Utility Trucks Market Size

Utility Trucks Market Size

Utility Trucks Market size was valued at USD 36.3 billion in 2023 and is estimated to register a CAGR of 7.5% between 2024 and 2032. The growing economic and infrastructure development across the globe is driving the demand for utility trucks. For instance, according to the Press Informatics Bureau (PIB) in November 2022, projects valued at USD 1.3 trillion were mapped under the National Infrastructure Pipeline (NIP) in India. Moreover, the infrastructure capital investment budget was boosted by 33% to USD 122 billion under Budget 2023–24 of the Indian government.

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Utility trucks are used to transport workers, supplies, and equipment to & from construction sites for infrastructure projects including building roads and bridges and installing utilities. Utility vehicles fitted with cranes, winches, and lifting platforms are needed for effective construction and maintenance work.  
 

The requirement for municipal services including the disposal of waste, street lighting upkeep, and urban development projects has grown due to rapid urbanization. To do the jobs effectively, utility trucks are necessary. For instance, according to UNCTAD statistics, in 2022, the percentage of people living in cities increased to 56.9%. It is generally higher in developed countries (79.7% in 2022) than in underdeveloped countries (52.3%). Hence, the growing urbanization across the globe is driving the utility trucks market.
 

Purchasing, utilizing, and maintaining utility vehicles can be costly, particularly if they include specialized features and equipment. Businesses, governments, and organizations with tight budgets may find it difficult to deal with high upfront expenses.
 

Several utility vehicles are comparatively less fuel-efficient compared to passenger cars, especially heavy-loading trucks and vans. Fuel efficiency improvements are required to save operating costs and reduce carbon emissions.
 

Utility trucks are widely used in metropolitan areas for maintenance, building, and transportation and are considered a major source of air and noise pollution. Investments in more eco-friendly technologies, alternative fuels, and pollution control techniques are necessary to address the environmental impact of utility vehicles.