Vietnam’s truck market is projected to expand by US$1.5 billion between 2023 and 2028, registering a compound annual growth rate of 8.05 percent, according to Technavio. This growth is driven by the country’s expanding economy and the increasing demand for goods transportation and logistics management, the report says.
The report goes on to say that the adoption of Internet of Things (IoT) technology is playing a pivotal role in enhancing efficiency in the trucking industry. Trailer tracking and fleet management systems are helping companies streamline operations and reduce costs. Additionally, the shift towards electrification is gaining momentum, with fuel efficiency becoming a critical factor for fleet operators looking to cut expenses and improve sustainability.
It also notes that safety remains a key focus, with advancements in safety technologies contributing to market expansion. However, challenges persist, particularly in the form of high manufacturing and operational costs, which impact profitability. To address rising fuel costs, alternative fuels such as natural gas and biodiesel are emerging as viable, cost-effective solutions.
See also: Automotive Industry in Vietnam