Utility Trucks Market Analysis & Forecast with 2020
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.
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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:
- AB Volvo
- AEBI Schmidt Holding AG
- Bucher Industries
- BYD Motors, Inc.
- China FAW Group Co. Ltd.
- Daimler AG
- GROUPE KLUBB
- REV Group
- China National Heavy Duty Truck Group Co., Ltd.
- Dongfeng Motor Group Co., Ltd.
- Dulevo S.p.A.
- Dover Corporation
- Global Environmental Products
- Magirus GmbH
- Oshkosh Corporation
- Rosenbauer International AG
Global Utility Truck Market: Research Scope
Global Utility Truck Market, by Product
- Garbage Truck
- Fire Truck
- Dump Truck
- Sweeper Truck
Global Utility Truck Market, by Propulsion
- Electric
- Diesel
- Gasoline
Global Utility Truck Market, by Region
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- East Asia
- China
- Japan
- South Korea
- Asia Pacific
- India
- ASEAN
- Australia & New Zealand
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?