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The global utility truck market size was USD 47.22 billion in 2018 and is projected to reach USD 90.66 billion by 2026, exhibiting a CAGR of 8.7% during the forecast period.
These trucks are the common trucks prominently used by the utility industries. This are designed with more robustness than common transportation trucks to perform a specific operation such as carrying garbage, carrying small loads, dirt cleaning, others. The increasing need for sustainable infrastructure and prominent growth in the municipal budgets are significantly contributing to the growth of the market during the forecast period at a notable CAGR. The market comprises of the garbage truck, fire truck, dump truck, sweeper truck, and others. Along with that, these trucks are bifurcated into ICE and Electric engine.
An increase in the global population and increasing urbanization have created a substantial demand for the market. However, in the coming years, the electric utility trucks are expected to become more popular and preferred by the consumers as well as manufacturers, as they emit zero emissions and not hazardous to the environment. Thus, these parameters are expected to fuel the demand for this utility truck market during the forecast period at a significant CAGR.
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Compressor type of Garbage Trucks to Increase in the Load Carrying Capacity are Becoming More Popular in Developed Economies
The expansion of urban areas has created an opportunity for garbage trucks. Thus, it has become essential to improve the efficiency and load-carrying capacity of garbage trucks. Along with this, the cost of collecting and transporting garbage accounts for a high percentage of waste disposal operations. There is an increasing adoption of compressor type garbage truck. Due to, the compressor type garbage truck press down the garbage on the floor with the help of a pressing plate. Thus, this creates more garbage carrying capacity in the trucks. Thus, there is rapid growth in compact compressor garbage trucks in various developed and developing countries that are used to reduce body weight and increase load-carrying capacity.
Moreover, due to the issue of global warming, low pollution, electric, or compact garbage trucks are used to avoid hazardous emissions to the environment. These trends are ultimately propelling the growth of market across the globe during the forecast period at substantial CAGR.
Introduction of Technologically Advanced Electric and Hybrid Utility Truck is Expected to Remain the Key Driving Engine
Rapid growth in manufacturing electric and hybrid vehicles is continuously propelling the growth of the market. Continuous focus by market players to innovate and introduce new electric trucks has led to the emergence of these trucks in the market. Furthermore, some of the key factors propelling the growth of the electric utility truck market are the enhancement of strict emission norms imposed on commercial trucks, commercial vehicles, and initiatives for the adoption of cleaner and zero-emission.
Governments across the globe are putting regulatory norms on the truck and vehicle manufacturers to reduce carbon emission produced by the diesel fuel combustion, and to invest in the electric trucks. These factors are contributing to the growth of the electric utility truck market across the globe during the forecast period at a significant CAGR.
For instance, DAF introduced the CF and LF electric trucks and the XF and CF hybrid trucks in 2018; Peterbilt developed the Model 579, Model 520, and Model 220 electric trucks; and Kenworth unveiled a T680 hybrid truck and two T680 hydrogen fuel cell models. These factors will propel the growth of the market during the forecast period at a significant CAGR.
Increasing Urbanization And Increasing Amount of Generated Waste is Anticipated to Boost the Demand for Utility Truck
Various cities across the world are facing problems due to increasing urbanization, and one of the critical issues is the increasing amount of generated waste. The public waste bins are filling faster, and many containers end up overflowing. Thus, ultimately there is a growing demand for garbage trucks in many countries. Moreover, the rapid growth in road networks across the key cities, fast processing of cleaning the roads, low labor cost, and increased work efficiency has created a demand for the sweeper utility trucks across the globe. These factors are projected to boost the growth of the utility truck market during the forecast period at a substantial CAGR. On the other hand, many developed economies have a waste collection process, which is efficient enough to prevent major disasters from happening.
High Cost of Electric Utility Trucks is Expected to Hamper the Growth of Market
Despite the rapid adoption of these trucks by various government organizations and privet associations, the high cost associated with electric utility trucks is hampering the growth of the market. This high cost is anticipated to hamper the market within the developing economies due to a lack of funds spending power. Added to this, the lack of infrastructure for charging the battery has also hindered the growth of the market.
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Garbage Utility Truck Dominated the Global Market
Based on the truck type, the market is segmented into a garbage truck, fire truck, dump truck, sweeper truck, and other. Increasing urbanization and an increasing amount of generated waste is anticipated to boost the demand for garbage utility trucks. The garbage segment dominated the market share in 2018. Technological advances in these trucks, such as automated loading, and unloading of garbage, along with other benefits, are contributing to the dominance of these trucks in the global market. On the other hand, dump utility trucks market is also expected to register a significant CAGR during the forecast period. Introduction to the new and technologically advanced utility trucks are estimated to boost the market growth. Along with that, increasing prominence cleanliness of roads and highways, the sweeper trucks are also anticipated to register moderate growth in the forecast period.
ICE (Diesel, Gasoline, Hybrid, CNG) Engine to Dominate the GlobalMarket
In terms of engine type, the market is segmented into ICE (Diesel, Gasoline, Hybrid, CNG) and electric engine. The low cost associated with the ICE engine remains the key driving factor for the ICE engine utility trucks market. However, increasing awareness about environmental safety, there is tremendous growth expected in the electric utility trucks market during the forecast period at significant CAGR.
Europe Utility Truck Market Size, 2015-2026 (USD Billion)
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The market size in North America stood at USD 18,085 million in 2018. The market in the region dominated garbage trucks. Rapid growth in manufacturing the utility vehicles and rising amount of waste generated by the area and increasing government initiatives for clean hand whole country is expected to propel the utility truck market growth during the forecast period at significant CAGR.
The market in Europe and Asia Pacific is projected to register a high CAGR during the forecast period. Increasing urbanization and rapid growth in population are anticipated to drive the demand for these trucks in Europe and Asia Pacific during 2019-2026. Increasing government initiatives in the Asia Pacific and the presence of a large and automotive market in the region together are anticipated to drive the market growth in the Asia Pacific during the forecast period. These aspects are expected to drive the growth of market across the globe at significant CAGR.
Daimler AG, Paccar Inc., BYD Motors Inc., and Tata Motors are Leading the Utility Truck Market
The competitive landscape of this market depicts a monopoly dominated by Daimler AG, Paccar Inc., and BYD Motors Inc. A diversified product portfolio of these trucks, along with constant innovations by the company leading to new introductions, are prominent factors responsible for the dominance of the company.
However, regional players such as B Ford Motor Company, AB Volvo, Rosenbauer International AG., Navistar, and ASHOK LEYLAND have entered this market competition with innovative trucks. This is estimated to positively influence the global market as these companies are anticipated to gain market share during the forecast period.
The utility truck market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, truck types, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over years.
An Infographic Representation of Utility Truck Market
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Value (USD Billion) & Volume (Thousand units)
By Truck Type
By Engine Type
• North America (USA, Canada, and Mexico)
Fortune Business Insights says that the global market size was USD 47.22 billion in 2018 and is projected to reach USD 90.66 billion by 2026.
In 2018, the market value stood at USD 47.22 billion.
Growing at a CAGR of 8.7%, the market will exhibit steady growth in the forecast period (2019-2026).
The garbage Utility Truck segment is expected to be the leading segment in this market during the forecast period.
Introduction of technologically advanced electric and hybrid utility truck is expected to remain key driving engine
Daimler AG is one of the leading player in the global market.
North America dominated the market share in 2018.
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