Global Utility Trucks Market size is anticipated to witness healthy growth during 2023 to 2032, due to the extensive usage of service trucks in different industry verticals. These trucks are more competent and adequate as compared to conventional transport vehicles. They also have powerful engines and are suitable for rough terrain activities.
Many companies in developing countries are increasing their investments in waste management, addressing the rising need for vehicles that facilitate efficient waste collection & separation, and in turn influencing the utility trucks market trends. The popularity of electric garbage trucks is thus growing rapidly among major end-users. For example, in July 2022, Daimler Truck announced its intention to start the production of its second electric model, called the eEconic, an inner-city waste disposal truck. Utility trucks are also being used to store construction equipment such as ladders and protect these tools from theft.
In terms of engine, utility trucks market share from the electric engine segment is expected to showcase significant growth through 2032. Advanced electric-powered vehicles are being introduced to speed up customers’ transition towards clean energy. For example, in March 2021, Con Edison, along with its partners, Lion Electric and Posi-Plus, announced plans to create the first all-electric bucket truck in the U.S. The vehicle was designed to perform a vast set of functions for the electric utilities in the country including construction, repair, and maintenance work.
Utility trucks market revenue from the dumpster truck segment is set to grow at an appreciable pace by 2032. The construction sector is expanding at a vigorous rate every year due to the growing urban population and the rising need for advanced public infrastructure. Governments are also collaborating with public regulatory bodies to build sustainable infrastructure.
For instance, Japan and the World Bank announced a collaboration through the Global Infrastructure Facility (GIF) in September 2022, to accelerate private investments in the construction of sustainable and high-quality infrastructure projects in developing countries. Such initiatives may boost the adoption of dumpster trucks, as these vehicles are used to transport both light and heavy materials to construction sites, saving considerable time and effort.
Europe utility trucks market will exhibit a strong CAGR till 2032. Customers across the region are showing an increasing propensity toward purchasing electric utility vehicles. Fire trucks are in high demand across European countries such as the UK, where fire accidents are increasing rapidly. Record-breaking heatwaves are emerging as a major cause for these fires, with Britain recording its highest-ever temperature at 40 degrees Celsius for the first time in July 2022.
Some of the leading companies operating in the utility trucks market include Komatsu Ltd., Oshkosh Corporation, BYD Motors Inc., Daimler AG, Rosenbauer International, and AB Volvo. These companies are employing key strategies, such as product launches and mergers & acquisitions to retain their market position. For instance, in January 2022, Volvo Trucks launched an improved version of its Volvo VNR Electric, with an increased range of 85% and faster charging capabilities.
Ongoing tensions between Russia and Ukraine may have positively impacted the purchase of utility trucks as the vehicles are being extensively used to transport military personnel and carry different types of vital aid materials during the war. Shortages of trucks faced by the Russian military have also increased, aiding market growth to some extent. Utility trucks are also being used by the Ukrainian military to mobilize their resources as well as rescue people stranded in high-tension areas.
The utility trucks market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032, for the following segments:
Market, By Type
Market, By Engine
The above information has been provided for the following regions and countries: