Global Service Trucks Market to Reach $53.95 Billion by 2029, Growing at 8.5% CAGR

Which drivers are expected to have the greatest impact on the over the service trucks market's growth?
The escalating development in the construction sector is anticipated to catalyze the progression of the service trucks market. This industry is responsible for conceiving, designing, and bringing to life infrastructures and buildings, including residential, commercial, and industrial projects. Factors such as urbanization, population increase, advancements in infrastructure and building technologies, government investments, and infrastructure development are contributing to the expansion of the construction industry. Service trucks have found significant utility in the construction sector by providing on-site maintenance and repair, ensuring the delivery of tools and equipment, providing emergency support, and taking care of routine maintenance of construction vehicles and machinery, thereby maintaining continuous operations and reducing downtime. For example, in July 2024, the value of construction operations had a spike from $2.01 trillion in May 2023 to $2.14 trillion in May 2024 according to the US Census Bureau, which is a US government agency. Consequently, it can be inferred that the rapid growth of the construction industry is a major driver for the expansion of the service trucks market.

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What is the future CAGR of the service trucks market, and how will it impact industry expansion?
The market size of service trucks has experienced a significant boost in the past few years. The expectation is that the market will continue to rise from $35.83 billion in 2024 to reach $38.99 billion in 2025, representing a compound annual growth rate (CAGR) of 8.8%. The past growth can be attributed to several factors such as the expansion of construction activities, growth in the areas of mining and agriculture, an increase in demand for field service operations, urban expansion, and the rise of emergency roadside assistance services.

The market size of service trucks is anticipated to witness significant expansion in the coming years. It is projected to reach a value of $53.95 billion by the year 2029, with a compound annual growth rate (CAGR) of 8.5%. The expected growth during this forecast period is due to increased demand for on-site maintenance, growing need for construction equipment, expansion in logistics and supply chain, increased costs of insurance, and changes in trade policies. Key trends to look out for during this period include technological advancements, the rise of autonomous technologies, coupled with the integration of augmented reality, the embrace of digital platforms, and the incorporation of artificial intelligence.

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What are the most significant trends transforming the service trucks market today?
Leading firms in the service trucks market are putting their efforts into creating cutting-edge products like EV star trucks to upgrade their vehicle offerings and meet the increasing demand for electric and eco-friendly transport solutions. EV Star trucks are electric service vehicles that provide zero-emission and eco-friendly transportation options for commercial uses. For example, GreenPower Motor Company Inc., a Canadian electric bus manufacturing company, launched a new utility vehicle known as GreenPower's EV Star Utility Truck in April 2024, designed specifically for business fleet usage. This utility truck highlights a powerful electric powertrain that emits no pollutants, aiding in the creation of cleaner cityscapes. The EV Star Utility Truck comes with state-of-the-art telematics and connectivity features that enable fleet managers to evaluate vehicle performance and plan routes effectively. The ample cargo space of the utility truck is versatile enough to carry a variety of equipment and goods.

Which key market segments comprise the service trucks market and drive its revenue growth?
The service trucksmarket covered in this report is segmented -

1) By Product: Utility Trucks, Mechanic Trucks, Mobile Service Trucks, Fuel And Lube Trucks, Crane Trucks, Other Products,
2) By Fuel: Internal Combustion Engine (ICE), Electric
3) By End User Industry: Construction, Government And Public Utilities, Mining, Agriculture, Transportation And Logistics, Emergency Services, Other End User Industries

Subsegments:
1) By Utility Trucks: Bucket Trucks, Line Maintenance Trucks, Tow Trucks, Service and Repair Trucks
2) By Mechanic Trucks: On-Site Repair Trucks, Maintenance Trucks, Tool Trucks, Welding Service Trucks
3) By Mobile Service Trucks: Emergency Response Service Trucks, Mobile Tire Service Trucks, Mobile Battery Service Trucks, Mobile Detailing Trucks
4) By Fuel and Lube Trucks: Fuel Delivery Trucks, Lube Service Trucks, Oil Change Trucks, Multi-Service Fuel and Lube Trucks
5) By Crane Trucks: Telescopic Crane Trucks, Knuckle Boom Crane Trucks, Articulated Crane Trucks, Loader Crane Trucks
6) By Other Products: Refrigerated Service Trucks, Custom Service Trucks, Flatbed Trucks, Cargo Vans

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Which geographical regions are pioneering growth in the service trucks market?
Asia-Pacific was the largest region in the service trucks market in 2024. The regions covered in the service trucks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Who are the leading players fueling growth in the service trucks market?
Major companies operating in the service trucks market are 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.

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What Is Covered In The Service Trucks Global Market Report?

•Market Size Forecast: Examine the service trucks market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the service trucks market for a structured understanding.
•Key Players Overview: Analyze major players in the service trucks market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the service trucks market.
•Segment Contributions: Evaluate how different segments drive overall growth in the service trucks market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the service trucks market.
•Industry Challenges: Identify potential risks and obstacles affecting the service trucks market.
•Competitive Landscape: Review strategic developments in the service trucks market, including expansions, agreements, and new product launches.

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