Rising Mining and Construction Activities Boost Utility Trucks Demand

26 November 2020: Utility vehicles are motorized vehicles that carry out a particular task more effectively than a passenger vehicle. Utility trucks typically have sections for the storage of numerous tools and are great for any work that require easy access to them. Majority of the utility trucks are typical trucks with a utility body up-fit while some are equipped to offer various novel applications. 

Dump Truck Sector Led the Utility Trucks Industry

On the basis of product type, the utility trucks market is classified as fire, garbage, sweeper trucks, and dump. The dump truck sector led the utility trucks in the past and is anticipated to expand at the highest CAGR in the forthcoming period. This development can be attributed to rising mining and construction activities in developing countries, such as India and China. For example, as per the World Mining Congress, China is the largest manufacturer of mineral raw materials across the globe.

The garbage trucks sector is also likely to observe significant growth on account of rising municipal budget for disposal and waste management. In 2017, rear loader garbage trucks led the sector. Stringent fuel emission rules and rising importance of fuel-efficient vehicles will boost the demand for side and front loader vehicles in the forecast period.

Rising attention on automated cleaning is anticipated to offer potential development opportunities for sweeper truck manufacturers. With structure maintenance becoming a focus part, civic authorities and large township developers are becoming expressively reliant on road cleaning equipment. In addition, the Asia Pacific sweeper truck market is presently observing increased demand on account of rising awareness and importance of sustainable and clean infrastructure.

Market Insights

Companies are concentrating on new product launches and technological innovations to keep their position strong in the market. In December 2018, Manitex International Inc. declared its collaboration with Southwest Products for the development of its distribution network in California and Arizona.

Furthermore, the companies are participating in R&D on account of increasing demand for fuel-efficient vehicles. Some of the key players effective in the utility trucks market are Bucher Industries; AB Volvo; Daimler AG; BYD Motors, Inc.; Rosenbauer International AG; and Oshkosh Corp.