According to a new Fact.MR study, the global vocational trucks market is predicted to expand at a rate of 5.3% CAGR in terms of value during the forecast period, from an historic rate of 3.4%. The global vocational trucks market has experienced its part of ups and downs over the past few years, and specifically during the post economic crises. Owing to the recovery in global economy, the market for vocational trucks is also expected to rise swiftly.
The increasing number of construction activities across the globe has positively influenced the growth trend in the vocational trucks market. Moreover, the demand for vocational trucks is increasing due to the constant expansion of mining industry dump trucks.
The technological innovations in the building and construction sector also drives the vocational trucks market significantly. As these technology advancements are majorly driven by environmental regulations prevailing in the economies. The technology upgradation in the vocational trucks market has increased and is expected to get a touch of automation in the near future. The rising urbanization and government initiatives towards the infrastructure have fueled the volume sales of vocational trucks worldwide.
“The vocational trucks are conventionally designed to perform special tasks like garbage collection, tree-trimming, concrete mixing and fire-fighting. These vocational trucks can be built in a customized manner on truck substructure with trailer mounted configurations. Vocational trucks are primarily used in construction & mining, specialized hauling, refuse and government segment. Increasing investment by European manufacturers to develop automated truck platooning system, which is leading the global vocational trucks market to a whole new level.” – says lead research analyst, Automotive, at Fact.MR.
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The Battle of Greater Operational Footprint Prevails in Tier 1
Tier 1 players in the global vocational trucks market comprehensively focuse on integrating safety features and have operational footprints all over the globe. Companies like Daimler AG, Volkswagen Group, PACCAR Inc., AB Volvo, Hino Motors, Ltd., Liebherr Group, Navistar International Corp., ISUZU, FAW Group, CNH Industrial N.V. and TATA Motors Ltd., are among such companies, which exhibits leading position in the global vocational trucks market. The tier 2 of companies, which are not investing on vocational trucks market as their key business function account for a moderate share of the global vocational trucks business and a tier 3 players in the global vocational trucks market are regional manufacturers, which are largely based in South Asia, and are predominantly Chinese companies.
In the report, the strategies followed by the companies in terms of enhancing their product portfolio, mergers and acquisitions, creating new marketing techniques, are also discussed. The associated industry overview is included to provide report audiences with a competitive view and market opportunities for a specific product type of vocational truck.
According to the recent developments, the companies involved in the manufacturing of vocational trucks are focusing on innovative and technologically advanced products to increase the efficiency, which leads to an increase in profit margins globally. Dominance of Europe region is likely to prevail in the market with around 22.7% of the global market by the end of 2019 in terms of volume sales. Among the various engine types available for vocational trucks, the diesel engines have significantly more share when compared to electronic and gas engines, which is likely to experience a substantial growth rate throughout the forecast period.
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The vocational trucks, which are being used for utility applications, which are likely to transform into electric trucks. Many manufacturers including BYD, IVECO and Mack Trucks have introduced electric refuse trucks in the vocational trucks market, whereas some other manufacturers are focused on integrating hydrogen fuel cell in the vocational trucks. Toyota and PACCER have already teamed up and unveiled numerous prototypes that will rely on hydrogen fuel cell.