Vietnam - Truck Market by Vehicle Category, Type and Product Type - Forecast and Analysis 2024-2028
| Published: Dec 2023 | Pages: 146 | SKU: IRTNTR71557 |
Vietnam - Truck Market 2024-2028
The Vietnam - truck market size is estimated to grow at a CAGR of 8.05% between 2023 and 2028. The market size is forecast to increase by USD 1.50 billion. The accelerated growth of the market is due to various factors, including the rise in industrialization and urbanization of Vietnam's economy, the increasing incorporation of lighter materials in truck manufacturing, and the increasing prominence of electric HD trucks.
The report includes a comprehensive outlook on the Vietnam Truck Market, offering forecasts for the industry segmented by Vehicle Category, which comprises less than 10 T, and more than 10 T. Additionally, it categorizes Type into domestic, and imported, and covers Product Type, including manual, and automatic. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
What will be the Size of the Truck Market In Vietnam During the Forecast Period?
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Vietnam Truck Market: Key Drivers, Trends and Challenges
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Vietnam Truck Market Driver
Increasing incorporation of lighter materials in truck manufacturing is the key factor driving market growth. Vehicle makers in Vietnam are focusing on increasing the fuel efficiency of their vehicles to comply with fuel efficiency standards. Moreover, when lighter materials are used for manufacturing, more engine power can be allocated to pulling or towing. Many market players are offering trucks with aluminum metal. The aluminum F-150 truck is about 700 lbs. lighter than the steel variant and offers increased mileage.
Moreover, the aluminum variant has greater towing capabilities using a V6 engine instead of a V8 engine. The use of aluminum has increased the efficiency of the vehicle without compromising its performance. Therefore, such a proposition is expected to be followed as a trend in the truck market in Vietnam by other major vehicle manufacturers and will propel the growth of the market during the forecast period.
Key Vietnam Truck Market Trends
Adoption of autonomous technologies in electric trucks is the primary trend shaping market growth. The development of EVs has always complemented the technological advancements of autonomous trucks. This is primarily because several technologies are common between electric and autonomous vehicles. Unlike conventional trucks, electric trucks are lighter, and autonomous technology can control them easily due to the low number of moving parts. Moreover, electric trucks are already equipped with telematics technology, which would aid in accelerating the development of autonomous electric trucks.
Autonomous trucks are equipped with GPS and gyro sensors that sense rotational motion to assess the best way to manage the power system of the trucks. The system efficiently calculates the ways to limit the impact of tailgating and other driving habits. As the fuel efficiency of heavy-duty trucks depends significantly on driving skills, the AI system allows vehicles to achieve better fuel efficiency regardless of drivers' driving skills. Hence, the adoption of AI is becoming a crucial trend in making trucks more efficient. This is expected to remain a positive trend in the growth of the truck market in Vietnam during the forecast period.
Key Vietnam Truck Market Challenge
The high manufacturing cost of trucks is a challenge that affects market growth. 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. On the other hand, inflated manufacturing costs have reduced the profit margins for OEMs. Moreover, medium and heavy-duty trucks require continuous maintenance and repairs, which further increases the total cost of ownership. These factors increase manufacturing costs, which will be a challenge for the market during the forecast period.
Vietnam Truck Market Customer Landscape
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Vietnam Truck Market Customer Landscape
Who are the Major Vietnam Truck Market Companies?
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
- AB Volvo: The company offers trucks such as Volvo FM, Volvo FMX.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
- Beijing Automotive Group Co. Ltd.
- Daimler Truck AG
- Ford Motor Co.
- General Motors Co.
- Honda Motor Co. Ltd.
- Hyundai Motor Co.
- Isuzu Motors Ltd.
- Kamaz Export
- Kia Motors Corp.
- Mazda Motor Corp.
- Mitsubishi Corp.
- Nissan Motor Co. Ltd.
- Scania AB
- Stellantis NV
- Tan Chong Motor Holdings Berhad
- Tata Motors Ltd.
- Toyota Motor Corp.
