Technavio estimates the truck market size in Vietnam to grow by 41,610 units between 2021 and 2026, expanding at a CAGR of 7.43% during the forecast period.
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Truck Market in Vietnam: Growth Drivers
The market is driven by rise in industrialization and urbanization. The substantial growth in the economy increased the rate of industrialization and urbanization in Vietnam. This has resulted in growth in infrastructure development and logistics activities. These factors have increased the demand for light, medium, and heavy-duty commercial vehicles to support the progress of industrial development in the country. Besides, the growth in mining and shipping activities in the country has further fueled the demand for trucks, which is driving the growth of the market.
However, the high manufacturing cost of trucks will challenge the growth of the market. Components such as suspension systems, braking systems, and hauling and steering cylinders require a high level of precision during manufacturing, which increases the overall cost of trucks. In addition, the rising cost of raw materials such as stainless steel, cast iron, hardened steel, and other alloys are also contributing to the inflated manufacturing cost of trucks. Moreover, rising maintenance costs and the shortage of skilled drivers are increasing the total cost of ownership for fleet operators. These factors might negatively impact the growth of the market during the forecast period.
Truck Market in Vietnam: Segmentation Analysis
Technavio segments the truck market in Vietnam by type (domestic and imported) and tonnage (less than 10 T and more than 10 T).
By type, the market witnessed maximum adoption of domestic trucks that are manufactured in Vietnam. The segment is driven by the presence of production facilities by major automobile manufacturers such as Coneco Automobile JSC, Truong Hai Auto Corp., VEAM MOTOR, Tata Motors, Suzuki Corp., Isuzu Motors Ltd., and Toyota Motor Corp. (Hino Trucks). In terms of tonnage, trucks less than 10 tons accounted for maximum sales. The increasing demand for intra-city and inter-city transport of goods is driving their adoption.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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Truck Market in Vietnam Scope |
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.43% |
Market growth 2022-2026 |
41,610 units |
Market structure |
Fragmented |
YoY growth (%) |
6.94 |
Regional analysis |
Vietnam |
Performing market contribution |
Vietnam at 100% |
Key consumer countries |
Vietnam |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
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. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides 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.
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SOURCE Technavio
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