Vietnam Truck Market to Grow by USD 1.5 Billion from 2023-2028, Report on AI's Impact on Market Trends - Technavio

NEW YORK, Dec. 12, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape - The truck market in vietnam size is estimated to grow by USD 1.50 billion from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 8.05% during the forecast period. The report provides a comprehensive forecast of key segments below- 

Segmentation Overview

1. Vehicle Category
• 1.1 Less than 10 T
• 1.2 More than 10 T
2. Type 
• 2.1 Domestic
• 2.2 Imported
3. Product Type
• 3.1 Manual
• 3.2 Automatic
4. Geography 
• 4.1 APAC

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1.1 Fastest growing segment:

Light-duty trucks, which include compact trucks, pickup trucks, and passenger and cargo vans, are essential commercial vehicles in Vietnam, particularly for intra-city and inter-city transport. These trucks, with a gross vehicle weight under 10 tons, are widely used due to their maneuverability in space-strapped urban areas. In Vietnam, the rising traffic congestion and entry restrictions for heavier vehicles have led to increased adoption of light-duty trucks. The home delivery sector's growth is another significant factor driving demand. Dealers serve as the primary distribution channel for these trucks, and vans are the most popular choice for goods distribution from central hubs. Economic uncertainty and competition pressure compel fleet owners to minimize operational costs, further fueling demand for light-duty trucks. Consequently, the less than 10-ton segment is expected to grow in the Vietnamese truck market during the forecast period.

Analyst Review

Trucks are essential vehicles in Vietnam's thriving economy, serving various sectors such as logistics, construction, and agriculture. The market for trucks in Vietnam is vast, with a focus on pickup trucks, warehouses, and retail outlets catering to consumers' needs. The demand for trucks is driven by the country's extensive road network and the transportation of goods, including cargo and fuel. Manufacturers prioritize fuel efficiency, safety, and electrification in their designs, addressing the increasing concerns of consumers and governments. Powerful engines and suspension systems are also essential features for handling the rough terrain and heavy loads common in Vietnam. The logistics and e-commerce sectors are significant consumers of trucks, requiring efficient and reliable vehicles for the timely delivery of goods. Trailer tracking and cargo management systems are essential for optimizing supply chain operations and reducing vehicle emissions. Safety is a top priority, with vehicle safety regulations becoming increasingly stringent to protect drivers and other road users. The future of the truck market in Vietnam lies in the adoption of advanced technologies and the development of sustainable transportation solutions.

Market Overview

The Trucks Market in Vietnam is witnessing significant growth due to the increasing demand for transportation of goods, particularly in sectors like construction, mining, agriculture, and logistics. The market caters to various types of trucks, including heavy duty, medium duty, and light duty, with tonnage capacities ranging from a few tons to several tons. Consumers, fleet owners, logistics companies, and e-commerce sectors are the primary buyers of trucks in Vietnam. The market is also witnessing a shift towards electric vehicles (EVs) and hydrogen-based solutions as part of the global move towards carbon neutrality and sustainability. Truck manufacturers are focusing on fuel efficiency, safety, electrification, and telematics to meet the evolving needs of consumers and businesses. These solutions include GPS tracking, connectivity solutions, trailer tracking, and maintenance cost optimization. The logistics industry is undergoing a digital transformation, with the adoption of AI and IoT for fleet management, route optimization, and real-time cargo tracking. Emission norms and vehicle safety regulations are also driving the market, with manufacturers investing in advanced suspension systems, energy storage, and battery design. The market is expected to grow further with the expansion of infrastructure projects, such as highways, bridges, ports, and cold chain logistics, and the increasing popularity of e-commerce and hyperlocal delivery services. The use of EVs, hydrogen-based vehicles, and alternative fuels is also gaining momentum, with companies like Mullen Automotive and OEMs investing in the development of electric heavy-duty trucks.

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 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix

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SOURCE Technavio