 7.1 billion in 2023. Accordingly, the total market valuation for vocational trucks will surpass US$ 13.6 billion by the end of 2033.
Rising demand for vocational trucks from various industries is driving the global market. Vocational trucks are being used across construction, mining, logistics, and other sectors. Hence, growth of these industries will fuel vocational truck demand.
Trucks or equipment used for tasks such as concrete mixing, garbage collection, firefighting, and much more are called vocational trucks. They are custom-made on a truck chassis with trailer-mounted configurations.
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Vocational trucks are mostly used for transporting heavy materials and equipment. Trailer trucks, crane trucks, concrete mixers, and tank trucks are few of the commonly used types of vocational trucks.
Increasing building and construction activities worldwide is likely to fuel vocational truck sales. Demand for work vehicles such as dump trucks is driven by stable commodity prices and robust expansion of the mining industry.
Initiatives such as 'One-Belt Drive' aimed to boost the construction business will elevate demand for vocational trucks.
As the world's population surges, demand for commercial vehicles needed by utilities, garbage, and firefighters is increasing. This will play a key role in facilitating market expansion.
Demand for crane trucks and concrete mixers could be accelerated by increased mining and construction activity worldwide. This is likely to drive vocational trucks market progress in the coming years.
Environmental regulations are driving technological trends in the vocational trucks industry. Leading vocational truck manufacturers are introducing new electric trucks to comply with strict emission regulations. This will help them to strengthen their presence globally.
For instance, in 2017, BYD, a leading manufacturer of electric vehicles, launched an electric garbage truck. Manufacturers are also incorporating EGR and other emission control technologies into these trucks to meet stringent Euro and EPA standards.
Local governments may offer subsidies for consumers to purchase near-zero (NZ) emission trucks. As a result, market sales and revenue are expected to surge in the coming years.
Manufacturers are likely to use aluminum bodies and parts to improve fuel efficiency and increase payload. Introduction of vocational trucks with high storage space will boost the market.
Manufacturers tend to go the extra mile to comprehend the requirements and adapt the vehicle to meet customer needs. They are focusing on providing customized vocational trucks to their customers.
Currently, diesel-based vocational trucks hold a prominent share of the global market. However, over the next ten years, sales of electric vocational trucks are set to rise at a robust pace. This is due to implementation of stringent emission regulations.
Key Takeaways:
- The global vocational trucks market will expand at around 6.7% CAGR through 2033.
- By 2033, global vocational truck sales are set to total a valuation of US$ 13.6 billion.
- By engine type, diesel based vocational trucks hold a significant share of the market.
- Class 8 segment currently dominates the global vocational trucks market.
- North America remains at the epicenter of vocational trucks market.
- Europe vocational trucks market is forecast to progress at a moderate CAGR through 2033.
- Vocational truck sales are set to rise at a robust pace across the United States.
Growth Drivers:
- Robust expansion of construction and transportation & logistics sectors will drive the global market
- Rapid urbanization and industrialization is set to elevate vocational truck demand
- Electrification of the automotive is a key trend that will impact vocational truck sales through 2033
- Changing emission regulation policies and regulations is likely to create opportunities for manufacturers
Restraints:
- Shortage of truck drivers due to decreasing interest in truck driving profession is restraining market expansion.
- Frequent product recalls are likely to limit market development during the forecast period.
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Competitive Landscape:
As per the study, Ford Motor Company, Volvo Group, Hino Motors Ltd., Caterpillar, Daimler AG, ISUZU, and Liebherr Group are profiled as the top-tier companies in the vocational trucks market. With the presence of leading players, the market would be highly fragmented.
Key manufacturers are acquiring local firms specializing in technological advancement and research and development activities. They are also launching new products and opting for mergers, acquisitions, and partnerships. They are doing so to gain a competitive edge in the vocational trucks market.
For instance,
- In March 2023, the International S13 Integrated Powertrain was introduced by Navistar for vocational industry.
- In June 2022, Martinrea International Inc. acquired assets of Mongtreal-based Effenco Development Inc.
Key Companies Profiled by Fact. MR
- Ford Motor Company
- Volvo Group
- Hino Motors Ltd.
- Caterpillar
- Daimler AG
- ISUZU
- Liebherr Group
- PACCAR Inc.
- Tata Motors Inc.
- Volkswagen Group
- FAW Group
- BYD Auto Co. Ltd.
- Dongfeng Motor Corporation
- Navistar International Corp.
- CNH Industrial N.V.
More Valuable Insights on Vocational Trucks Market
In the up-to-date study, Fact.MR provides an unbiased study of the global vocational trucks market during the forecast period (2023 to 2033). The report offers a comprehensive study of the key trends, opportunities, and drivers propelling the sales of vocational trucks through detailed segmentation as follows:
Product:
- Trailer Trucks
- Dump trucks
- Concrete Mixers
- Crane Trucks
- Firefighting Trucks
- Garbage Trucks
- Tank Trucks
- Others
Engine:
- Diesel
- Gas
- Electric
- Others
Class:
- Class 6
- Class 7
- Class 8
End-Use Industry:
- Construction
- Mining
- Transportation & Logistics
- Urban Services
- Others
Regions:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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Key Questions Covered in the Vocational Trucks Market Report
- How will the demand for vocational trucks surge during the forecast period?
- Which are the key trends propelling the sales of vocational trucks in the market?
- Which region will be the most lucrative in the vocational trucks market from 2023 to 2033?
- What is the projected market valuation of the vocational trucks market in 2033?
- What are the challenges vocational truck providers might face over the upcoming decade?
Explore Fact. MR's Coverage in the Automotive Domain
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