Truck Market in Vietnam to Grow by USD 1.50 Billion (2024-2028), Boosted by Industrialization and Urbanization of Economy, AI Driving Market Transformation - Technavio

NEW YORK, Feb. 4, 2025 -- Report with the AI impact on market trends - The Truck market in Vietnam size is estimated to grow by USD 1.50 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  8.05%  during the forecast period. Rise in industrialization and urbanization of Vietnam economy is driving market growth, with a trend towards emergence of alternative fuel trucks. However, high manufacturing cost of trucks  poses a challenge. Key market players include 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 Driver

The Trucks Market in Vietnam is witnessing significant trends in the transportation industry. Chassis, engine, cab, pickup trucks, and various tonnage capacities are in high demand for warehouses and retail outlets. Consumers in sectors like livestock, farm equipment, fleet owners, logistics companies, and e-commerce are driving the market growth. Heavy-duty, medium-duty, and light-duty trucks are essential for logistics, construction, mining, agriculture, infrastructure projects, and e-commerce sectors. Fuel efficiency, safety, and electrification are key focus areas. Truck manufacturers are investing in telematics, GPS tracking, connectivity solutions, and emission norms. E-commerce companies are adopting hyperlocal delivery, electric vehicles (EVs), and AI/IoT for efficient and sustainable operations. Fuel costs, maintenance, and operational expenses impact profitability. Fleet management, driver shortages, and electric trucks are challenges. OEMs are developing powerful vehicles, suspension systems, and fuel-efficient trucks. Government initiatives on hydrogen-based society and carbon neutrality are driving the shift towards EVs. Mullen Automotive, OEMs, and e-commerce companies are leading the way in the EV trucks segment. E-commerce delivery, cargo supply chain systems, and vehicle emissions and safety regulations are shaping the market. The future of the Trucks Market lies in electrification, sustainability, and efficiency. 

The truck market in Vietnam is witnessing a shift towards more environmentally friendly commercial vehicles due to increasing emission regulations. These regulations aim to reduce greenhouse gas (GHG) and pollutant emissions from trucks. In response, manufacturers are exploring alternative fuel solutions such as bio-fuel, electric, and hybrid trucks. An electric truck uses an electric motor or a generator powered by an electric drive system, which does not consume fossil fuels for propulsion or operation. These trends are expected to continue as governments worldwide prioritize environmental sustainability. 

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 Market Challenges

• The Vietnamese Trucks Market faces several challenges in the rapidly evolving transportation industry. Key sectors like logistics, construction, mining, agriculture, and infrastructure projects require powerful vehicles with varying tonnage capacities. Fleet owners and logistics companies seek fuel efficiency, safety, and electrification for profitability. E-commerce sectors demand reliable, hyperlocal delivery solutions. Truck manufacturers focus on telematics, GPS tracking, and connectivity solutions to optimize fleet management. Emission norms are tightening, pushing the shift towards electric vehicles (EVs) and hydrogen-based society for carbon neutrality. OEMs invest in AI and IoT for trailer tracking, maintenance costs, and operational expenses. Consumer preferences lean towards cab comfort, cargo capacity, and fuel consumption in pickup trucks. Livestock and farm equipment transportation require specialized vehicles. Driver shortages and e-commerce delivery demand innovative solutions. Electric heavy-duty, medium-duty, and light-duty trucks are gaining popularity due to their sustainability and efficiency. Challenges include battery design, energy storage, and charging infrastructure. Truck manufacturers like Mullen Automotive are leading the charge towards a sustainable future. In summary, the Trucks Market in Vietnam faces challenges in adapting to changing consumer preferences, regulatory requirements, and technological advancements. The focus is on fuel efficiency, safety, electrification, and fleet optimization for profitability.
• Medium- and heavy-duty truck manufacturing is a capital-intensive process. Precision is crucial during the production of components like suspension, braking, and hauling systems, leading to increased costs. Raw materials, including stainless steel, cast iron, hardened steel, and metal alloys, significantly impact manufacturing expenses. Steel price fluctuations also influence truck production costs. New technologies adoption adds to these costs, narrowing Original Equipment Manufacturers' (OEMs) profit margins.

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Segment Overview 

This truck market in Vietnam report extensively covers market segmentation by  

• Vehicle Category
  • Less Than 10 T
  • More Than 10 T
• Type
  • Domestic
  • Imported
• Product Type
  • Manual
  • Automatic
• Geography
  • APAC

1.1 Less than 10 T-  Light-duty trucks, which include compact trucks, pickup trucks, and passenger and cargo vans, are a crucial part of the commercial transportation sector in Vietnam. These trucks, with a gross vehicle weight under 10 tons, are primarily used for intra-city and inter-city transport. They are categorized based on size, number of wheels, and weight. Light-duty trucks are essential for delivering time-sensitive and high-value goods, as well as providing support services. Their adoption is increasing in Vietnam due to traffic congestion and the growth of the home delivery sector. Dealers serve as the primary distribution channel for these trucks. Vans are the most popular choice for distributing goods from central hubs and are used during office hours in urban areas. Economic uncertainty and competition are driving fleet owners to reduce operational costs, further fueling demand for light-duty trucks under 10 tons. As a result, the less than 10-ton segment is experiencing growth in the Vietnamese truck market.

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Research Analysis

In Vietnam, the truck market is thriving with a diverse range of vehicles catering to various industries and consumer needs. From heavy-duty trucks with powerful engines and chassis to fuel-efficient pickup trucks, these vehicles play a crucial role in transporting goods and cargo across the country. Warehouses and retail outlets rely on these trucks to ensure timely delivery of products to consumers. Roads in Vietnam are constantly improving, enabling the transportation of larger loads and longer distances. Safety is a top priority, with vehicle safety features and electrification becoming increasingly important. Trailer tracking and cargo management systems are essential for logistics and supply chain efficiency. Fuel efficiency is another key consideration, as is vehicle emissions, as the e-commerce sectors continue to grow. Suspension systems are also crucial for ensuring a smooth ride and prolonging the life of the vehicle. Overall, the truck market in Vietnam is dynamic and evolving to meet the demands of modern business and consumer needs.

Market Research Overview

The Trucks Market in Vietnam is witnessing significant growth due to the increasing demand for transportation of goods, particularly in sectors like construction, mining, agriculture, and logistics. The market comprises various types of trucks, including pickup trucks, medium duty trucks, and heavy duty trucks, with tonnage capacities ranging from light to heavy. Warehouses and retail outlets serve as key distribution channels for consumers, who require trucks for various purposes such as livestock transportation, farm equipment, and fleet operations. Truck manufacturers focus on producing fuel-efficient and safe vehicles, adhering to emission norms. The integration of telematics, GPS tracking, and connectivity solutions enhances fleet management, enabling real-time monitoring of vehicle performance and maintenance costs. The transportation industry is evolving with the advent of electric vehicles (EVs), hydrogen-based society, and carbon neutrality initiatives. E-commerce companies are driving the demand for hyperlocal delivery, leading to the electrification of last-mile delivery vehicles. The market is also witnessing advancements in AI and IoT, enabling trucks to become more efficient and sustainable.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Vehicle Category
  • Less Than 10 T
  • More Than 10 T
• Type
  • Domestic
  • Imported
• Product Type
  • Manual
  • Automatic
• Geography
  • APAC

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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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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