Vocational Vehicle Market Analysis, Sales Revenue, Business Growth and Forecast 2030

 

• A vocational vehicle is a modified special purpose vehicle designed to carry out various jobs such as fire-fighting, garbage collection, and concrete mixing

Key Drivers of Vocational Vehicle Market

• Increased urbanization, particularly in Asia Pacific & Latin America, has spurred the demand for vocational vehicles. Expansion of cities and rise in public-private partnership in town planning and infrastructural development are boosting the usage of dedicated vehicles for various duties such as tree trimming and garbage collection. Rise in demand for sustainable infrastructure and development of smart-cities is expected to further boost the demand for vocational vehicles during the forecast period.
• Rise in re-development projects across developed countries, such as U.S and Europe owing to the revival of the construction industry post the 2008 financial crisis, is boosting the demand for vocational trucks

Challenges of Vocational Vehicle Market

• Manufacturing of body & chassis requires custom building. Furthermore, modification of existing vehicles into vocational vehicles is a custom job and requires more time and higher operational charges.

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Recreational vehicle segment to witness significant expansion

• The recreational vehicle segment is estimated to expand at a notable growth rate owing to a rise in the demand for comfortable travel & shifting consumer preference toward holidays and motor trips. The dump truck & garbage truck segment held a considerable share of the vocational vehicle market owing to expansion of the construction industry and increased urbanization.

North America held a leading share of global vocational vehicle market

• North America accounted for a leading share of the vocational vehicle market in 2019, owing to high sales of vocational vehicles in the U.S. The market in Asia Pacific is anticipated to expand at a high growth rate during the forecast period owing to rising urbanization in China, India, and ASEAN countries. Government initiatives in India and China for rural development and infrastructure development are anticipated to propel the adoption of vocational vehicles in these countries and subsequently, boost the vocational truck market in Asia Pacific.

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Key Players Operating in Vocational Vehicle Market

The global vocational vehicle market is expanding consistently, as a large number of players operate in the market. A few of the key players operating in the global vocational vehicle market are:

• Daimler AG
• Volkswagen Group
• PACCAR Inc.
• Volvo Group
• Caterpillar Inc.
• Liebher Group
• Hino Motors, Ltd.