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Vocational Truck Market Trends

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

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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.

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.