Selbyville, Delaware, May 08, 2023 (GLOBE NEWSWIRE) --
Expedition Truck Market size is estimated to cross a valuation of USD 400 million by 2032, according to the recent research report by Global Market Insights Inc.
The rapidly expanding tourism sector, mainly in North America will push the demand for expedition trucks. The rising number of government initiatives for tourism development has spurred the higher spending on tourism activities. As per the World Travel & Tourism Council (WTTC), the domestic travel and tourism spending in the U.S. was projected to record more than USD 1.1 trillion by February 2023, exceeding pre-pandemic levels by 11.3%. The robust capabilities of expedition trucks for travelling to inaccessible remote destinations via other modes of transport will also anchor the industry development.
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Flourishing demand for 3.5-7.5 tonne trucks
3.5-7.5 tonne expedition truck market size was valued at USD 60 million in 2022. The growth can be attributed to the influx of various innovative products and technologies, including the incorporation of machine learning and AI into high-standard kitchen appliances. These trucks are integrated with high-quality standards in interior construction to offer space-efficient sophisticated solutions. The growing popularity of minimalism will also add to the product preference.
Robust adoption of above 4WD expedition trucks
Based on drive system, the above 4WD expedition truck industry share may record USD 50 million 2032. On account of their enhanced stability and improved grip of the surface, these trucks are widely employed in rough terrains. Greater simplified control and traction in dangerous driving conditions, such as snow, rocks, ice, and other scenarios are some important product benefits. Increasing espousal in off-roading is another major important factor driving the vehicle uptake.
Europe to emerge as a leading revenue pocket
Europe expedition truck market is poised to record 7% CAGR from 2023 to 2032 due to the strong availability of various recreational industry associations in the region. Some of these include Uni VDL (France), the Caravanning Industry Association (CIVD, Germany) as well as several other members of the European Caravan Foundation. The growing emphasis of these members on the production, sales, and supply of parts & services for expedition trucks will drive the regional industry expansion.
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Key players involved in the industry’s competitive landscape
Major expedition truck market companies are 27North INC., ACTION MOBIL GmbH, Unicat GmbH, Bliss Mobil, All Terrain Expedition Camper Trucks, Motorcraft Adventure Developments, Boxmanufaktur, Expedition Vehicles VAK, Gekkotruck, Bozcrome Industries PTY Ltd. (SLRV Expedition Vehicles), Global Expedition Vehicles, KRUG Expedition GmbH, ROVER Off Road, and Zocama are some of the major expedition truck companies. New product launches are largely employed by these firms to sustain the growing market competition.
Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Expedition Truck market 360º 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
3.2 Russia- Ukraine war impact
3.3 Industry ecosystem analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Key news and initiatives
3.7 Regulatory landscape
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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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
