Vocational Truck Market Analysis

Vocational Truck Market Analysis

To get key market trends

  Download Free Sample

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.