The global utility trucks market size is expected to reach USD 127.46 billion by 2030 expanding at a CAGR of 7.7% over the forecast period, according to a study conducted by Grand View Research, Inc. Growing adoption of dump trucks in the construction and mining industry, focus on solid waste management and sustainable infrastructure, and technological advancements propelling the demand for advanced fire trucks are among the key factors responsible for the market growth.
Government
initiatives to curb the rising toll of fire incidents and growing emphasis on
worker safety have also contributed to the market growth. According to World
Bank Group, effective waste management occupies around 20 to 50% of the overall
municipal budgets. On account of growing population, rapid urbanization, and increasing
solid waste generation, countries across the globe are investing significantly
in implementing effective solid waste management plans. This is boosting the
demand for garbage trucks, thereby supporting market growth.
Rising
expenditure of fire departments across various nations due to need for
replacing aging vehicle fleets is also expected to bolster the demand. The Asia
Pacific region is expected to lead the utility truck market from 2018 to 2030
owing to increasing investments in construction and mining sectors, rising
focus on sustainable infrastructure, and growing awareness about and
implementation of solid waste management across the region. The government is
making significant investments in the development of public and private
infrastructure. Such initiatives are expected to result in an exponentially
rising demand for utility trucks, such as garbage, dump, and sweeper trucks.
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Further key
findings from the study suggest:
- Dump trucks are expected to
lead the global utility truck market owing to their extensive usage in the
construction and mining industry for hauling heavy construction wastes
- Asia Pacific is expected to
be the largest regional market owing to significant investments in the
development of public infrastructure by the regional governments
- North America is expected to
exhibit a significant CAGR over the forecast period on account of the
presence of key manufacturers, such as BYD Motors, Inc., in the region
- Prominent companies in the
market include AB Volvo; Bucher Industries; BYD Motors, Inc.; Daimler AG;
Oshkosh Corp.; and Rosenbauer International AG
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Grand View Research 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)
- Garbage
- Front Loader
- Rear Loader
- Side Loader
- Fire
- Dump
- Sweeper
- Street Sweeper
- Compact Sweeper
Utility
Trucks Engine Type Outlook (Revenue, USD Million, 2015 - 2030)
- ICE (Diesel, Gasoline,
Hybrid, CNG)
- Electric
Utility
Trucks Regional Outlook (Revenue, USD Million, 2015 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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