Utility Trucks Market

Utility Trucks Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030

Utility Truck Market: Introduction

Utility trucks are mounted with carriage and other specialty mountings to carry out specific tasks such as garbage collection and sweeping. Moreover, the demand for utility trucks is increasing at a notable pace across all regions globally.
Usage of utility trucks is high in urban areas and increasing industrialization and urbanization is anticipated to boost the demand for utility trucks during the forecast period

Key Drivers of Utility Truck Market

Rapid economic expansion and industrialization is leading to increased urbanization across the globe, which is directly driving the demand for garbage trucks, sweeper trucks, and safety trucks. Additionally, expansion of industries has led to increased demand for safety systems that utilize utility trucks such fire trucks and water tankers.
Expansion of construction and mining industries in most countries across the globe is driving the demand for dump trucks. Expansion of real-estate sector in most developing regions is boosting the construction industry and consequently, fueling the demand for utility trucks across the globe.
Investment in small and medium enterprises has significantly increased in the last few years, which requires small utility vehicles to accomplish multiple tasks, thus driving the demand for the same. Inclination toward entrepreneurship and development of new business lines have encouraged most people to invest in small and medium-scale businesses.
Rising congestion in majority of developed cities such as London, Mexico City, Boston, and Chicago is fueling the susceptibility to extensive loss of life and property. Therefore, authorities are investing to maintain infrastructure and arrange equipment to handle situations in hazardous times, which in turn is boosting the demand for utility trucks.

East Asia is anticipated to dominate global utility truck market

In terms of region, the global utility market can be segmented into North America, Europe, Latin America, East Asia, South Asia Pacific, and Middle East & Africa. East Asia is expected to hold a major share of the global utility trucks market owing to the high production and demand for utility trucks in China and South Korea. Additionally, India is a key producer and consumer in South Asia Pacific, which is likely to hold a major share of the market in South Asia Pacific.
High focus on the development of smart cities in developing regions is likely to propel the demand for utility trucks for waste management and construction purpose
East Asia has presence of strong economies including China, Japan, and South Korea. Expansion of the e-commerce industry coupled with the presence of well-established supply chain network catering to various industries including automotive, shipbuilding, consumers goods manufacturing, heavy machinery manufacturing is increasing the demand for material handling. This, in turn is expected to drive utility truck market in the region.
However, disruptions to the supply chain catering to various industries owing to shutdown of production and manufacturing facilities and raw material shortage caused by the coronavirus pandemic across the world has caused the market for witness a contraction in 2020. The coronavirus pandemic has affected the production units across the world. The market is anticipated to recover by increasing production volume of vehicle components as well as vehicle production in 2021. This, in turn, is expected to offer significant opportunities for players in supply chain of the utility trucks market during the forecast period.

Key Players Operating in Utility Truck Market

The global utility trucks market is well organized; however it comprises a few leading manufacturers. Some key manufacturers operating in the utility trucks market are: