Market Insights Mobility Commercial Vehicles

Trucks - Vietnam

Vietnam

The Trucks market in Vietnam is projected to see unit sales of 9.51k vehicles by 2024.
This market is expected to experience an annual growth rate of -0.06% between 2024 and 2029, resulting in a projected market volume of 9.48k vehicles by 2029.
The production of Trucks market in Vietnam is also predicted to reach 25.82k vehicles by 2029, indicating the potential for significant growth in this market.
From an international perspective, it is evident that in China will dominate the sales, with an estimated 1,722.00k vehicles units sold in 2024.
Vietnam's truck market is experiencing a surge in demand due to the country's expanding construction and logistics sectors.

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Analyst Opinion

The Trucks market in Vietnam is experiencing significant growth and development due to various factors.

Customer preferences: Customers in Vietnam have shown a strong preference for trucks that are durable, reliable, and cost-effective. They value vehicles that can withstand the country's challenging road conditions and are capable of carrying heavy loads. Additionally, there is a growing demand for trucks that are fuel-efficient and environmentally friendly, as customers become more conscious of the impact of their vehicles on the environment.

Trends in the market: One of the key trends in the Trucks market in Vietnam is the increasing demand for light commercial vehicles. As the country's economy continues to grow, there is a rising need for trucks that can transport goods and materials for small and medium-sized businesses. These vehicles are often used for last-mile delivery, making them crucial for the logistics and e-commerce sectors. Another trend is the adoption of advanced technology in trucks, such as telematics systems and driver assistance features. These technologies enhance safety and efficiency, which are important considerations for customers in Vietnam.

Local special circumstances: Vietnam's geographical location and infrastructure play a significant role in shaping the Trucks market. The country has a vast network of roads and highways, connecting urban centers and rural areas. However, the quality of these roads varies, with some regions having challenging terrain and poor conditions. As a result, customers in Vietnam require trucks that are capable of navigating these diverse road conditions. Additionally, the country's rapid urbanization and industrialization have led to an increase in construction activities, further driving the demand for trucks.

Underlying macroeconomic factors: Several macroeconomic factors contribute to the development of the Trucks market in Vietnam. The country's GDP growth, rising disposable incomes, and expanding middle class have led to an increase in consumer spending and demand for goods and services. This, in turn, drives the need for efficient transportation and logistics solutions, including trucks. Furthermore, Vietnam's government has implemented policies and incentives to promote the development of the automotive industry, including the Trucks market. These measures aim to attract foreign investment, encourage domestic production, and foster technological advancements in the sector. In conclusion, the Trucks market in Vietnam is experiencing growth and development driven by customer preferences for durable and cost-effective vehicles, the increasing demand for light commercial vehicles, the adoption of advanced technology, the country's unique geographical and infrastructural circumstances, and underlying macroeconomic factors such as GDP growth and government policies. As Vietnam's economy continues to expand and evolve, the Trucks market is expected to further flourish in the coming years.

Methodology

Data coverage:

The data encompasses B2B enterprises. Figures are based on unit sales and production of trucks.

Modeling approach:

Market sizes are determined through a combined Top-Down and bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Consumer Insights Global survey). In addition, we use relevant key market indicators and data from country-specific associations, such as consumer spending per capita on transportation and consumer price index for purchase of vehicles. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, linear regression, the S-curve function and exponential trend smoothing methods are applied.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.