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Service Trucks Market Rising Demand, Evolving Trends, Future Perspectives, Size, Share And Forecast To 2033
Service Trucks Market
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According to The Business Research Company's, The service trucks market size has grown strongly in recent years. It will grow from $33.10 billion in 2023 to $35.83 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to the expansion of construction activities, growth in mining and agriculture sectors, rising demand for field service operations, increasing urbanization, and the rise of emergency roadside assistance services.
The service trucks market size is expected to see strong growth in the next few years. It will grow to $49.79 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to rising demand for on-site maintenance, rising construction equipment demand, growing logistics and supply chain, rising insurance costs, and rising trade policies. Major trends in the forecast period include technological advancements, autonomous technologies, integration of augmented reality, adoption of digital platforms, and integration of AI.
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Market Drivers and Trends:
The increasing construction industry is expected to propel the growth of the service trucks market going forward. The construction industry is the sector that plans, designs, and builds infrastructure and buildings, such as residential, commercial, and industrial projects. The increasing construction industry is due to urbanization, population growth, infrastructure development, government investments, and advancements in building technologies. Service trucks are used in the construction industry to provide on-site maintenance and repairs, deliver tools and equipment, offer emergency support, and manage routine maintenance for construction vehicles and machinery, ensuring continuous operations and minimizing downtime. For instance, in July 2024, according to the US Census Bureau, a US-based government agency, the value of construction operations rose from $2.01 trillion in May 2023 to $2.14 trillion in May 2024. Therefore, the increasing construction industry is driving the growth of the service trucks market.
Major companies operating in the service trucks market are focused on developing innovative products, such as EV star trucks, to advance the capabilities and efficiency of their vehicle offerings in response to growing demands for electric and eco-friendly transportation solutions. EV Star trucks are electric service vehicles designed to offer environmentally friendly, zero-emission transportation solutions for commercial applications. For instance, in April 2024, GreenPower Motor Company Inc., a Canada-based manufacturer of electric buses, launched GreenPower's EV Star Utility Truck, a new utility vehicle intended for fleet use in business. This utility truck features a robust electric powertrain that delivers zero emissions, contributing to cleaner urban environments. The EV Star Utility Truck has advanced telematics and connectivity features, allowing fleet managers to monitor vehicle performance and optimize routes efficiently. Its spacious cargo area is designed for versatile use, accommodating various equipment and goods.
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Major Key Players of the Market:
Ford Motor Company, Tata Motors Limited, Paccar Inc., Dongfeng Motor Corporation, Navistar International Corporation, Altec Industries Inc., Knapheide Manufacturing Company, Scelzi Enterprises Inc., Dakota Bodies Inc., General Truck Body Manufacturing Company, Maintainer Corporation of Iowa Inc., ORH Truck Solutions, Isuzu Commercial Vehicles, Mega Corporation, Duramag LLC, A&H Equipment, Public Service Truck Renting, Jacon Technologies, JOMAC LTD, STG Global, AES Equipment Solutions, International Trucks, Plantman Equipment, Ryder System Inc.
Service Trucks Market 2024 Key Insights:
• The service trucks market size is expected to see strong growth in the next few years. It will grow to $49.79 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%.
• Growth Of The Service Trucks Market Driven By Expanding Construction Industry
• GreenPower Motor Launches EV Star Utility Truck To Enhance Commercial Fleets With Zero-Emission Technology
• Asia-Pacific was the largest region in the service trucks market in 2023
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