SAN FRANCISCO, Aug. 12, 2019 /PRNewswire/ -- The global utility trucks market size is expected to reach USD 127.46 billion by 2030 expanding at a CAGR of 7.7% over the forecast period, according to a study conducted 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.
Key suggestions from the report:
- Dump trucks are expected to lead the global utility truck market owing to their extensive usage in the construction and mining industry for hauling heavy construction wastes
- Asia Pacific is expected to be the largest regional market owing to significant investments in the development of public infrastructure by the regional governments
- North America is expected to exhibit a significant CAGR over the forecast period on account of the presence of key manufacturers, such as BYD Motors, Inc., in the region
- Prominent companies in the market include AB Volvo; Bucher Industries; BYD Motors, Inc.; Daimler AG; Oshkosh Corp.; and Rosenbauer International AG
Read 117 page research report with TOC on "Utility Trucks Market Size, Share & Trends Analysis Report By Product (Garbage, Fire, Dump, Sweeper Trucks), By Engine (ICE, Electric), By Region (North America, Europe, APAC), And Segment Forecasts, 2019 - 2030" at: https://www.grandviewresearch.com/industry-analysis/utility-trucks-market
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.
Grand View Research has segmented the global utility truck market on the basis of product, engine type, and region:
- Utility Trucks Product Outlook (Revenue, USD Million, 2015 - 2030)
- Utility Trucks Engine Type Outlook (Revenue, USD Million, 2015 - 2030)
- Utility Trucks Regional Outlook (Revenue, USD Million, 2015 - 2030)
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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