Vocational Trucks Market: Increasing Number of Construction Activities Across the Globe has Positive
Vocational Trucks Market research report Segmented By Product Type (Trailer Truck, Dump Truck, Concrete Mixer, Crane Truck, Firefighting Truck, Garbage Truck, Tank Truck, Others), By Engine Type (Diesel, Electric, Gas, Others), By Class Type (Class 6, Class 7, Class 8), By End Use Industry (Construction Industry, Mining Industry, Transportation & Logistic, Urban Services, Others), & By Region (North America, Latin America, Europe, East Asia, South Asia, Oceania, MEA).
[USPRwire, Mon Sep 02 2019]
The global demand for the vocational trucks is upsurging as it relies heavily upon the building & construction industry as it is an integral part of the industry. The increasing government initiatives in the construction sector are further anticipated to create lucrative growth opportunities in the vocational trucks market. However, among all end-use industries considered in the report, the urban service sector has a higher market share than others. Which primarily depends on various aspects discussed in the report.
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The global vocational trucks market in terms of valued has surpassed US$ 48.6 Billion in 2018. The overall market is expected to expand by 1.6X times throughout the forecast period, 2019-2029. In terms of volume, the vocational trucks market is likely to exhibit a CAGR of 4.5% during the period. A recent research study by Fact. MR foretells the vocational trucks market to a record expansion of 5.3% CAGR in terms of value over the forecast period.
The vocational trucks market continues to witness an increased traction in the future. Considering the demand for vocational trucks by engine type, some European countries shows more demand for gas fuel type vocational trucks. The report also discloses demand for various types of vocational trucks by different class types. The overall growth of class 8 type vocational trucks is expected to grow at a stagnant CAGR but some emerging countries are expected to show substantial growth in this segment.
The demand for vocational trucks from the building & construction industry is growing remarkably in the past few years, owing to an increase in the industrial sector and urbanization. Many multinational companies are considering the East Asia region in the hope of increased demand from the construction industry. China is becoming the largest cement producer followed by India in the second position. The steady expansion in the construction industry will enhance the demand for its equipment, in turn, increasing the sales of vocational trucks.
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The building & construction industry is profoundly reliant on equipment such as tractors trailers, trucks, bulldozers, vocational trucks and other equipment for on-site applications. The augmentation of government spending on infrastructure development has resulted in the uplifting of vocational trucks market.
Growing population and urbanization are giving rise to new investments in the incorporation of smart cities and renovation projects of already established cities worldwide. This factor is likely to fuel the demand for vocational trucks; therefore, expanding the overall market. Besides this, increasing government initiatives encourage the manufacturers to use energy-efficient equipment in construction industry, which is further likely to aid the growth of vocational trucks market.
Further, the paradigm shifts towards the development of transportation networks to stimulate the exhaustive use of public transport and renovation and expansion of public transport in the developed regions contribute to the growth of vocational trucks market. However, the growth of vocational trucks market is hampered by lack of skilled labor to exercise the vocational trucks exhaustively.
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