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Utility Truck Market Size to Reach USD 90.66 Billion by 2026; Increasing Applications Will Create High Product Demand, says Fortune Business Insights™

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Pune, April 14, 2020 (GLOBE NEWSWIRE) — 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 truck 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 automobiles that are designed for user-specific purposes. They are manufactured on the basis of the function that they are going to perform. They are mostly used by private and government organizations. The availability of fire trucks, garbage disposals, and cleaning trucks will lead to a wider product adoption across the world. The massive investment in the adoption of electric utility trucks as well as hybrid trucks will emerge in favor of the companies operating in the market. Technological advancements have played a vital role in the growth of the market and the emphasis on the reduction of fuel combustion will emerge in favor of market growth.
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An Overview of the Impact of COVID-19 on this Market:The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. Some industries are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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Increasing Number of Product Launches Will Aid Growth of the MarketThe report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of product launches has made the highest impact on the growth of the market. The demand for hybrid utility trucks has created several opportunities for the companies in the market. In April 2019, LION Electric announced the launch of new garbage utility truck that is powered by electricity. The ‘Class 8’ garbage truck will be powered by a lithium ion NMC battery and will help cater the demand for hybrid utility truck by consumers. LION’s latest hybrid utility vehicle will njjot just help the company generate substantial market revenue, but will have a direct impact on the growth of the market in the forthcoming years.North America Dominates the Global Market; Presence of Numerous Large Scale Companies Will Favor GrowthThe report analyzes the ongoing utility truck market trends across North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe. Among these regions, North America accounted for the highest market share in 2018. The use of hybrid and electric trucks has had a direct impact on the growth of the market in this region. As of 2018, the market in North America was worth USD 18,085 million and this value is projected to increase further in the coming years. Besides North America, the market in Europe and Asia Pacific will witness considerable CAGR in the coming years, driven by the increasing urbanization and constantly rising population in several countries across this region.
List of the Key Companies that are operating in the utility truck market are:Ford Motor CompanyAB VolvoBYD Motors, Inc.Daimler AGRosenbauer International AG.NavistarPaccarPierce Manufacturing, Inc.OthersIntroductionResearch ScopeMarket SegmentationResearch MethodologyDefinitions and AssumptionsExecutive SummaryMarket DynamicsMarket DriversMarket RestraintsMarket OpportunitiesKey InsightsMerger, Acquisitions, and PartnershipsDistributor Analysis – For Major PlayersGrowth and Penetration AnalysisPorter’s Five Forces AnalysisPEST AnalysisVendor LandscapeGlobal Utility Truck Market Analysis, Insights and Forecast, 2015-2026Key Findings / SummaryMarket Analysis, Insights and Forecast – By Truck TypeGarbage TruckFire TruckDump TruckSweeper TruckOtherMarket Analysis, Insights and Forecast – By Engine TypeICEElectricMarket Analysis, Insights and Forecast – By RegionNorth AmericaEuropeAsia pacificRest of the WorldTOC Continued…!
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Industry Developments:December 2018: Pierce Manufacturing Inc., has announced that it has delivered five Pierce® Enforcer™ pumpers and one Ascendant® 107’ Aerial Ladder to the Alabama Fire and Rescue Department.
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About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data. At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.Contact Us:
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