- Vtruck
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
What is the Largest-Growing Segments in the Vietnam Truck Market?
The less than 10 T segment is estimated to witness significant growth during the forecast period. The trucks under the gross vehicle weight (GVW) of less than 10-ton segments include various types of light-duty trucks, such as compact trucks, pickup trucks, and passenger and cargo vans. Light-duty trucks is a commercial carrier of people and goods. These trucks are basically used for intra-city and inter-city transport.
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The less than 10 T segment was the largest segment and was valued at USD 2.32 billion in 2018. Moreover, the rise in the use of light-duty trucks in urban cities is attributed to the growth in the home delivery sector. In addition, economic uncertainty and high competition are compelling fleet owners to reduce their operational costs, which is a strong factor driving the demand for trucks under the less than 10-ton segment. Hence, the growing demand for light-duty trucks in logistics operations is driving the growth of the less than 10 T segment in the truck market in Vietnam during the forecast period.
Segment Overview
The Vietnam truck market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
- Vehicle Category Outlook
- Less than 10 T
- More than 10 T
- Type Outlook
- Domestic
- Imported
- Product Type Outlook
- Manual
- Automatic
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Vietnam Truck Market Scope |
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Report Coverage |
Details |
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Page number |
146 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.05% |
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Market Growth 2024-2028 |
USD 1.50 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
7.15 |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
AB Volvo, Beijing Automotive Group Co. Ltd., Daimler Truck AG, Ford Motor Co., General Motors Co., Honda Motor Co. Ltd., Hyundai Motor Co., Isuzu Motors Ltd., Kamaz Export, Kia Motors Corp., Mazda Motor Corp., Mitsubishi Corp., Nissan Motor Co. Ltd., Scania AB, Stellantis NV, Tan Chong Motor Holdings Berhad, Tata Motors Ltd., Toyota Motor Corp., and Vtruck |
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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, and Market condition analysis for the forecast period. |
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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. |
What are the Key Data Covered in this Vietnam Truck Market Report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the market between 2024 and 2028
- Precise estimation of the market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the market across Vietnam
- A thorough analysis of the market’s competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of market companies
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
- 1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Country Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market Segmentation by Vehicle Category
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
- Exhibit 06: Executive Summary – Chart on Market Segmentation by Product Type
- Exhibit 07: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 08: Parent market
- Exhibit 09: Market Characteristics
3 Market Sizing
- 3.1 Market definition
- Exhibit 10: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 11: Market segments
- 3.3 Market size 2023
- 3.4 Market outlook: Forecast for 2023-2028
- Exhibit 12: Chart on Vietnam - Market size and forecast 2023-2028 ($ billion)
