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Vocational Truck Market Share

Report ID: GMI7899
Published Date: Jan 2024
Report Format: PDF

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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

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of vocational truck reached USD 59 billion in 2023 and is set to witness 6.2% CAGR from 2024 to 2032, owing to the increasing investments for the electrification of the trucks worldwide.

The construction trucks segment held 35% of the market share in 2023, attributed to the introduction of new-generation construction vehicles.

Asia Pacific recorded over 50% of the market share in 2023, due to the robust infrastructure development and the strong economic growth in the region.

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, and Tata Motor Inc. are some of the major vocational truck companies worldwide.