The global utility trucks market size is projected to account for USD 127.46 billion in 2030, according to a new report published by Million Insights. The market is estimated to register 7.7% CAGR from 2018 to 2030. Increasing use of dump trucks in the mining and construction sector is driving the market growth. Across the world, investment in effective waste management has increased.
Increasing government focus on curbing fire accidents and ensure workers safety is supplementing the growth of the utility truck market. Waste management alone accounts for 20 to 50% of the overall municipal budgets as reported by the World Bank Group.
Further, owing to the rising urbanization and population, the demand for waste management would increase over the next few years. In addition, to ensure fire safety, governments are focusing on replacing the old vehicles fleets with new ones, which, in turn, is likely to propel the product demand.
Asia Pacific accounted for the highest share in the market in 2017. Increasing expenditure on mining and construction sector is a prime factor driving the regional growth. Countries such as India and China are leading the regional growth. Further, governments’ initiatives aimed at infrastructural development is likely to supplement regional growth.
Key players operating in the market are Daimler AG, Dulevo S.p.A., Magirus GmbH, Oshkosh Corporation, Bucher Industries and AB Volvo among others. Amid the rising focus on curbing vehicular emission, these players are focusing on the introduction of electric vehicles with high efficiency.
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Further key findings from the report suggest:
• Owing to the increasing demand for dump trucks in mining and construction industries, they are likely to account for the highest share in the market.
• APAC is likely to hold the highest share in the market owing to the increasing investment on the development of public infrastructure.
• Owing to the presence of leading manufacturers, North America is anticipated to register significant growth in the market.
• Leading market players are BYD Motors, AB Volvo, Bucher Industries Daimler AG and Dulevo S.p.A. among others.
Million Insights has segmented the global utility truck market on the basis of product, engine type, and region:
Utility Trucks Product Outlook (Revenue, USD Million, 2015 - 2030)
• Front Loader
• Rear Loader
• Side Loader
• Street Sweeper
• Compact Sweeper
Utility Trucks Engine Type Outlook (Revenue, USD Million, 2015 - 2030)
• ICE (Diesel, Gasoline, Hybrid, CNG)
Utility Trucks Regional Outlook (Revenue, USD Million, 2015 - 2030)
• North America
• Asia Pacific
• South Korea
• Rest of the World