Utility Truck Market Size to Reach $90.66 Billion by 2026; Increasing Demand for Electric and Hybrid Vehicles Will Aid Growth

The global utility truck market size is projected to reach USD 90.66 billion by the end of 2026. The increasing demand and subsequent availability of utility trucks across the world will aid the growth of the market in the coming years. According to a report published by Fortune Business Insights, titled “Utility Truck Market Size, Share & Industry Analysis, By Truck Type (Garbage Truck, Fire Truck, Dump Truck, Sweeper Truck, and Others), By Engine Type (ICE and Electric) and Regional Forecast, 2019-2026,” the market was worth USD 47.22 billion in 2018 and will exhibit a CAGR of 8.7% during the forecast period, 2019-2026.

Utility trucks are normal trucks that are specifically designed or specific purposes. They are manufactured with respect to the task that they will be used for including garbage carriers, dirt cleaning, and carrying smaller loads at shorter distances. The increasing municipal budgets have led to a wider adoption of these trucks across the world. Recent technological advancements have opened up a huge potential for the growth of the market in the coming years. The purposes served by these trucks such as fire trucks, dump trucks, and sweeper trucks have created a massive demand for the product across the world. Moreover, the use of modern concepts and technologies will help companies generate substantial market revenues in the foreseeable future.

Pierce Manufacturing Delivers 5 Utility Trucks to Alabama Fire and Rescue Department

With the aim of providing faster and efficient services, governments across the world are looking to possess attractive utilities. As these trucks are of a massive help in emergency situations such as fire hazards, fire departments across the world are looking to acquire these companies. In December 2018, Pierce Manufacturing announced that it has successfully delivered 5 utility trucks to the Alabama Fire and Rescue Department. The company delivered 5 Enforcer Pumpers and 1 Ascendant 107 to the fire department. This step was taken to enable quick and efficient actions in cases of emergence and health hazards. This has helped Pierce gain massive popularity and the company hopes to sell more products in the coming years.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/utility-truck-market-102616

Introduction of Hybrid Trucks to Aid Growth

The report includes a few of the major factors that have contributed to the growth of the market in recent years. The growing demand for these trucks, coupled with the increasing awareness regarding environmental pollution has created the need for sustainable alternatives. As a result, the introduction of electric and hybrid utility trucks has come as a welcoming step. The growing adoption of hybrid automobiles will open up a huge potential for the companies operating in the market. Moreover, the technological advances in utility trucks with respect to the load capacities and performances of the automobile have led to wider adoption across the world.

Daimler AG, Paccar Inc., BYD Motors Inc., and Tata Motors are Among the Leading Companies

The utility truck market derives growth from the presence of several large scale companies that are based in several regions across the world. The market is somewhat fragmented in nature. The use of modern concepts by companies such as Daimler AG, Paccar Inc., BYD Motors Inc., and Tata Motors have helped them generate huge utility truck market revenues in recent years.

A few of the other companies that are operating in the market include:

• Ford Motor Company


• AB Volvo


• Rosenbauer International AG.


• Navistar


•  Paccar


•  Pierce Manufacturing, Inc.


• Others

Further Report Findings:

• The report analyzes the utility truck market trends across North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe. The market in North America is currently holds the highest share in 2018 with a market value of 1512.8 million.


• The market in Europe and Asia Pacific will witness considerable CAGR in the coming years.

The market is segmented on the basis of: