Expedition Truck Market Trends, Analysis & Forecast, 2032

Expedition Truck Market is projected to cross USD 400 Mn by 2032. In recent years, consumer inclination toward recreational activities and safer driving experiences have accelerated the demand for advanced expedition trucks. Additionally, the advent of electric and low-carbon vehicles is introducing a whole new range of automobiles designed for expedition purposes. For instance, modern expedition trucks feature USB charging capabilities, Type-C fast charging technology, 12V/24V charging ports, and wireless charging pads.

Leading automobile manufacturers are foraying into the space of EVs to boost the production of electric cars, trucks, and other vehicles. For instance, in March 2023, Ford Motor Co, an American automaker, announced plans to build the capacity of its new and under-construction BlueOval City complex in Tennessee to 500,000 electric trucks a year.

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Based on weight, the demand for 3.5-7.5 tonne expedition trucks will grow significantly from 2023 to 2032, owing to ongoing advancements in smart mobility. Recent advancements and the incorporation of next-generation technologies such as ML and AI will boost the adoption of these vehicles. Moreover, growing user preference for high-quality standards in interior construction featuring space-efficient solutions and the increasing trend of minimalism offers lucrative business prospects.

In terms of drive systems, the market is segmented into above 4WD, 2WD, and 4WD. Among these, the industry valuation from the above 4WD segment reached USD 20 million in 2022. Expedition trucks with a drive system above 4WD are suitable for use over rough terrains as they ensure higher stability and grip on the surface. A rise in off-roading events and recreational activities will spur the demand for these vehicles over the estimation period.

Based on type, the industry is classified into overland vehicles, Class A, Class B, and Class C. The overland vehicle market share will reach over USD 105 million by 2032 due to several benefits, such as the cost-effective transportation of goods associated with overland vehicles. These vehicles are experiencing a rise in applications across ports and logistics. The increasing focus on improving the supply chain across a diverse business vertical is fueling the deployment of expedition trucks for logistics purposes, which will favor segment growth through 2032.

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From a regional frame of reference, Europe expedition trucks market was worth USD 90 million in 2022, driven by several recreational associations. Europe is home to major organizations such as Uni VDL in France, and Caravanning Industry Association in Germany, regulated by the European Caravan Foundation. The region also has a rich caravanning culture with increasing spending on caravans. In 2021, Europe witnessed a record high of 218,301 new registrations for motor caravans. These optimistic scenarios are poised to create a favorable growth outlook for the regional industry.

Partial chapters of report table of contents (TOC):

Chapter 2   Executive Summary

2.1    Expedition Truck market 360ยบ synopsis, 2018 - 2032

2.2    Business trends

2.2.1    Total Addressable Market (TAM), 2023-2032

2.3    Regional trends

2.4    Weight trends

2.5    Drive System trends

2.6    Type trends

Chapter 3   Expedition Truck Market Insights

3.1    Impact on COVID-19 impact

3.1.1    North America

3.1.2    Europe

3.1.3    Asia Pacific

3.1.4    Latin America

3.1.5    MEA

3.2    Russia- Ukraine war impact

3.3    Industry ecosystem analysis

3.3.1    Raw material suppliers

3.3.2    Component suppliers

3.3.3    Manufacturers

3.3.4    Distribution Channel analysis

3.3.5    End-use landscape

3.3.6    Vendor matrix

3.3.7    Profit margin analysis

3.4    Technology & innovation landscape

3.5    Patent analysis

3.6    Key news and initiatives

3.7    Regulatory landscape

3.7.1    International standards

3.7.2    North America

3.7.3    Europe

3.7.4    Asia Pacific

3.7.5    Latin America

3.7.6    MEA

3.8    Impact forces

3.8.1    Growth drivers

3.8.1.1   The proliferation of the tourism industry and the rising number of expedition trucks in North America

3.8.1.2   Increasing consumer spending on camping and tourism activities

3.8.1.3   Growing demand for luxurious and technologically advanced expedition trucks across Europe

3.8.1.4   Rising utilization of expedition trucks in defense and military

3.8.2    Industry pitfalls & challenges

3.8.2.1   High purchase and maintenance costs of expedition vehicles

3.9    Growth potential analysis

3.10    Porter’s analysis

3.11    PESTEL analysis

 

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