- Exhibit 13: Data Table on Vietnam - Market size and forecast 2023-2028 ($ billion)
- Exhibit 14: Chart on Vietnam: Year-over-year growth 2023-2028 (%)
- Exhibit 15: Data Table on Vietnam: Year-over-year growth 2023-2028 (%)
4 Historic Market Size
- 4.1 Truck market in Vietnam 2018 - 2022
- Exhibit 16: Historic Market Size – Data Table on truck market in Vietnam 2018 - 2022 ($ billion)
- 4.2 Vehicle Category Segment Analysis 2018 - 2022
- Exhibit 17: Historic Market Size – Vehicle Category Segment 2018 - 2022 ($ billion)
- 4.3 Type Segment Analysis 2018 - 2022
- Exhibit 18: Historic Market Size – Type Segment 2018 - 2022 ($ billion)
- 4.4 Product Type Segment Analysis 2018 - 2022
- Exhibit 19: Historic Market Size – Product Type Segment 2018 - 2022 ($ billion)
5 Five Forces Analysis
- 5.1 Five forces summary
- Exhibit 20: Five forces analysis - Comparison between 2023 and 2028
- 5.2 Bargaining power of buyers
- Exhibit 21: Chart on Bargaining power of buyers – Impact of key factors 2023 and 2028
- 5.3 Bargaining power of suppliers
- Exhibit 22: Bargaining power of suppliers – Impact of key factors in 2023 and 2028
- 5.4 Threat of new entrants
- Exhibit 23: Threat of new entrants – Impact of key factors in 2023 and 2028
- 5.5 Threat of substitutes
- Exhibit 24: Threat of substitutes – Impact of key factors in 2023 and 2028
- 5.6 Threat of rivalry
- Exhibit 25: Threat of rivalry – Impact of key factors in 2023 and 2028
- 5.7 Market condition
- Exhibit 26: Chart on Market condition - Five forces 2023 and 2028
6 Market Segmentation by Vehicle Category
- 6.1 Market segments
- Exhibit 27: Chart on Vehicle Category - Market share 2023-2028 (%)
- Exhibit 28: Data Table on Vehicle Category - Market share 2023-2028 (%)
- 6.2 Comparison by Vehicle Category
- Exhibit 29: Chart on Comparison by Vehicle Category
- Exhibit 30: Data Table on Comparison by Vehicle Category
- 6.3 Less than 10 T - Market size and forecast 2023-2028
- Exhibit 31: Chart on Less than 10 T - Market size and forecast 2023-2028 ($ billion)
- Exhibit 32: Data Table on Less than 10 T - Market size and forecast 2023-2028 ($ billion)
- Exhibit 33: Chart on Less than 10 T - Year-over-year growth 2023-2028 (%)
- Exhibit 34: Data Table on Less than 10 T - Year-over-year growth 2023-2028 (%)
- 6.4 More than 10 T - Market size and forecast 2023-2028
- Exhibit 35: Chart on More than 10 T - Market size and forecast 2023-2028 ($ billion)
- Exhibit 36: Data Table on More than 10 T - Market size and forecast 2023-2028 ($ billion)
- Exhibit 37: Chart on More than 10 T - Year-over-year growth 2023-2028 (%)
- Exhibit 38: Data Table on More than 10 T - Year-over-year growth 2023-2028 (%)
- 6.5 Market opportunity by Vehicle Category
- Exhibit 39: Market opportunity by Vehicle Category ($ billion)
- Exhibit 40: Data Table on Market opportunity by Vehicle Category ($ billion)
7 Market Segmentation by Type
- 7.1 Market segments
- Exhibit 41: Chart on Type - Market share 2023-2028 (%)
- Exhibit 42: Data Table on Type - Market share 2023-2028 (%)
- 7.2 Comparison by Type
- Exhibit 43: Chart on Comparison by Type
- Exhibit 44: Data Table on Comparison by Type
- 7.3 Domestic - Market size and forecast 2023-2028
- Exhibit 45: Chart on Domestic - Market size and forecast 2023-2028 ($ billion)
- Exhibit 46: Data Table on Domestic - Market size and forecast 2023-2028 ($ billion)
- Exhibit 47: Chart on Domestic - Year-over-year growth 2023-2028 (%)
- Exhibit 48: Data Table on Domestic - Year-over-year growth 2023-2028 (%)
- 7.4 Imported - Market size and forecast 2023-2028
- Exhibit 49: Chart on Imported - Market size and forecast 2023-2028 ($ billion)
- Exhibit 50: Data Table on Imported - Market size and forecast 2023-2028 ($ billion)
