Truck Market in Vietnam by Type and Tonnage - Forecast and Analysis 2022-2026

  • Published: Nov 2021
  • Pages: 120
  • SKU: IRTNTR71557
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The truck market share in Vietnam is expected to increase by 41610.00 units from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 7.43%. 

This truck market research report of Vietnam provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively 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 report of Vietnam also offers information on several market vendors, including 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. among others.

What will the Truck Market Size in Vietnam be During the Forecast Period?

Download the Free Report Sample to Unlock the Truck Market Size in Vietnam for the Forecast Period and Other Important Statistics

 

Truck Market in Vietnam: Key Drivers and Challenges

The rise in industrialization and urbanization is notably driving the truck market growth in Vietnam, although factors such as the high manufacturing cost of trucks may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the truck industry in Vietnam. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Truck Market Driver in Vietnam

One of the key factors driving growth in the truck market in Vietnam is the rise in industrialization and urbanization. The economy of Vietnam is growing substantially, wherein cities and towns are getting smarter and better in terms of infrastructure. Transportation and logistics are playing an important role in moving the country’s economy toward industrialization and urbanization. This is where mobility comes into the picture, and the commercial vehicles market serves as a base for such infrastructure development. Commercial vehicles, which include light-, medium-, and heavy-duty trucks, have been playing a crucial role in infrastructure development across the country. The growing demand for commercial vehicles is aptly fulfilled by the truck market as fleet operators are able to fulfill fright transportation demand in a cost-effective manner by renting trucks or by buying new trucks. This is a factor driving the revenue growth of the truck market in Vietnam.

Key Truck Market Challenge in Vietnam

The high manufacturing cost of trucks will be a major challenge for the truck market in Vietnam during the forecast period. The manufacture of medium- and heavy-duty trucks is capital-intensive. Components such as suspension systems, braking systems, and hauling and steering cylinders require a high level of precision during manufacture, which increases manufacturing expenses. Raw materials such as stainless steel, cast iron, hardened steel, and other metal alloys are also involved in the manufacturing of these trucks. A rise in the prices of these raw materials, such as steel, also causes the manufacturing costs of trucks to rise. In addition, the adoption of new technologies also increases manufacturing costs. These factors, which increase manufacturing costs, force manufacturers to pass on the increased cost to customers, which can potentially reduce the sales of new trucks. This will be a challenge for the truck market in Vietnam.

This truck market analysis report of Vietnam also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Who are the Major Truck Market Vendors in Vietnam?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • 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.
  • UD Trucks Corp.

 

This statistical study of the truck market in Vietnam encompasses successful business strategies deployed by the key vendors. The truck market in Vietnam is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The truck market in Vietnam forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

What are the Revenue-generating Type Segments in the Truck Market in Vietnam?

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The truck market share growth in Vietnam by the domestic segment will be significant during the forecast period. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the truck market size in Vietnam and actionable market insights on post COVID-19 impact on each segment.

 

Truck Market Scope in Vietnam

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

41610.00 units

Market structure

Fragmented

YoY growth (%)

6.94

Regional analysis

Vietnam

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key 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 recovery analysis 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.

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What are the Key Data Covered in this Truck Market Report of Vietnam?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive truck market growth in Vietnam during the next five years
  • Precise estimation of the truck market size in Vietnam and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of truck market vendors in Vietnam

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Executive Summary

    Market Landscape

    • Market ecosystem
    • Value chain analysis

    Market Sizing

    • Market definition
    • Market segment analysis
    • Market size 2021
    • Market outlook: Forecast for 2021 - 2026

    Five Forces Analysis

    • Bargaining power of buyers
    • Bargaining power of suppliers
    • Threat of new entrants
    • Threat of substitutes
    • Threat of rivalry
    • Market condition

    Market Segmentation by Type

    • Market segments
    • Comparison by Type
    • Domestic - Market size and forecast 2021-2026
    • Imported - Market size and forecast 2021-2026
    • Market opportunity by Type

    Market Segmentation by Tonnage

    • Market segments
    • Comparison by Tonnage
    • Less than 10 T - Market size and forecast 2021-2026
    • More than 10 T - Market size and forecast 2021-2026
    • Market opportunity by Tonnage

    Customer landscape

    • Market drivers
    • Market challenges
    • Market trends

    Vendor Landscape

    • Vendor landscape
    • Landscape disruption

    Vendor Analysis

    • Vendors covered
    • Market positioning of vendors
    • 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.
    • UD Trucks Corp.

    Appendix

    • Scope of the report
    • Currency conversion rates for US$
    • Research methodology
    • List of abbreviations

    Research Framework

    Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

    TechnavioINFORMATION SOURCES

    Primary sources

    • Manufacturers and suppliers
    • Channel partners
    • Industry experts
    • Strategic decision makers

    Secondary sources

    • Industry journals and periodicals
    • Government data
    • Financial reports of key industry players
    • Historical data
    • Press releases
    Technavio

    TechnavioDATA ANALYSIS

    Data Synthesis

    • Collation of data
    • Estimation of key figures
    • Analysis of derived insights

    Data Validation

    • Triangulation with data models
    • Reference against proprietary databases
    • Corroboration with industry experts
    Technavio

    TechnavioREPORT WRITING

    Qualitative

    • Market drivers
    • Market challenges
    • Market trends
    • Five forces analysis

    Quantitative

    • Market size and forecast
    • Market segmentation
    • Geographical insights
    • Competitive landscape
    Interested in this report?
    Get your FREE sample now!
    The truck market growth will increase by $41610.00 units during 2021-2026.
    The truck market is expected to grow at a CAGR of 7.43% during 2021-2026.
    Technavio has segmented the truck market by type (Domestic and Imported) ,other1 (Less than 10 T and More than 10 T) , and geographic (Vietnam).
    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., UD Trucks Corp. are a few of the key vendors in the truck market.
    Vietnam will register the highest growth rate of 100.00% among the other regions. Therefore, the truck market in Vietnam is expected to garner significant business opportunities for the vendors during the forecast period.
    The key factors driving the truck market growth are:
    • Rise in industrialization and urbanization
    The truck market vendors should focus on grabbing business opportunities from the domestic segment as it accounted for the largest market share in the base year.
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