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Utility Trucks Market Trends

Report ID: GMI4931
Published Date: Apr 2024
Report Format: PDF

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Utility Trucks Market Trends

The market for utility trucks is witnessing increased electrification, as the demand for electric and hybrid utility vehicles is rising. Electric utility trucks are desirable for applications including urban distribution, municipal services, and light-duty work as they provide advantages including lower emissions, reduced operating costs, and quieter operation. For instance, in March 2023, Club Car launched the Club Car Urban LSV and XR models of street-legal electric utility vehicles. The launch expanded the company’s Electric Vehicle (EV) portfolio in North America.

Modern technologies are being incorporated into utility trucks to boost productivity, safety, and efficiency. Modern utility trucks come equipped with standard features, such as integrated diagnostics, GPS tracking, collision avoidance systems, and telematics systems, to improve driver safety, fleet administration, and overall operating efficiency.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of utility trucks reached USD 36.3 billion in 2023 and is set to witness 7.5% CAGR between 2024 and 2032, owing to the growing economic and infrastructure development across the globe.

The dump truck segment is expected to hold over 37% of the market share by 2032, as they are essential to move materials, such as sand, gravel, boulders, and building debris, to & from construction sites.

Asia Pacific market generated USD 23.93 billion in revenue in 2023, attributed to the expansion of e-commerce and online retailing.

AB Volvo, Aichi Corporation, Altec Industries, Inc., Aspen Equipment Company, Auto Crane (Dover Corporation), Bucher Industries., BYD Motors, Inc, Daimler AG, Elliott Equipment Company, Hiab (Cargotec Corporation), IMT (Iowa Mold Tooling Co., Inc.) and Manitex International, Inc.