Worldwide shipments of vocational trucks stand at a market valuation of US$ 7.1 billion in 2023 and are anticipated to reach US$ 13.6 billion by the end of 2033. This Fact.MR industry survey predicts the global vocational trucks market to exhibit expansion at 6.7% CAGR over the next ten years.
Vocational trucks are trucks that are built and designed to handle specific tasks such as delivery and pick-up of garbage, firefighting, concrete mixing, etc. these types of vehicles are based on a truck chassis and custom-built as per requirements and specifications. Cargo trucks, transport trucks, pick-up trucks, and transit buses are some popular examples of vocational trucks.
Electrification of the automotive industry is a trend that has picked up pace in the past few years and this is expected to be a major factor augmenting the sales of vocational trucks in the future. Changing climate and rising global temperatures have pushed governments across the world to implement strict mandates that dictate the reduction of harmful emissions and promote the use of sustainable transportation.