Coherent MI: Expedition Truck Market Poised to Hit $481.7 Million by 2031
Burlingame, Nov. 28, 2024 (GLOBE NEWSWIRE) — According to the Coherent MI, The global Expedition Truck Market Size was valued at USD 221.2 Million in 2024 and is expected to reach USD 481.7 Million by 2031, growing at a CAGR of 8.9% from 2024-2031.
The growth of the expedition truck market is mainly driven by the increasing number of adventure tourism activities as well as off-road events across the globe. According to Adventure Travel Trade Association, the global participation in adventure tourism was 827 million in 2019 and is expected to reach 1.8 billion by 2030. Furthermore, the growing popularity of off-road racing and rallies such as Dakar Rally are also promoting the sales of expedition trucks.
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Market Trends:
The expedition truck market is witnessing significant demand for trucks equipped with features such as all-wheel drive systems, increased ground clearance, reinforced chassis, auxiliary fuel tanks, and mounting points for additional accessories. Manufacturers are focusing on developing trucks with enhanced off-road capabilities as well as comfort features for onboard adventure travelers and enthusiasts. For instance, Overland Expedition Vehicles launched different expedition truck models such as X-Pac, X-Terra, and X-Recon, integrated with features such as roof-mounted tents, rear cargo systems, overhead storage units, and more. Furthermore, the introduction of hybrid and electric powertrains in expedition trucks is expected to be a major trend in the market over the forecast period. Major manufacturers such as Toyota Motors and Ford Motors are working on developing electric and hybrid expedition truck prototypes with superior off-road performance.
Expedition Truck Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2024 | $221.2 million |
| Estimated Value by 2031 | $481.7 million |
| Growth Rate | Poised to grow at a CAGR of 8.9% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Component, By Application |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Increasing demand for fully equipped expedition trucks for long-distance travel and camping activities. • The Growing Interest in Off-road Travel and Remote Area Exploration. |
| Restraints & Challenges | • High Initial Purchase and Maintenance Costs of Expedition Trucks Limit Market Expansion. |
The <3.5 Tonnes weight segment is anticipated to hold a dominant position in the expedition truck market, accounting for around 45% of the global sales in 2024. This is attributed to the fact that lighter expedition trucks provide sufficient loading capacity for most expedition trips while being very fuel efficient and easy to drive on tough terrains. These trucks are apt for short to medium trips and tend to be highly customizable as per customer requirements.
The 2WD drive system segment currently dominates the market with over 35% share globally. 2WD expedition trucks offer superior on-road handling and drivability at lower costs compared to their 4WD counterparts. However, with increasing focus towards off-road capabilities, the 4WD segment is expected to witness fastest growth during the forecast period. Above 4WD systems will remain a niche segment restricted to heavy expedition activities.
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Key Market Takeaways
The global expedition truck market is anticipated to witness a CAGR of 8.9% during the forecast period 2024-2031, driven by increasing interest of people in adventure travels and exploring remote areas. On the basis of weight, the <3.5 Tonnes segment is expected to hold a dominant position owing to optimal loading capacity and fuel efficiency. Based on drive system, while 2WD currently dominates, 4WD systems are expected to increase in demand for superior off-road capabilities.
Regionally, North America is anticipated to dominate the expedition truck market through 2031 supported by large off-road vehicle enthusiast base in countries like U.S. and Canada. Key players like Krug Expedition Truck, Gekkotruck, Global Expedition Vehicles, Action Mobile GmbH, and Bliss Mobil collectively account for over 50% of global sales. With increasing customization demands, specialty manufacturers are expected to garner higher growth rates over established brands.
Krug Expedition Truck, Gekkotruck, Global Expedition Vehicles, Action Mobile GmbH, Bliss Mobil, ROVER Off Road, Unicat GmbH, Motorcraft Adventure Developments, 27 North Inc and Boxmanufaktur are some of the leading players operating in the global expedition truck market. Overall, with the rising adventurism, the expedition truck market is expected to witness steady growth during the forecast period. Customers’ focus towards off-road capabilities and sustainability will shape market trends.
Recent Developments:
In July 2024, Krug Expedition launched the Bedrock XT2 in collaboration with Arctic Trucks, a vehicle designed for extreme off-road conditions, targeted at the U.S. market. This truck offers advanced off-road capabilities with top-of-the-line expedition features.
In November 2023, Storyteller Overland celebrated its 5th anniversary with the launch of a limited-edition adventure van, the “Retro OG MODE,” tailored for long-distance travel and off-road adventures.
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About Us:
At CoherentMI, we are a leading global market intelligence company dedicated to providing comprehensive insights, analysis, and strategic solutions to empower businesses and organizations worldwide. Moreover, CoherentMI is a subsidiary of Coherent Market Insights Pvt Ltd., which is a market intelligence and consulting organization that helps businesses in critical business decisions. With our cutting-edge technology and experienced team of industry experts, we deliver actionable intelligence that helps our clients make informed decisions and stay ahead in today’s rapidly changing business landscape.
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