Truck Market size in Vietnam to grow by 41,610 units between 2021
NEW YORK, Aug. 28, 2023 /PRNewswire/ -- The Truck Market Size in Vietnam is expected to grow by 41,610 units at a CAGR of 7.43% from 2021 to 2026, as per the latest report by Technavio. The report covers the truck market segmentation in Vietnam by type (domestic and imported) and tonnage (less than 10 T and more than 10 T). The truck market share growth in Vietnam by the domestic segment will be significant growth during the forecast period. AB Volvo, Beijing Automotive Group Co. Ltd., Daimler AG, Ford Motor Co., General Motors Co., Nissan Motor Co. Ltd., Scania AB, Stellantis NV, Toyota Motor Corp., and UD Trucks Corp. are some of the major companies in the truck market.
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The rise in industrialization and urbanization, and rapid growth in the construction industry will offer immense growth opportunities to the market. However, the high manufacturing cost of trucks, shortage of skilled operators of trucks, and strict emission standards for trucks will challenge the growth of the companies. To make the most of the opportunities, companies should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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Truck Market in Vietnam: Segmentation
The Truck Market in Vietnam is segmented as below:
Less than 10 T
More than 10 T
This study identifies growing sales of light-duty trucks as one of the prime reasons driving the truck market in Vietnam growth during the next few years.
Truck Market in Vietnam: Company Analysis
Technavio provides a comprehensive analysis of major companies operating in the Truck Market in Vietnam, including some of the companies such as company Backed with competitive intelligence and benchmarking, our research reports on the Truck Market in Vietnam are designed to provide entry support, customer profile and M&As as well as go-to-market strategy support.
The report analyzes the market's competitive landscape and offers information on several companies, including:
Beijing Automotive Group Co. Ltd.
Ford Motor Co.
General Motors Co.
Nissan Motor Co. Ltd.
Toyota Motor Corp.
UD Trucks Corp.
Buy the report now and find additional highlights on the growth strategies adopted by companies and their product offerings.
Truck Market in Vietnam Key Highlights
The truck market in Vietnam is set to grow at a CAGR of 7.43% from 2021 to 2026.
Rising industrialization and urbanization are propelling the demand for trucks in Vietnam's developing economy.
The market is predicted to grow by 41,610 units during the forecast period, contributing significantly to the automotive industry.
Anticipated trends include eco-friendly solutions and digitization, impacting consumer preferences.
Key players like AB Volvo, Daimler AG, and others deploy diverse strategies for market share.
High manufacturing costs due to precision engineering, materials, and tech adoption could impact new truck sales.
Medium and Heavy-duty Truck Steering System Market: The medium and heavy-duty truck steering system market share is expected to increase by 1,401.00 thousand units from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 7.05%. The report extensively covers medium and heavy-duty truck steering system market segmentation by application (medium-duty truck and heavy-duty truck), geography (APAC, North America, Europe, South America, and MEA), and type (hydraulic power steering, electro-hydraulic power steering, and electric power steering).
Refrigerated Truck Rental Market: The refrigerated truck rental market share is expected to increase to USD 2.21 billion from 2021 to 2026, at a CAGR of 4.88%. The report extensively covers refrigerated truck rental market segmentation by type (long term and short term) and geography (North America, Europe, APAC, South America, and Middle East and Africa).
Table Of Contents:
Five Forces Analysis
Market Segmentation by Type
Market Segmentation by Tonnage
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]: www.technavio.com/
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