Utility Trucks Market size is likely to witness a commendable growth over 2021-2027, driven by the extensive applications of service trucks across varied industries. A utility truck refers to a common form of vehicle built to perform a particular errand. This lightweight vehicle is more adequate and competent as compared to common transport vehicles. Additionally, it has powerful engines and is suitable for rough terrain activities.
Rising investment focus on waste management across developing countries and the growing demand for vehicles for efficient waste collection and separation are fostering utility trucks market trends. The World Bank, for instance, approved a $105 million project to strengthen the solid waste management services and systems in Kerala, India in 2021. Mounting product adoption to store construction equipment like ladders as well as safeguard these tools from theft will also push the industry demand in the years ahead.
In terms of segmentation by engine, the electric utility truck market is expected to register a strong revenue by 2027. This is a result of the introduction of advanced electric-powered vehicles to speed up the transition towards clean energy. For example, in March 2021, Con Edison and its partners, Posi-Plus and Lion Electric, announced the development of the first all-electric bucket truck in the U.S. The unique vehicle was designed to perform a full range of functions for the electric utilities in America including construction, repair and maintenance work.
On the regional front, the Europe utility trucks industry will exhibit a high growth rate through 2027. This strong growth is driven by the escalating registration of electric utility vehicles across the European Union. Fire trucks are in high demand across the region owing to commercial and residential fires in countries like the UK. Around 153,278 fires reported in England during 2020. Also, countries like France and Germany have high spending on public infrastructure maintenance and solid waste treatment, fueling utility trucks industry trends.
Prominent entities operating in the utility trucks market include Komatsu Ltd., Oshkosh Corporation, Rosenbauer International, Daimler AG, BYD Motors Inc., and AB Volvo, among others. Innovative product launches and mergers and acquisitions are among the key strategies being employed by these industry players to sustain a strong position across the global market. For instance, Volvo Trucks unveiled a range of heavy-duty trucks, Volvo FMX, Volvo FM, and Volvo FH, in November 2020, designed for use in transport and urban construction activities in Europe.
The novel coronavirus pandemic has been asserting impacts on multiple industry verticals, including the trucking sector, due to the fear of disease transmission to co-workers and drastically diminished demand. Additionally, reduced restocking demand and difficulties in hiring drivers amid the pandemic have adversely impacted the adoption of utility truck equipment in recent months.
Various local and national interventions are highly focusing on safeguarding the lives and economies during the pandemic. To efficiently minimize the long-term risks to human as well as environmental health, the management of hazardous wastes is a key concern across many regions. Thus, high emphasis on the effective management of wastes from healthcare facilities, quarantine locations, and households may aid the utility trucks market recovery in the near future.
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