The new report by Expert Market Research titled, ‘Global Utility Trucks Market Size, Share, Growth, Trends, Report and Forecast 2022-2027’, gives an in-depth analysis of the global utility trucks market, assessing the market based on its segments like products, engine types, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
Utility Trucks Market Share, Size, Price, Growth, Trends, Industry Report, Key Player, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2017-2027)
- Forecast CAGR (2022-2027): 8.0%
The increasing demand for utility trucks for transportation of various products and components owing to the thriving transportation businesses is driving the market growth. For instance, the growing expansion of the food and beverage industry is likely to generate a high demand for utility trucks for the efficient and cost-effective transportation of packaged food products.
Moreover, the increasing demand for dump trucks from the construction industry owing to the rapid development of infrastructure across the emerging economies is anticipated to bolster the market growth in the forecast period. Geographically, the Asia Pacific region accounts for a significant share of the market owing to the steady growth attained by the small and medium enterprises, which is likely to generate a significant demand for utility trucks to boost the efficiency of trading.
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Utility Trucks Industry Definition and Major Segments
Utility trucks are defined as the types of trucks which are designed to carry light loads. These trucks have open backs and low sides. The lightweight of the trucks make them capable of travelling throughout the rough roads. As compared to a passenger vehicle, these trucks are more efficient and quicker.
On the basis of product, the market can be segmented into:
- Garbage Trucks
- Fire Trucks
- Dump Trucks
- Sweeper Trucks
Based on engine type, the market has been divided into:
- ICE (Diesel/Gasoline/CNG/Hybrid) Engine
- Electric Engine
The regional markets for utility trucks include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Utility Trucks Market Trends
The key trends in the utility trucks market include the thriving e-commerce industry which is propelling the demand for efficient transportation of diversified products such as cosmetics, food, medical, and pharmaceutical, among others. The technological advancements in the automotive industry aimed towards bolstering the fuel efficiency of utility trucks are anticipated to be the crucial trends in the market.
In addition, the growing expansion of industries such as mining, construction, and healthcare, among others, are likely to generate a high demand for fire, dump, and sweeper trucks in the coming years. The rapid urbanisation across the developing economies is anticipated to be the another key trend in the market.
Key Market Players
The major players in the market are Volvo Group, Aebi Schmidt Holding AG, Bucher Municipal AG, BYD Motors Inc., Daimler AG, Magirus GmbH, Oshkosh Corporation, and Rosenbauer International AG, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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