Vocational Truck Market is Projected to Witness Significant Growth by 2025 | Hexa Research

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Research Report on Vocational Truck Market Share, Size, Growth, Analysis, Trends, Competitive Strategies, Research, And Forecasts Report, 2015 To 2025

12 February 2019, The global Vocational Truck Market is anticipated to witness significant growth in coming years owing to rising demand for vocational trucks across the globe to perform specific tasks. Vocational trucks are designed as per job type and operational requirements. If the end user wants to transport food and beverages, then the distribution van must have all the required interiors. The end user must be able to load the van comfortably and deliver the products without any damage or loss. 

Increasing use of corrosion resistant and lightweight materials by manufacturing companies to reduce consumption of fuel can augment market growth. Manufacturers are expected to use aluminum bodies and parts to enhance payload and fuel efficiency. Advent of vocational trucks with increased storage space and accessibility to meet demand from fleet operators can drive the market in coming years. In addition, manufacturer’s ability to cope with frequently changing requirement of consumers can positively influence market growth. They are likely to put additional efforts to understand the requirement and then customize the vehicle accordingly. Increasing number of mining and construction activities across the globe can fuel demand for concrete mixers and cranes. This, in turn, can augment market growth in coming years. 

Steadily increasing vehicle acquisition costs is expected to hamper market growth in coming years. In addition, lack of funds for replacement units can prompt manufacturing companies to extend cycling of vehicles for longer periods. Such replacements cycles can lead to reduced resale value and high operating costs, which in turn, can restrain market growth.

However, introduction of advanced features by manufacturing companies to meet consumer demand can present lucrative opportunities for the market. 

The market can be segmented on the basis of type, application, and end-user. Based on type, the market can be categorized into urban service, construction, distribution, and off-road trucks. Construction can further include concrete, mixers, dump, and crane trucks. Dump vans and cranes are primarily manufactured by small scale companies having regional scope of business, whereas concrete mixer bodies are manufactured by large scale companies. Urban service encompass fire fighters, refuse, ambulances, and utility service vans. Distribution vehicles comprises racks for food and beverages transportation and specialty vans. Off-road trucks take account of petroleum exploitation, mining, and large construction projects. 

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North America is a prominent region in the market owing to presence of leading manufacturing companies. These companies are expected to offer vehicles loaded with advanced features to meet the consumer’s demand. In addition, supportive government initiatives to promote use of vocational trucks can impel regional market growth. According to a state program, local governments are likely to provide subsidies to consumers for purchasing near-zero (NZ) emissions engines. This, in turn, can boost sales and generate high revenue for the market in coming years. Hence, local manufacturing companies are focusing on the production of NZ emission engines to gain traction among consumers. For instance, Kenworth launched long-hood conventional named W990. The vehicle is designed to enhance performance in pickup and delivery, line haul, regional haul, and heavy haul operations. The vehicle is equipped with PACCAR MX-13 engine rated up to 510 horsepower. 

Asia Pacific is likely to emerge highly lucrative owing to increasing number of construction and mining activities in developing countries, such as Japan, China, and India. Introduction of advanced products by local manufacturing companies can also impel market growth in coming years. For instance, Isuzu launched its new lightweight pick-up vehicle named TRAGA. The vehicle offers tight turning performance, and better loading and fuel efficiency to meet the consumer demand. In addition, TRAGA is equipped with 4JA1 engine and the MUA transmission, which have been proven better for the company’s other vehicles. The company is planning to launch the vehicle in Indonesia and in other developing markets. 

Europe is anticipated to emerge one of the promising regions in the market owing to rising product demand. Presence of leading manufacturing companies, such as DAF Trucks and VDL, can boost regional market growth in coming years. Launch of environment-friendly vehicles by these manufacturing companies is likely to gain traction among consumers. For instance, DAF in collaboration with VDL launched a fully electric truck. The vehicle uses VDL’s e-power technology for electric operations. One full charging of batteries can be accomplished in 1.5 hours. 

Some of the leading companies operating in the vocational truck market are Perterbilt, Ford Motor Company, VDL, Kenworth, and Autocar Company. 

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