- Exhibit 51: Chart on Imported - Year-over-year growth 2023-2028 (%)
- Exhibit 52: Data Table on Imported - Year-over-year growth 2023-2028 (%)
- 7.5 Market opportunity by Type
- Exhibit 53: Market opportunity by Type ($ billion)
- Exhibit 54: Data Table on Market opportunity by Type ($ billion)
8 Market Segmentation by Product Type
- 8.1 Market segments
- Exhibit 55: Chart on Product Type - Market share 2023-2028 (%)
- Exhibit 56: Data Table on Product Type - Market share 2023-2028 (%)
- 8.2 Comparison by Product Type
- Exhibit 57: Chart on Comparison by Product Type
- Exhibit 58: Data Table on Comparison by Product Type
- 8.3 Manual - Market size and forecast 2023-2028
- Exhibit 59: Chart on Manual - Market size and forecast 2023-2028 ($ billion)
- Exhibit 60: Data Table on Manual - Market size and forecast 2023-2028 ($ billion)
- Exhibit 61: Chart on Manual - Year-over-year growth 2023-2028 (%)
- Exhibit 62: Data Table on Manual - Year-over-year growth 2023-2028 (%)
- 8.4 Automatic - Market size and forecast 2023-2028
- Exhibit 63: Chart on Automatic - Market size and forecast 2023-2028 ($ billion)
- Exhibit 64: Data Table on Automatic - Market size and forecast 2023-2028 ($ billion)
- Exhibit 65: Chart on Automatic - Year-over-year growth 2023-2028 (%)
- Exhibit 66: Data Table on Automatic - Year-over-year growth 2023-2028 (%)
- 8.5 Market opportunity by Product Type
- Exhibit 67: Market opportunity by Product Type ($ billion)
- Exhibit 68: Data Table on Market opportunity by Product Type ($ billion)
9 Customer Landscape
- 9.1 Customer landscape overview
- Exhibit 69: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
10 Drivers, Challenges, and Trends
- 10.1 Market drivers
- 10.2 Market challenges
- 10.3 Impact of drivers and challenges
- Exhibit 70: Impact of drivers and challenges in 2023 and 2028
- 10.4 Market trends
11 Vendor Landscape
- 11.1 Overview
- 11.2 Vendor landscape
- Exhibit 71: Overview on Criticality of inputs and Factors of differentiation
- 11.3 Landscape disruption
- Exhibit 72: Overview on factors of disruption
- 11.4 Industry risks
- Exhibit 73: Impact of key risks on business
12 Vendor Analysis
- 12.1 Vendors covered
- Exhibit 74: Vendors covered
- 12.2 Market positioning of vendors
- Exhibit 75: Matrix on vendor position and classification
- 12.3 AB Volvo
- Exhibit 76: AB Volvo - Overview
- Exhibit 77: AB Volvo - Business segments
- Exhibit 78: AB Volvo - Key news
- Exhibit 79: AB Volvo - Key offerings
- Exhibit 80: AB Volvo - Segment focus
- 12.4 Beijing Automotive Group Co. Ltd.
- Exhibit 81: Beijing Automotive Group Co. Ltd. - Overview
- Exhibit 82: Beijing Automotive Group Co. Ltd. - Product / Service
- Exhibit 83: Beijing Automotive Group Co. Ltd. - Key offerings
- 12.5 Daimler Truck AG
- Exhibit 84: Daimler Truck AG - Overview
- Exhibit 85: Daimler Truck AG - Business segments
- Exhibit 86: Daimler Truck AG - Key offerings
- Exhibit 87: Daimler Truck AG - Segment focus
- 12.6 Ford Motor Co.
- Exhibit 88: Ford Motor Co. - Overview
- Exhibit 89: Ford Motor Co. - Business segments
- Exhibit 90: Ford Motor Co. - Key news
- Exhibit 91: Ford Motor Co. - Key offerings
- Exhibit 92: Ford Motor Co. - Segment focus
- 12.7 General Motors Co.
- Exhibit 93: General Motors Co. - Overview
- Exhibit 94: General Motors Co. - Business segments
- Exhibit 95: General Motors Co. - Key news
- Exhibit 96: General Motors Co. - Key offerings
- Exhibit 97: General Motors Co. - Segment focus
- 12.8 Honda Motor Co. Ltd.
- Exhibit 98: Honda Motor Co. Ltd. - Overview
- Exhibit 99: Honda Motor Co. Ltd. - Business segments
- Exhibit 100: Honda Motor Co. Ltd. - Key news
- Exhibit 101: Honda Motor Co. Ltd. - Key offerings
- Exhibit 102: Honda Motor Co. Ltd. - Segment focus
- 12.9 Hyundai Motor Co.
