Vocational Vehicle Market: Introduction
- A vocational vehicle is a modified special purpose vehicle designed to carry out various jobs such as fire-fighting, garbage collection, and concrete mixing
Key Drivers of Vocational Vehicle Market
- Increased urbanization, particularly in Asia Pacific & Latin America, has spurred the demand for vocational vehicles. Expansion of cities and rise in public-private partnership in town planning and infrastructural development are boosting the usage of dedicated vehicles for various duties such as tree trimming and garbage collection. Rise in demand for sustainable infrastructure and development of smart-cities is expected to further boost the demand for vocational vehicles during the forecast period.
- Rise in re-development projects across developed countries, such as U.S and Europe owing to the revival of the construction industry post the 2008 financial crisis, is boosting the demand for vocational trucks
Challenges of Vocational Vehicle Market
- Manufacturing of body & chassis requires custom building. Furthermore, modification of existing vehicles into vocational vehicles is a custom job and requires more time and higher operational charges.
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Recreational vehicle segment to witness significant expansion
- The recreational vehicle segment is estimated to expand at a notable growth rate owing to a rise in the demand for comfortable travel & shifting consumer preference toward holidays and motor trips. The dump truck & garbage truck segment held a considerable share of the vocational vehicle market owing to expansion of the construction industry and increased urbanization.
North America held a leading share of global vocational vehicle market
- North America accounted for a leading share of the vocational vehicle market in 2019, owing to high sales of vocational vehicles in the U.S. The market in Asia Pacific is anticipated to expand at a high growth rate during the forecast period owing to rising urbanization in China, India, and ASEAN countries. Government initiatives in India and China for rural development and infrastructure development are anticipated to propel the adoption of vocational vehicles in these countries and subsequently, boost the vocational truck market in Asia Pacific.
Key Players Operating in Vocational Vehicle Market
The global vocational vehicle market is expanding consistently, as a large number of players operate in the market. A few of the key players operating in the global vocational vehicle market are:
- Daimler AG
- Volkswagen Group
- PACCAR Inc.
- Volvo Group
- Caterpillar Inc.
- Liebher Group
- Hino Motors, Ltd.
- Navistar International Corp.
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Global Vocational Vehicle Market: Research Scope
Global Vocational Vehicle Market, by Vehicle Type
- School Bus
- Recreational Vehicle
- Garbage Truck
- Boom Truck
- Dump Truck
Global Vocational Vehicle Market, Drive
- IC Engine
Global Vocational Vehicle Market, by End-use Industry
- Urban Services
- Mining Industry
- Construction Industry
- Transport & Logistics
Global Vocational Vehicle Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.