• US: +1-408-610-2300
  • Toll Free: +1-866-831-4085
  • Login / Register
Utility Truck Market Size, Share, 2018-2030 | Global Industry Report

Utility Trucks Market Analysis Report By Product, By Engine, By Region And Segment Forecasts, 2018 - 2030

Report ID: MN17620100  |  Published: September 2020  |  No of Pages: 117
Format: Electronic (PDF)  |  Industry: Automotive & Transport  |  Publisher: Grand View Research

Industry Insights

The global utility trucks market size was worth USD 47.90 billion in 2017. The market is anticipated to register 7.7% CAGR from 2018 to 2030. The market is driven by the increasing focus on the development of sustainable infrastructure. In addition, the demand for dump trucks has been on the rise in the region where mining and construction activities are prevalent. Further, owing to the rise in fire accidents and stringent government regulations pertaining to fire safety, fire trucks are witnessing significant demand, thereby, boosting the market growth.

Municipal corporations have increased their spending on the effective management of waste management, which, in turn, has bolstered the demand for garbage trucks. The municipal solid waste is likely to be approximately 2.2 billion by 2025 as predicted by the World Bank Group. Therefore, the rapid rise in the waste volume has led to the implementation of stringent regulation by the government, as a result, driving the demand for utility trucks.

China utility trucks market

For example, the government of India has started “Swatchh Bharat Mission” from 2014 to 2019. This high-budget mission is likely to spur the demand for utility trucks in the near future as the Indian government has extended the mission to 2024-2025. On the other hand, the Chinese government has upped its investment to manage the waste effectively.

Similarly, the government of Canada is working on reducing greenhouse gas emission along with increasing the number of zero-emission vehicles. Besides, the Corporate Average Fuel Economy (CAFÉ) in the United States is emphasizing on reducing the consumption of fossil fuel by supplementing the adoption of electric vehicles. These initiatives are anticipated to drive the market growth over the forecast period.

Product Insights

Depending on the product, the utility truck marketis categorized into sweeper trucks, fire trucks, dump trucks and garbage trucks. Among them, the dump trucks accounted for the highest share in the market in 2017 and likely to register the maximum CAGR from 2018 to 2030. Rise in the mining and construction activities across emerging countries such as India and China is the major factor attributing to the growth of the market. For example, China accounted for 23.62% of the overall mineral raw material produced worldwide in 2016.

On the other hand, the garbage trucks category is estimated to register considerable growth over the next few years. This growth is attributed to the rise in the municipal budget and increasing awareness about effective waste disposal.  In 2017, rear loader type garbage trucks accounted for the highest share in the market. Factors such as stringent government rules and increasing demand for fuel-efficient vehicles are driving the growth of this segment.

Engine Type Insights

On the basis of engine type, the market is classified into ICE and electric engine. In 2017, ICE division accounted for the highest share in the market and projected to continue to lead the market over the forecast duration. Utility trucks require significantly high torque ration, which, in turn, drives the demand for ICE engine segment. Compare to electric and hybrid engines, gasoline and diesel-powered engine offer more torque.

However, stringent norms regarding emission, technical advancements and emergence of electrically powered vehicles are limiting the growth of the ICE segment. Electric trucks market is in the nascent stage and estimated to make significant inroads for the ICE trucks over the forecast years. However, electric trucks require high capacity batteries, which, in turn, makes the overall cost higher.

Regional Insights

In 2017, Asia Pacific held the largest share in the utility trucks market and anticipated to maintain its dominance over the forecast years. This growth is driven by the rise in the number of mining and construction activities in the region. For example, India’s Smart Cities Program and Belt and Road initiatives by China are projected to offer a lucrative opportunity for market growth.

On the other hand, North America is likely to hold the second position in terms of growth rate over the forecast duration. Increasing demand from the U.S owing to government expenditure on waste management, fire safety and construction projects is attributing to the growth of North America. The United States also occupies the leading position in mining activities.

Impact of COVID-19

The demand for automotive vehicles including utility trucks has witnessed a significant decline owing to the COVID-19 outbreak. Construction and mining industries along with waste management are the major application of utility trucks. Owing to the forced lockdown measures, these end-use industries limited their day-to-day operations. Therefore, need to replace the old fleets were delayed, which, in turn, adversely affected the market. However, with the systematic opening of economies, end-use industries such as construction, mining, waste management and others have started their operations. Market players are estimated to come with the innovative and energy-efficient products to strengthen their position.

Utility Truck Market Share Insights

Key players in the market are Daimler AG, Rosenbauer International AG, Bucher Industries¸ AB Volvo and Oshkosh Corp among others. To maintain their dominance in the market, these companies are focusing on the introduction of new products and technical advancements. The report consists ranking for various players separately owing to their varied applications of utility trucks. Further, key players are aggressively investing in the research and development to introduce energy-efficient electric trucks.

Report Scope

Attribute

Details

Base year for estimation

2017

Actual estimates/Historical data

2015 - 2016

Forecast period

2018 - 2030

Market representation

Revenue in USD Million and CAGR from 2018 to 2030

Regional scope

North America, Europe, Asia Pacific, and Rest of the World

Country scope

U.S., Canada, Mexico, Germany, U.K., France, China, India, Japan, and South Korea

Report coverage

Revenue forecast, vendor landscape, regulatory landscape, competitive landscape, growth prospects, and trends

15% free customization scope (equivalent to 5 analysts working days)

If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of the customization.


Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels, and provides an analysis on latest industry trends in each of the sub-segments from 2015 to 2030. For the purpose of this study, Million Insights has segmented the global utility trucks market report on the basis of product, engine type, and region:

• Product Outlook (Revenue, USD Million, 2015 - 2030)
    • Garbage
        • Front Loader
        • Rear Loader
        • Side Loader
    • Fire
    • Dump
    • Sweeper
        • Street Sweeper
        • Compact Sweeper

• Engine Type Outlook (Revenue, USD Million, 2015 - 2030)
    • ICE (Diesel, Gasoline, Hybrid, CNG)
    • Electric

• Regional Outlook (Revenue, USD Million, 2015 - 2030)
    • North America
        • The U.S.
        • Canada
        • Mexico
    • Europe
        • Germany
        • The U.K.
        • France
    • Asia Pacific
        • China
        • India
        • Japan
        • South Korea
    • Rest of the World

What questions do you have? Get quick response from our industry experts. Request More information
Key questions answered in the report include
key questions
We also offers customization on reports based on specific client requirement.
Request for Customization

Choose License Type

Research Assistance

Ryan Manuel
Ryan Manuel

Research Support Specialist, USA

  1. Phone: +1-408-610-2300
  2. Toll Free: +1-866-831-4085
  3. Email: [email protected]
  • World's largest premium report database
  • Transparent pre & post sale customer engagement model
  • Unparalleled flexibility in terms of rendering services
  • Safe & secure web experience
  • 24*5 Research support service
  • 100% Secure Payments
  • Our Promise
  • 100% Service Assurance
  • Market Monitoring
  • Service Flexibility
  • 24X5 Care available