Over the past few years, construction activities are progressively increasing across the globe. This scenario is calling for efficient building, operation, and maintenance equipment. Demand for vocational trucks has been rising at a rapid rate among various end-use industries such as oil and gas, infrastructure, and construction owing to the advantages associated with it. These are designed as per the job type and operation.
Taking into account the growth of the global vocational trucks market, QYR Consulting has lately published a new report titled, “Global Vocational Trucks Market Report, History and Forecast 2014 - 2025.” According to the report, the global vocational trucks market is predicted to exhibit a healthy CAGR during the forecast period of 6 years, i.e. between 2019 and 2025.
High Spending on Infrastructure Development by the Government
It has been observed that the governments
of various countries are increasingly spending on infrastructure development.
This is offering great growth opportunities for the market players. In
addition, manufacturers are integrating various technological features in vocational
trucks in order to meet the end user’s demand and requirements. This is
anticipated to boost the vocational trucks market growth in the coming years.
Need for transportation of goods is surging across the globe, which is, in turn, driving the demand for vocational trucks. Rapid urbanization, economic growth, emerging technological trends, and booming construction and mining industry are also some of the key factors positively influencing the vocational trucks market growth.
Advantages Associated with Dump Trucks to Act as a Major Driver
By product, the global vocational trucks market can be segregated into trailer truck, dump truck, concrete mixer, crane truck, firefighting truck, garbage truck, tank truck, and others. Dump and concrete trucks are gaining popularity among the end users on account of the advantages associated with them such as rapid unloading, more safety, and ability to carry heavy weights.
As far as the engine type is concerned, the global vocational trucks market is segmented as diesel, electric, gas, and others. Availability of CNG fuel and incentives offered by the concerned authorities are expected to drive the demand for gas engine type in the near future.
North America to Take Hold of a Major Share in the Market
Presence of leading players is giving North America an upper hand over other regions in the market. Furthermore, high production of vocational trucks in the US is having a significant impact on the vocational trucks market growth. Availability of advanced technologies is helping the manufacturers to come up with novel machinery. Contrarily, Asia Pacific will emerge as a lucrative regional market owing to surge in the number of construction and building activities, especially in the emerging economies such as China and India.
Key Players having a Strong Foothold on the Vocational Trucks Market
Daimler AG, ISUZU, Ford Motor Company, Volkswagen Group, Hino Motors, Ltd., Volvo Group, FAW Group, Dongfeng Motor Corporation, PACCAR Inc., Navistar International Corp., CNH Industrial N.V., Caterpillar Inc., Liebherr Group, BYD Auto Co., Ltd., and TATA Motors Ltd are some of the key manufactures operating in the vocational trucks market. Manufacturers are expected to increase their focus on understanding the consumers’ requirements with an aim to offer them machinery with exceptional fuel efficiency, great driving experience, and improved safety.
Furthermore, they are incorporating EGR and other emission reduction technologies while manufacturing these vocational trucks in order to meet the strict Euro and EPA standards set by the concerned authorities. They are also involved in partnerships with automotive companies.
QY Research is the most reliable source to access the market research reports that will offer you a lead that your business needs. At QY Research, our key objective is to provide a platform for various world-class market research companies across the globe to circulate their research reports. We also assist decision-makers in finding suitable business solutions. QY Research Wire has a primary aim of providing an ultimate solution based on customers’ requirements.