- Exhibit 103: Hyundai Motor Co. - Overview
- Exhibit 104: Hyundai Motor Co. - Business segments
- Exhibit 105: Hyundai Motor Co. - Key news
- Exhibit 106: Hyundai Motor Co. - Key offerings
- Exhibit 107: Hyundai Motor Co. - Segment focus
- 12.10 Isuzu Motors Ltd.
- Exhibit 108: Isuzu Motors Ltd. - Overview
- Exhibit 109: Isuzu Motors Ltd. - Product / Service
- Exhibit 110: Isuzu Motors Ltd. - Key offerings
- 12.11 Kia Motors Corp.
- Exhibit 111: Kia Motors Corp. - Overview
- Exhibit 112: Kia Motors Corp. - Business segments
- Exhibit 113: Kia Motors Corp. - Key offerings
- Exhibit 114: Kia Motors Corp. - Segment focus
- 12.12 Mazda Motor Corp.
- Exhibit 115: Mazda Motor Corp. - Overview
- Exhibit 116: Mazda Motor Corp. - Business segments
- Exhibit 117: Mazda Motor Corp. - Key offerings
- Exhibit 118: Mazda Motor Corp. - Segment focus
- 12.13 Mitsubishi Corp.
- Exhibit 119: Mitsubishi Corp. - Overview
- Exhibit 120: Mitsubishi Corp. - Business segments
- Exhibit 121: Mitsubishi Corp. - Key news
- Exhibit 122: Mitsubishi Corp. - Key offerings
- Exhibit 123: Mitsubishi Corp. - Segment focus
- 12.14 Nissan Motor Co. Ltd.
- Exhibit 124: Nissan Motor Co. Ltd. - Overview
- Exhibit 125: Nissan Motor Co. Ltd. - Business segments
- Exhibit 126: Nissan Motor Co. Ltd. - Key news
- Exhibit 127: Nissan Motor Co. Ltd. - Key offerings
- Exhibit 128: Nissan Motor Co. Ltd. - Segment focus
- 12.15 Scania AB
- Exhibit 129: Scania AB - Overview
- Exhibit 130: Scania AB - Business segments
- Exhibit 131: Scania AB - Key offerings
- Exhibit 132: Scania AB - Segment focus
- 12.16 Stellantis NV
- Exhibit 133: Stellantis NV - Overview
- Exhibit 134: Stellantis NV - Business segments
- Exhibit 135: Stellantis NV - Key news
- Exhibit 136: Stellantis NV - Key offerings
- Exhibit 137: Stellantis NV - Segment focus
- 12.17 Toyota Motor Corp.
- Exhibit 138: Toyota Motor Corp. - Overview
- Exhibit 139: Toyota Motor Corp. - Business segments
- Exhibit 140: Toyota Motor Corp. - Key news
- Exhibit 141: Toyota Motor Corp. - Key offerings
- Exhibit 142: Toyota Motor Corp. - Segment focus
13 Appendix
- 13.1 Scope of the report
- 13.2 Inclusions and exclusions checklist
- Exhibit 143: Inclusions checklist
- Exhibit 144: Exclusions checklist
- 13.3 Currency conversion rates for US$
- Exhibit 145: Currency conversion rates for US$
- 13.4 Research methodology
- Exhibit 146: Research methodology
- Exhibit 147: Validation techniques employed for market sizing
- Exhibit 148: Information sources
- 13.5 List of abbreviations
- Exhibit 149: 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.
INFORMATION 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
DATA 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
REPORT WRITING
Qualitative
- Market drivers
- Market challenges
- Market trends
- Five forces analysis
Quantitative
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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truck market in vietnam market
Key Questions Answered
- What are the key global market and the regional market share?
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- What are the key factors driving and challenging this market’s growth?
- Who are the key market vendors and their growth strategies?
- What are the latest trends influencing the growth of this market?
- What are the variables influencing the market growth in the primary regions?
- What are the factors influencing the growth of the parent market?
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