Vocational Truck Market: Dynamics, Segments, Size and Demand, 2018–2026
The vocational truck is a conventional truck designed to carry out special jobs such as garbage collection, concreate mixing, tree trimming, and fire-fighting. Vocational trucks are custom built on a truck chassis with self-propelled or trailer mounted configurations.
Economic growth across the globe along with rise in construction activities and rise in consumer confidence are boosting the sales of vocational trucks. Stability in commodity prices and steady expansion of the mining industry is driving the demand for vocational trucks, such as dump trucks, that are widely used in mining. The infrastructure plan of US $ 1.7 Trn by the U.S. Government and China’s “One-Belt Drive” initiative are expected to boost the construction industry and in turn drive the demand for vocational trucks in these countries. Rising urbanization worldwide is fueling the demand for vocational trucks that are required for utility services, ambulances, refuse, and firefighters. Technological trends in the vocational truck market are driven by environmental regulations. Mack Trucks developed an electric refuse truck in 2018. A leading electric vehicle manufacture, BYD, introduced an electric refuse truck in 2017. Vocational trucks used for light utility applications are expected to undergo electrification. Manufacturers are integrating EGR and other emission reduction technologies in these trucks to meet the stringent Euro and EPA standards. Most players in the vocational truck market manufacture either chassis or body structure. However, a few manufacturers, such as Freightliner, deliver the entire vocational truck for the end purpose.
Manufacturing of vocational trucks requires custom building and thus, requires various manufacturing platforms according to end-industry, which add to the operational costs.
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The global vocational truck market can be segmented based on industry, vehicle type, and region. Based on industry, the vocational truck market can be classified into construction & refuse, specialized hauling, and food & beverage. The construction & refuse segment is estimated to hold a prominent share of the market during the period owing to the high usage of concrete trucks and dump trucks
In terms of vehicle type, the global vocational truck market can be divided into light-duty vocational vehicle and medium & heavy-duty vocational truck. Demand for light duty vocational trucks is rising in the U.S. Fleet managing companies, such as Verizon, have a fleet of 42,000 light duty vocational trucks for telecommunication services. The light duty vehicles are easy to customize or modify on the existing chassis platform of pick-up or van. Light duty vehicles are widely utilized as food trucks in the food & beverage industry.
In terms of region, the vocational truck market can be segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America led the global vocational truck market owing to the high production of vocational trucks in the U.S. The vocational truck market in Asia Pacific is estimated to expand significantly during the forecast period due to high construction activities in China & India.
Key players operating in the global vocational truck market include Volvo Group, BYD, PACCAR Inc, and Daimler AG.
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