Vocational Truck Market Size - By Type (Heavy Haul Trucks, Utility Trucks, Food & Beverage Trucks, Construction Trucks, Garbage Trucks), Class (Class 4, Class 5, Class 6, Class 7, Class 8), Fuel Type (Diesel, Gas, Electric/Hybrid) & Forecast, 2024 - 2032

Vocational Truck Market Size

Vocational Truck Market size was valued at USD 59 billion in 2023 and is estimated to register a CAGR of 6.2% between 2024 and 2032. Increasing investments in the electrification of vocational trucks are driving significant momentum in the market. With rising funding, companies are accelerating the development and deployment of electric vocational trucks, meeting the growing demand for sustainable solutions in various industries.
 

For instance, in September 2022, Battle Motors, previously known as Crane Carrier Company (CCC), successfully concluded a Series B investment round, securing USD 150 million in fresh growth capital from a key global institutional investor. With the completion of this funding round, Battle Motors is now well-positioned to implement its expansion strategies and is committed to taking the lead in electrifying the vocational fleet truck industry.
 

The rising demand for specialized applications is a major factor propelling the vocational truck market. Industries such as construction, waste management, and utilities require purpose-built trucks to meet their unique operational needs. As these sectors continue to expand globally, the demand for vocational trucks tailored to specific tasks is on the rise. This trend fosters innovation and encourages manufacturers to develop customized solutions, contributing significantly to the overall market growth & dynamism.
 

Economic downturns pose a significant hindrance to the vocational truck market size. During periods of economic uncertainty, construction and infrastructure projects often experience reductions, leading to a decreased demand for vocational trucks. Businesses may delay or scale back investments in new vehicles, impacting the overall market. The cyclical nature of the economy, coupled with its influence on construction activities, makes the market susceptible to fluctuations in economic conditions, hindering sustained growth in challenging financial climates.
 

Vocational Truck Market Trends

The strategic partnerships formed to integrate zero-emission technology are propelling advancements in the vocational truck industry. By collaborating with leaders in clean energy solutions, the industry is enhancing the environmental sustainability of vocational trucks. For instance, in November 2023, Daimler Truck North America (DTNA) collaborated with Hexagon Purus to enhance the battery-electric Freightliner eM2 trucks, customizing them for vocational applications. This strategic partnership aims to incorporate Hexagon Purus' advanced zero-emission technology into these vehicles, optimizing their performance for demanding tasks such as construction, towing, and refuse management.
 

The trend toward advanced safety features in the vocational truck industry is gaining prominence as manufacturers prioritize enhanced safety standards. Integration of collision avoidance systems, lane departure warnings, and autonomous technologies is also becoming pivotal. These features not only mitigate the risk of accidents but also improve overall operational safety. As industries seek to minimize accidents and enhance driver well-being, the adoption of advanced safety technologies represents a key trajectory in the evolution of vocational trucks.
 

Vocational Truck Market Analysis

Based on type, the construction trucks segment accounted for 35% of the market share in 2023. The introduction of new-generation construction vehicles is propelling growth in the market. These innovative vehicles offer enhanced performance and versatility for construction applications, thereby meeting the evolving industry demands.
 

For instance, in May 2023, DAF broadened its new generation XF, XD, XG & XG+ series by introducing a range of double-driven tractors and rigids designed for both on- & off-road applications. This includes the introduction of the XDC and XFC construction vehicles, which are offered in 4x2 axle versions, providing versatility for various operational requirements. The market is witnessing a surge as these vehicles contribute to improved productivity and operational effectiveness in construction-related tasks.
 

Based on fuel type, the diesel segment held over 70% of the vocational truck market share in 2023, attributed to its high torque and power, crucial for heavy-duty applications such as construction & hauling. Diesel engines deliver robust performance, providing the necessary strength to handle demanding tasks efficiently. Furthermore, their inherent durability and longevity make diesel-powered vocational trucks well-suited for prolonged, challenging operations. The robust construction of diesel engines ensures longevity, reducing the frequency of maintenance and enhancing the overall reliability of vocational trucks in industries where endurance & power are paramount.
 

Asia Pacific vocational truck market with a major share of over 50% in 2023, propelled by robust infrastructure development and strong economic growth. Rapid construction of roads, bridges, and urban facilities necessitates an increased demand for vocational trucks, especially in the construction & transportation sectors. Simultaneously, the region's economic prosperity fuels industrial activities, contributing to heightened demand for vocational trucks across various sectors. These intertwined factors underscore the market's dynamism, positioning vocational trucks as essential assets in facilitating and supporting the region's expanding infrastructure & economic landscape.
 

Vocational Truck Market Share

Volvo and Mercedes-Benz Group AG are the major companies operating in the vocational truck industry with a combined market share of over 20%. These companies are continuously investing in research and development to introduce innovative features, technologies, and designs that meet the evolving needs of vocational truck users. This may include improvements in safety, fuel efficiency, and overall performance.
 

The competitive landscape of the vocational truck industry is characterized by a diverse range of manufacturers offering specialized vehicles for various industries, thereby fostering innovation and customization.
 

Vocational Truck Market Companies

Major companies operating in the vocational truck industry are:

• BYD Auto Co. Ltd.
• CNH Industrial N.V.
• Dongfeng Motor Corporation
• FAW Group
• Ford Motor Company
• Hino Motors Ltd.
• ISUZU
• Liebherr Group
• Mercedes Benz Group
• PACCAR
• Tata Motor Inc.
• Traton SE
• Volkswagen Group
• Volvo
   

Vocational Truck Industry News

• In May 2023, Daimler Truck North America unveiled the finalized version of its medium-duty electric truck, the Freightliner eM2. Currently, only two variants will be offered, which cater to U.S. Classes: 6 and 7. Following the eCascadia in the heavy-duty segment, the eM2 marks the second battery-electric model in Daimler's Freightliner truck brand. Production of the above-mentioned classes was slated to commence at the Portland plant in the fall of 2023.
   
• In March 2023, Navistar launched the International S13 Integrated Powertrain. Developed in partnership with TRATON Group, the S13 Integrated Powertrain showcases advancements in robustness, reliability, and performance, underlining a commitment to cutting-edge technology in the vocational truck sector.
   

The vocational truck market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) and Shipment (Units) from 2018 to 2032, for the following segments:

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Market, By Type

• Heavy Haul Trucks
• Utility Trucks
• Food & Beverage Trucks
• Construction Trucks
• Garbage Trucks
• Others

Market, By Class

• Class 4
• Class 5
• Class 6
• Class 7
• Class 8

Market, By Fuel Type

• Diesel
• Gas
• Electric/Hybrid

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Nordics
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Southeast Asia 
• Latin America
  • Brazil
  • Mexico 
• MEA
  • UAE
  • Saudi Arabia
  • South Africa