Press release
Service Truck Market to Make Great Impact in Near Future by 2022-2030
According to the Market Statsville Group (MSG), the global service truck market size is expected to grow from USD 2,05,500 million in 2021 to USD 4,07,400 million by 2030, at a CAGR of 7.9% from 2022 to 2030. Service trucks (heavy-duty trucks) are commercial vehicles that are an integral part of any commercial activities such as transportation, logistics, agriculture, construction, mining, and many other functions. The increasing customer demand for services, quality, and features is driving the growth of service trucks.
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COVID-19 Impact on the Global Service Truck Market
The COVID-19 had a negative impact on the growth of the market. During the pandemic, governments of both developed and developing economies adopted various strategies to constrict the spread of COVID-19. The strategies include imposing lockdowns, halted manufacturing services, social distancing, restrictions on entering highly affected areas, and a ban on international travel. Further, the construction industry and mining witnessed a steep downslope amid the pandemic, resulting in low demand for service trucks. However, the defense industry, healthcare, and logistics demand managed the market's steady growth during COVID-19.
Scope of the Global Service Truck Market
The study categorizes the service truck market based on tonnage type, class, fuel type, and application, at the regional and global levels.
By Tonnage Type Outlook (Sales, USD Million, 2017-2030)
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10 to 15 metric ton
More than 15 metric ton
By Class Outlook (Sales, USD Million, 2017-2030)
Class 5
Class 6
Class7
Class 8
By Fuel Type Outlook (Sales, USD Million, 2017-2030)
Diesel
Natural Gas
Hybrid Electric Vehicle
Gasoline
By Application Outlook (Sales, USD Million, 2017-2030)
Construction
Mining
Agriculture
Freight and Logistics
Other Applications
By Region Outlook (Sales, USD Million, 2017-2030)
North America
US
Canada
Mexico
Europe
Germany
Italy
France
UK
Spain
Poland
Russia
Slovenia
Slovakia
the Netherlands
Belgium
Norway
Denmark
Czech Republic
Sweden
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Indonesia
Malaysia
Thailand
Vietnam
The Philippines
Singapore
Australia & New Zealand
Rest of Asia Pacific
South America
Brazil
Argentina
Colombia
Rest of South America
The Middle East & Africa
Saudi Arabia
UAE
South Africa
Northern Africa
Rest of MEA
The Class 8 segment accounts for the major market share by class type
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On the basis of class, the service truck market is categorized into class 5, class 6, class 7, and class 8. The class 8 segment accounts for the highest share in the service truck market. Class 8 service or heavy-duty trucks possess high load-carrying and long-range traveling capacities. Such factors will propel the growth of the segment. Further, shifting preferences toward improved driver comfort and integration of recreational features for overnight journeys are accelerating the adoption of class 8 service trucks.
Asia Pacific accounts for the highest CAGR in the service truck market
The Asia Pacific region accounts for the highest CAGR during the forecasting period. The regional growth is attributed to the rise in manufacturing facilities and road infrastructure improvement, which significantly drive the demand for heavy-duty trucks. Geographically, China is dominating country in the global service truck market. The evolving and emerging industrialization in China is stimulating the production and sales of the service trucks market. Projects such as the South-North water transfer project, Tianhuangping hydroelectric project, and the Beijing airport will deploy many service trucks, thus fueling the market's growth in forthcoming years.
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Key Market Players in the Global Service Truck Market
The global players operating in the market, are:
Daimler AG
MAN
PACCAR Inc.
Scania AB
AB Volvo
Ashok Leyland
FAW Group Corporation
Isuzu Motors Ltd.
Ford Motor Company
Iveco
Tata Motors
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About US:
Market Statsville Group (MSG) partners with companies and society to confront their essential risks and challenges to capture the enormous opportunities for them. MSG initiated its work in 2017, and since then, the brand is moving to become a pioneer in business advisory and market research services.
We the leading market research and strategy builder with the depth and breadth of solutions that perfectly suit your every need. MSG provides solutions in a wide range of industry verticals in market sizing, analysis, and incisive business insights. MSG experienced research analysts are proficient at digging deep and providing various customizable data that help you make decisions with clarity, confidence, and impact.
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