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.
To offer a comprehensive assessment of opportunities, the study makes a scrutiny of growth prospects in various regions. The key regions comprise the following geographical segments:
- North America
- Latin America
- East Asia
- South Asia
The detailed assessments focus on, inter alia, on the regulatory and macroeconomic frameworks, prevailing pricing structure, imminent investment pockets, and emerging application areas. Taking the analysis further, the study helps readers get a better understanding of the trends characteristics of the emerging markets, including government regulations crucial to growth of such markets. Shares of major regional markets are also presented in the analysis.
The study provides detailed profile of key players and their offering in the vocational trucks market, which include
- Daimler AG
- Ford Motor Company
- Volkswagen Group
- PACCAR Inc.
- Volvo Group
- Caterpillar Inc.
- Liebherr Group
- TATA Motors Ltd.
- Hino Motors, Ltd.
- Navistar International Corp.
- Dongfeng Motor Corporation
- FAW Group
- CNH Industrial N.V.
- BYD Auto Co., Ltd.
The report offers insight into the competitive dynamic in the vocational trucks market which has shaped the major strategies of each player. It also covers recent moves such as partnerships and collaborations, mergers and acquisitions, diversification and research investments, of each prominent player. The key factors that shape the entry barrier and intensity of competition in the vocational trucks market are presented in the analysis. Further, the study provides PESTLE analyses of numerous players and an evaluation of how the competitive landscape will evolve over the forecast period.
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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.
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.
On the basis of end use industry, the global vocational trucks market report offers insights into the opportunities and new avenues of following key segments:
- Construction Industry
- Mining Industry
- Transportation & Logistic
- Urban Services
In order to analyze growth prospects in aforementioned segments in the global vocational trucks market, the study assesses demand and consumption patterns of following product segments
- Trailer Truck
- Dump Truck
- Concrete Mixer
- Crane Truck
- Firefighting Truck
- Garbage Truck
- Tank Truck
The global vocational trucks market report answers numerous pertinent questions, some of which are:
- What are some of the latent areas of investments in the vocational trucks market?
- Which region is expected to emerge as showing the most attractive growth rate during the forecast period and which factors will be crucial to its growth?
- What trends are likely to change the status quo of the positions held by leading players of the vocational trucks market in the not-so-distant future?
- Which product/service/technology segments holds game-changing potential to dramatically shape the competitive dynamic in the vocational trucks market?
- What are the strategies adopted by top players to retain their stronghold in the vocational trucks market?
- Which strategic moves will new entrants adopt to gain a strong foothold in the vocational trucks market?
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