Utility Trucks Market Overview, Growth, Trends, Analysis, Research Report (2021-2031)

The Utility Trucks Market is expected to register a CAGR of 8.2% during 2023–2031. The rise in focus towards product development of technologically advanced electric and hybrid utility truck is likely to remain a key trend in the market.

Utility Trucks Market Analysis

• Significant growth in the utility truck market is projected until 2031, driven by several factors such as technology progress, urbanization and economic conditions, government regulation on global markets.
• The market for utility trucks is projected to grow exponentially with the Opportunity of hybrid vehicle, E-commerce, Personalization, and customization.

Utility Trucks Market Overview

• A utility vehicle, also known as service truck, is a type of vehicle intended to carry and transport tools, equipment, or material for different purposes.
• The Asia Pacific region holds the largest market share in the global utility truck market, Europe is another important regional market for utilities trucks, and North America has become a significant player on the Global Utility Vehicle Market.

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Utility Trucks Market: Strategic Insights

Utility Trucks Market

• 
  CAGR (2024 - 2031)

  8.2%
• Market Size 2023
  US$ XX Million
• Market Size 2031
  US$ XX Million

Market Dynamics

GROWTH DRIVERS

• Growth of Manufacturing and Logistic Sector

FUTURE TRENDS

• Electrification of Utility Trucks

OPPORTUNITIES

• The rise in focus towards product development of technologically advanced electric and hybrid utility truck

Key Players

• Auto Crane Dover Corporation
• Bucher Industries
• BYD Motors Inc
• Daimler AG
• Elliott Equipment Company
• Hiab Cargotec Corporation
• IMT Iowa Mold Tooling Co Inc
• Manitex International Inc
• AB Volvo
• Aichi Corporation

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Type

• Garbage Truck
• Fire Truck
• Dump Truck
• Sweeper Truck

Propulsion Type

• Diesel
• Gasoline
• CNG
• Electric
• Hybrid

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Utility Trucks Market Drivers and Opportunities

Growth of Manufacturing and Logistic Sector to Favor the Market

• The continuous global trend of industrialization and logistic sector growth primarily drives the Utility Trucks market. The adoption of Utility Trucks is being driven by the need for effective material handling and logistics solutions as industries grow and production volumes rise.
• The demand for industrial vehicles is partly attributed to the supply chain’s subsequent optimization.
• Modern supply chain management depends heavily on efficient material handling and logistics, thereby, businesses are investing in automated and adaptable vehicles that can operate in the dynamic environments of warehouses and distribution centers.

Electrification of Utility Trucks

• Utility Trucks that operate on batteries have become significant traction in recent years.
• The main benefit of battery-powered engines is their environmentally friendly design.
• These engines are ideal for industrial and warehouse projects because they emit fewer emissions.
• Therefore, as smart factories and battery-operated vehicles become more widely used in the material handling industries, digitalization and modularization will follow, further propelling market growth and generating enormous opportunities for the industry in the upcoming years.

Utility Trucks Market Report Segmentation Analysis

Key segments that contributed to the derivation of the Utility Trucks Market analysis are type, and propulsion type.

• Based on type, the Utility Trucks Market is divided into garbage truck, fire truck, dump truck, and sweeper truck.
• On the basis of propulsion type, the market is divided into diesel, gasoline, CNG, electric, and hybrid.

Utility Trucks Market Share Analysis by Geography

• Utility Trucks Market Report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
• Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering Utility Trucks Market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
• Also, the report covers PEST analysis, which involves the study of major factors that influence the Utility Trucks Market in these regions.

Utility Trucks Market Report Scope

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Utility Trucks Market News and Recent Developments

The Utility Trucks Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Utility Trucks Market are listed below:

• Daimler Truck North America, LLC (DTNA), the nation’s largest manufacturer of Class 6-8 commercial vehicles, has entered into a long-term agreement with Hexagon Purus, a leading manufacturer of zero-emission mobility and infrastructure solutions, to provide complete vehicle integration of the battery electric Freightliner eM2, which was developed to serve vocational applications. (Source: Daimler Truck North America, Company Website, November 2023)
• Custom Truck One Source and Battle Motors Announce New Partnership. Through this partnership, Custom Truck will offer Battle Motors' full cabover line, including electric trucks, as well as parts and service to the Kansas City, MO market and other cities. The partnership will enable Battle Motors to leverage Custom Truck’s distribution channels and expand their market presence while providing first-class customer service and support on a national level.  (Source: Battle Motors, Company Website, October 2022)

Utility Trucks Market Report Coverage and Deliverables

The “Utility Trucks Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Utility Trucks Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Utility Trucks Market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Utility Trucks Market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Utility Trucks Market
• Detailed company profiles