According to the Markets and Data Research report, “Vietnam Commercial Vehicle Market Assessment, By Region, Opportunities and Forecast, 2016-2030F”, Vietnam commercial vehicle market was estimated at USD 3.07 billion in 2022 and is anticipated to reach USD 5.84 billion by 2030, growing at a CAGR of 8.37% during the forecast period. Vietnam commercial vehicle market showcases robust growth, indicating government’s initiatives towards infrastructure and transportation networks.
Vietnam’s commercial vehicle market is a dynamic and rapidly growing sector driven by several factors.
One of the key drivers is robust economic growth of the country, which has led to increased trade activities and the expansion of industries such as e-commerce, logistics, and construction. This growth has created a demand for reliable and efficient transportation solutions, propelling the commercial vehicle market forward. Another significant driver is the government’s emphasis on infrastructure development and urbanization projects. As Vietnam invests in building new roads, highways, and transportation networks, there is a rising need for commercial vehicles to support these initiatives. Additionally, the government’s push for sustainable development and reducing carbon emissions has led to a growing demand for electric commercial vehicles (ECVs) in the market. ECVs offer lower operating costs, reduced environmental impact, and potential incentives, making them an attractive option for fleet owners and logistics companies.
In terms of innovation, Vietnam commercial vehicle market is witnessing advancements in technology and design. Manufacturers are introducing features such as advanced telematics systems, improved fuel efficiency, enhanced safety features, and connectivity options. These innovations aim to enhance productivity, optimize fleet management, and provide a more comfortable and secure experience for drivers and passengers. Moreover, digitalization and the adoption of online platforms have revolutionized commercial vehicle market in Vietnam. Companies are leveraging technology to provide online vehicle sales platforms, fleet management solutions, and value-added services such as maintenance and insurance. This digital transformation has increased accessibility, efficiency, and transparency within the market.
Vietnam commercial vehicle market has witnessed significant advancements in technology that are reshaping the industry. One notable advancement is the adoption of electric vehicle (EV) technology, with the introduction of electric commercial vehicles (ECVs). The development of high-performance batteries and improved charging infrastructure has accelerated the adoption of ECVs, offering lower operating costs and reduced carbon emissions. Additionally, there have been advancements in connectivity and telematics solutions, allowing fleet operators to monitor vehicle performance, optimize routes, and improve fuel efficiency. Advanced safety features, such as collision avoidance systems and driver assistance technologies, are becoming more prevalent in commercial vehicles, enhancing road safety, and reducing accidents. Furthermore, digital platforms and online sales channels have transformed the way commercial vehicles are bought and sold, providing customers with easier access to a wide range of vehicles and facilitating streamlined transactions. These technological advancements in Vietnam commercial vehicle market are revolutionizing the industry, driving efficiency, and sustainability, and enhancing the overall customer experience.
Spread through 80 pages, the “Vietnam Commercial Vehicle Market” report includes an in-depth TOC, over 12 market data figures, the latest market developments, key drivers, and opportunities, and a thorough study of major company profiles. Moreover, the report offers strategic recommendations, pricing analysis, market share analysis, and value chain analysis in detail.
Key Takeaways:
- Technological advancements like the integration of artificial intelligence, autonomous technology, and deployment of Internet of Things (IoT) are likely to lure a major portion of end-users.
- Higher demand for advanced navigation systems with AI-based suggestions and easy routing is likely to expand the market size during the forecast period. These technologies are implemented through sensory technologies.
- Companies are implementing eco-friendly practices in logistics operations, such as optimizing routes and load capacities to minimize fuel consumption. It includes promotion and adoption of electric commercial vehicles (ECVs), which offer reduced carbon emissions and lower operating costs compared to traditional fuel-powered vehicles.
- The expanding aviation, maritime, and road networks support the proliferation of commercial vehicle sales in Vietnam.
Vietnam commercial vehicle market is segmented in the following categories:
By Vehicle Type: Light Commercial Vehicle, Medium Commercial Vehicle, Heavy Commercial Vehicle
By Type: Trucks (Semi-Trucks, Box-Trucks, Pickup-Trucks, Fire Trucks, Crane Trucks, Others), Vans (Step Vans, Cargo Vans, Passenger Vans), Cars (Rental Cars, Taxi, Delivery Vehicles), Special (Passenger Trolleys, RV-Style Mobile Services), Others
By Fuel Type: Petrol, Diesel, Electrically- Chargeable (ECV), Hybrid Electric (HEV), Others
By Application: Logistics, Construction, Mining, Agriculture, Others
By Region: Northern, Central, Southern
Based on vehicle type, light commercial vehicle holds a significant share of the market. The category involves small commercial cars, cargo vans, and delivery vehicles. When compared to heavier commercial vehicles, LCVs are frequently less expensive to buy and run. It attracts businesses, especially small and medium-sized firms (SMEs) on a tight budget. Due to Vietnam’s fast urbanization, there is an increasing need for cars that can deliver commodities and navigate city streets. Since LCVs can move around more easily in urban settings, they are a better option for transportation and logistics in metropolitan areas. Due to their versatility, LCVs can be utilized for a range of applications, including personal use, small-scale transportation, and delivery services. They are appealing different kinds of companies and sectors because of their availability in terms of road size, weight limits, and accessibility for smaller vehicles, Vietnam’s infrastructure might be more suitable for LCVs.
Major companies operating in Vietnam Commercial Vehicle Market include:
- AB Volvo
- Mercedes-Benz Vietnam Pte. Ltd.
- Ford Motor Co.
- Nissan Motor Co. Ltd.
- Honda Vietnam Company
- Hyundai Motor Company
- VinFast Auto Ltd.
- Toyota Motor Vietnam Co., Ltd.
- UD Trucks Vietnam
- Isuzu Vietnam Co., Ltd
- Mitsubishi Motors Vietnam
In Vietnam’s commercial vehicle industry, companies prioritize portfolio diversification through the incorporation of cutting-edge navigation systems and the inclusion of light commercial vehicles. Businesses concentrate on participating in government bids in addition to collaborating, acquiring, and merging.
In January 2024, Vietnamese brand VinFast Auto Ltd. showcased its electric pickup truck named Wild at the Consumer Electronics Show (CES) 2024. VinFast states that the name “Wild” symbolizes “the force of nature” and denotes the company’s continuous commitment to a sustainable future for all.
“Vietnam Commercial Vehicle Market Assessment, 2016-2030F”, evaluates the future growth potential of Vietnam commercial vehicle market and provides statistics and information on market size, structure, and future market growth. The report intends to provide innovative market intelligence and help decision-makers to make investment decisions for their organizations more strategically. Moreover, the report identifies and examines the emerging trends along with key drivers, challenges, and opportunities in Vietnam commercial vehicle market.
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