Latest News- Truck Market in Vietnam: Less than 10 T is expected to lead the Vehicle Category segment during 2024-2028

The Truck Market in Vietnam is being driven by Rise in industrialization and urbanization of Vietnam economy

The Truck Market in Vietnam is expected to grow at a CAGR of 8.05% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1.50 billion. In response to escalating environmental concerns and stringent emission regulations, the global commercial vehicle market, including Vietnam, is witnessing a significant shift towards eco-friendly alternatives to traditional fossil fuel-powered trucks. This trend is driven by the increasing demand for vehicles that comply with emission norms and reduce greenhouse gas (GHG) and other pollutant emissions. As a result, manufacturers are exploring alternative fuel solutions, such as electric, hybrid, and bio-fuel trucks. An electric truck is propelled by an electric motor or a generator, which derives power from battery packs, thereby eliminating the consumption of fossil fuels for propulsion or operation. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Vehicle Category
  • Less than 10 T
  • More than 10 T
• Type
  • Domestic
  • Imported
• Product Type
  • Manual
  • Automatic
• Geography
  • Vietnam

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rise in industrialization and urbanization of Vietnam economy
• Increasing incorporation of lighter materials in truck manufacturing
• Increasing prominence of electric HD trucks

However, the market also witnesses some limitations, which are as follows:

• High manufacturing cost of trucks
• Shortage of skilled operators of trucks in industry
• Increasing stringency of fuel efficiency and emission standards

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Market Scope in Truck Market in Vietnam Research Report

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Research Analysis Overview

In Vietnam's thriving market, trucks are a vital component of the transportation sector. These powerful vehicles, including pickup trucks, are essential for moving goods from warehouses to retail outlets and fulfilling the demands of consumers. With a focus on fuel efficiency and safety, manufacturers are innovating with advanced engines, cab designs, suspension systems, and electrification. The logistics and e-commerce sectors benefit from trailer tracking and cargo management in these fuel-efficient trucks, while safety and vehicle emissions remain top priorities. Road infrastructure continues to develop, enabling the smooth transport of goods and the growth of the truck market in Vietnam.

Market Research Overview

The Truck Market in Vietnam is a significant segment of the global trucking industry, which is a key component of the broader transportation market. According to Technavio, this market encompasses organizations providing ground transportation services for merchandise and freight. The global trucking market's size is determined by the consolidated revenue generated by enterprises operating within the goods and freight transportation sector, including those specializing in trucks, cars, campers, buses, vans, and motorbikes. The market's expansion will be fueled by the continuous increase in the volume of goods transported, driven by the long-term growth of the global economy. Additionally, factors such as the growing demand for pickup trucks for livestock transportation and farm equipment, as well as the expansion of warehouse and retail outlet networks, will contribute to the market's growth. Fleet owners also play a crucial role in the market's development, as they seek to optimize their operations and expand their businesses.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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