Utility Trucks Market Growth Driven by Rising Demand for Efficient Commercial Vehicles

The global utility trucks services market size is estimated to reach USD 117.68 billion by 2030, registering to grow at a CAGR of 8.0% from 2024 to 2030 according to a new report by Grand View Research, Inc. Growing adoption of dump trucks in the construction and mining industry, focus on solid waste management and sustainable infrastructure, and technological advancements propelling the demand for advanced fire trucks are among the key factors responsible for the market growth.

Government initiatives to curb the rising toll of fire incidents and growing emphasis on worker safety have also contributed to the market growth. According to World Bank Group, effective waste management occupies around 20 to 50% of the overall municipal budgets. On account of growing population, rapid urbanization, and increasing solid waste generation, countries across the globe are investing significantly in implementing effective solid waste management plans. This is boosting the demand for garbage trucks, thereby supporting market growth.

Rising expenditure of fire departments across various nations due to need for replacing aging vehicle fleets is also expected to bolster the demand. The Asia Pacific region is expected to lead the utility truck market from 2018 to 2030 owing to increasing investments in construction and mining sectors, rising focus on sustainable infrastructure, and growing awareness about and implementation of solid waste management across the region. The government is making significant investments in the development of public and private infrastructure. Such initiatives are expected to result in an exponentially rising demand for utility trucks, such as garbage, dump, and sweeper trucks.

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Utility Trucks Services Market Report Highlights

• The dump truck segment dominated the market and accounted for a revenue share of 78.9% in 2023.

• The ICE (Diesel/Gasoline/CNG/Hybrid) segment dominated the market and accounted for the largest revenue share in 2023.

• The fire truck segment is expected to grow significantly from 2024 to 2030. As urban areas expand and populations grow, the demand for effective emergency response services increases.

• The Asia Pacific utility trucks market held the largest revenue share of 37.1% in 2023.

Key Utility Trucks Company Insights

Some of the key companies in the utility trucks market include Daimler Truck AG., Ford Motor Company, General Motors, FCA US LLC., ISUZU MOTORS LIMITED, Mack Trucks, and others. Organizations are focusing on innovative food maker offerings with multiple functionalities to increase the consumer base. Therefore, key players are taking several strategic initiatives, such as mergers and acquisitions, and partnerships with other major companies.

• Mack Trucks specializes in designing, building, and delivering medium- and heavy-duty trucks, as well as proprietary engines and transmissions. Recently Mack Truck launched an electric truck named Mack MD Electric.

• ISUZU MOTORS LIMITED produces reliable trucks for various applications, from heavy to light duty. It offers three-way dump trucks designed for construction and transportation. These trucks can unload their cargo by tilting the cargo box in three directions: rearward, to the left, or to the right.

List of Key Players in Utility Trucks Services Market

• Daimler Truck AG.
• Ford Motor Company
• General Motors
• FCA US LLC.
• TOYOTA MOTOR CORPORATION.
• ISUZU MOTORS LIMITED
• NISSAN USA
• Volkswagen Group
• Mack Trucks
• NAVISTAR, INC.

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