12-Mar-2020: 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.
In
depth research report on Utility Trucks Market
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
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
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more research reports of this category:
https://www.grandviewresearch.com/industry/automotive-and-transportation
About
Grand View Research
Grand View Research, Inc. is the
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, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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