Analysis of Vocational Trucks Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Worldwide shipments of vocational trucks stand at a market valuation of US$ 7.1 billion in 2023 and are anticipated to reach US$ 13.6 billion by the end of 2033. This Fact.MR industry survey predicts the global vocational trucks market to exhibit expansion at 6.7% CAGR over the next ten years.
Vocational trucks are trucks that are built and designed to handle specific tasks such as delivery and pick-up of garbage, firefighting, concrete mixing, etc. these types of vehicles are based on a truck chassis and custom-built as per requirements and specifications. Cargo trucks, transport trucks, pick-up trucks, and transit buses are some popular examples of vocational trucks.
Rapid increase in urbanization around the world is projected to be a prominent driver for vocational truck sales in the future and is expected to contribute handsomely to the global market growth through 2033. The rising world population is another influential aspect that is expected to favour the vocational truck demand throughout the forecast period.
Increasing investments in infrastructure development activity, rising focus on sustainability, growth in the transportation and logistics industry, surging need for utility services, and changing emission standards for vehicles around the world are other prospects that could potentially augment demand for vocational trucks over the coming years. The rising use of vocational trucks in urban services such as firefighting, police, garbage collection, etc. also provides room for growth in the market going forward.
On the contrary, a shortage of truck drivers, declining interest in truck driving as a profession, and product recalls are anticipated to restrict vocational truck shipments over the course of the next ten years and beyond.
Vocational truck companies are focusing and investing more in R&D to develop fault-free products and are also trying to make their vehicles more efficient to comply with changing regulations and to meet the high demand for efficient vehicles. Meanwhile, governments and regulatory bodies are working on new initiatives that promote the choice of becoming a truck driver among the general population.
An intricate account of local supply, product standards, safety regulations, pricing trends, and other market trends has been discussed extensively in this newly revised vocational trucks market research survey by Fact.MR, a market research and competitive intelligence provider.
Vocational Trucks Market Size (2023)
US$ 7.1 Billion
Projected Market Value (2033F)
US$ 13.6 Billion
Global Market Growth Rate (2023 to 2033)
Key Companies Profiled
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“Electrification of Vehicles Opening Up New Market Opportunities”
Electrification of the automotive industry is a trend that has picked up pace in the past few years and this is expected to be a major factor augmenting the sales of vocational trucks in the future. Changing climate and rising global temperatures have pushed governments across the world to implement strict mandates that dictate the reduction of harmful emissions and promote the use of sustainable transportation.
Automotive manufacturers are veering towards electric vehicles (EVs) in a bid to stay relevant in the advancing future-oriented automotive industry. Vocational truck manufacturers are also adopting this trend and fulfilling the demand-supply gap that exists in the commercial EV industry landscape.
More insights about new developments by incoming vocational truck vendors and how they alter future pricing trends and product standards have been exhaustively discussed in this recently updated Fact.MR research study.
“Presence of Key Truck Manufacturers to Bolster Market Growth”
The United States is the home to some of the prominent truck manufacturing companies in the world and this makes it a highly attractive market for vocational truck suppliers as well. Supportive government initiatives to promote the use of vocational trucks, surging demand for affordable housing, changing standards of living, and evolving consumer preferences are other factors that are anticipated to sculpt vocational truck shipments in the United States through 2033.
At present, the United States accounts for a lion’s share of the demand for vocational trucks in North America and is slated to maintain its stance across the forecast period, while closely being followed by Canada.
“Presence of Local Manufacturers and Aging Population Influence Demand Growth”
Japan is home to some of the most prominent automotive companies in the world and this creates an opportune scenario for vocational truck manufacturers. However, this advantage is limited to local companies such as Isuzu, Toyota, Mitsubishi Fuso, etc. The aforementioned local suppliers of vocational trucks have built a strong and loyal customer base in the country and create a difficult situation for international vocational truck companies.
Rapidly increasing geriatric population, declining number of truck drivers, and changing consumer dynamics are other aspects that could make or break vocational truck sales in Japan going forward. Autonomous vocational trucks are anticipated to have a highly lucrative demand in the country over the next ten years, a trend that could allow foreign companies to try their luck in the Japanese marketplace.
“Changing Regulatory Standards and Increasing Spending on Infrastructure Development”
European countries have been witnessing some major changes in terms of their lifestyles and consumer preferences, which are expected to favor the demand for electric vocational trucks in these countries going forward. Rising investments in infrastructure development and the incorporation of sustainable practices in day-to-day life are expected to create new opportunities for vocational truck manufacturers in Europe over the coming years.
Implementation of stringent emission mandates for commercial vehicles is estimated to especially augment sales of vocational trucks in countries such as Germany, France, Italy, Spain, etc.
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“Diesel Vocational Trucks Account for Majority Revenue Share”
Based on vehicle type, the vocational trucks market is segmented into diesel, gas, electric, and others.
Diesel is denser and has the potential to provide 15% more energy when compared to gasoline and is also capable of delivering more torque. Both of the aforementioned factors have fueled the demand for diesel-powered heavy and commercial vehicles. At present, diesel engines account for an authoritative share in the global marketplace but, are expected to lose some of their market shares to alternative fuel-powered engines and EV technologies by the end of the forecast period.
Leading vocational truck suppliers are focusing on launching new models of trucks that are more capable than their predecessors in terms of efficiency and working capacity as well.
Renowned vocational truck vendors are also putting together new agreements for mergers, acquisitions, and collaborations that help them expand their market share and maintain a stronghold in the competitive landscape.
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The global vocational trucks market is valued at US$ 7.1 billion in 2023.
Vocational truck sales are forecasted to rise rapidly in Asia Pacific over the next ten years.
From 2023 to 2033, shipments of vocational trucks are set to increase at 6.7% CAGR and reach a value of US$ 13.6 billion by 2033.
Sales of vocational trucks in North America account for a commanding share of the global market.
Class 8 vehicle manufacturers are leading the global marketplace.
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