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Specialty Vehicle Market: Global Industry Analysis and Forecast (2024-2030) by Vehicle Type, Application, and Region
Specialty Vehicle Market size was valued at US$102.65 Billion in 2023 and the total Specialty Vehicle Market revenue is expected to grow at 3.29% through 2024 to 2030, reaching nearly US$ 128.76 Billion.
Format : PDF | Report ID : SMR_181
Specialty Vehicle Market Overview:
In the automotive industry, special purpose vehicles are primarily manufactured to perform specific tasks. Consequently, these vehicles are equipped with special equipment to be driven by own engine or separately mounted engine. Most times, special purpose vehicles are heavy duty vehicles, such as dump trucks and tank trucks. However, special purpose vehicles also consist of dump trucks, concrete pumps, along with pneumatic bulk carriers, and tank trailers. These vehicles are utilized in various industries including chemical, petroleum, and construction. The global report on specialty vehicle market is studied and analysed on the basis of vehicle type, application and region.
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Specialized vehicles mainly used in the construction and logistics sectors as well as garbage collection vehicles. The expansion of the construction industry in countries like China and India, with the active participation of the private sector, is expected to drive the specialized vehicle market during the forecast period. The expansion of the logistics sector is expected to drive the demand for special pneumatically powered bulk carriers and tank truck trailers, which in turn is expected to drive the market for the bulk carriers. Specialty Vehicle market is expected to register CAGR of 3.29% during the forecast period.
Specialty Vehicle Market Dynamics:
Global tourism has seen a significant increase. According to the United Nations World Tourism Organization (UNWTO), the United States recorded a total of 1,862.2 million domestic trips in 2019. This number is increasing gradually from 2009 and is estimated at 1,827.5 million rides in 2018, indicating an increase in demand for rides and, therefore, recreational vehicles used for these trips. The Bureau of Labor Statistics also estimates annual household spending at $336.02, which is expected to boost the domestic tourism market indirectly helps in the specialty vehicle market growth.
Increasing demand for risk mitigation on job sites:
Specialized vehicles have many potential risks of injury and death to employees. When working in an environment where hundreds of actions are taking place concurrently, security is a top priority. Tens of thousands of construction workers are injured on the job each year, with many incidents occurring while the worker is actually driving a specialized vehicle of some kind. According to the U.S. Occupational Safety and Health Administration (OSHA), there have been more than 200 registered professional vehicle-related deaths since 2017.
On construction sites, specialized vehicles need to be able to predict and detect dangerous situations in order to prevent them. There are no road signs, lane markings or established infrastructure to help guide vehicles on the right path. Fortunately, Image Radar can capture details of the surrounding work site, such as other vehicles and workers, as well as stationary objects including crates, materials, columns, and more. Not only can sensor solutions be used for object detection, but object location data can also be collected for real-time warning (or even stopping a vehicle in motion) if it accidentally getting too close to a person or detecting a dangerous situation. This ensures the safety of the operator and all others. Additional applications include forward collision warning, gap warning, automatic braking, adaptive cruise control, and all these are responsible in the growth of specialty vehicle market.
Recent developments in radar technology have become increasingly beneficial to the automotive industry. For specialized vehicles, in particular, self-driving car technology opens up possibilities that weren't available a decade ago. Today, commercial imaging radar sensors are being used with trucks, tractors, bulldozers and other emerging autonomous vehicle applications to support the development of smart buildings.
Growing Economic Compatibility:
The growing compatibility of the economy has led to global diversification and the birth of many businesses, such as mobile clinics, airport terminal expansion and transportation. E-commerce transfer, requires specialized facilities. In August 2019, Los Angeles Airport began purchasing 36 new low-rise specialty vehicles from Specialty Vehicle Inc. These vehicles are used as shuttles from the baggage claim area to the parking area. The aforementioned factors and circumstances are driving the growth of the global specialty vehicle market.
Specialty Vehicle Market Segmentation:
Healthcare and Enforcement Sector is driving the Market Growth:
The rise of epidemics and pandemics, road accidents, home and work injuries, and government-funded healthcare programs are driving the growth of the medical vehicle market and specialized healthcare. The rise of diseases such as blood cancer, which develops one every 3 minutes in the United States, has led to an increase in the demand for blood, driving the growth of the motorcycle market. Recent epidemics and pandemics, such as Ebola and COVID19, have increased the need for ambulances, mobile pharmacies, and mobile intensive care units. In many countries, increased demand for ambulances has outstripped population growth. In New Zealand, mobile operator room service has restarted after COVID19 lockdown restrictions were lifted. With the proliferation and development of autonomous vehicle technology, emergency vehicles are expected to soon be equipped with semi-autonomous driver assistance technology. Demand from all these and COVID-19 positve impact were help to the specialty vehicle market market during past 3 years.
Increased global government spending on law enforcement and healthcare facilities is driving demand for specialized vehicles. For example, in the 2019-20 financial year, the UK spent around £153 billion, up 2% year-on-year. According to the 2019 Statistical Analysis of Public Expenditure, public spending on law enforcement services in the UK during 2016-17 was £16.37 billion, increasing to 3.2%. In 2018-19, it reached £17.99 billion.
Construction Industry: Dark Horse of Specialty Vehicles Market:
The construction industry is likely to play an important role in the specialty vehicle market. The growth of the construction industry, due to rapid urbanization, government investment in construction projects and extensive private sector participation in construction, is expected to boost the specialty vehicle market. However, the logistics industry is also growing significantly due to the expansion of the e-commerce industry globally. The increased use of pneumatic bulk carriers and tanker trailers in the logistics industry is expected to drive the specialized vehicle market during the forecast period. Oil and chemical companies also use specialized tankers to transport flammable liquids and gasoline.
Radar Technology: Key Market Trend:
Job sites are anticipated to keep running smoothly, rain or shine, no matter the season. If a creation venture is delayed, numerous entities devour the cost. Because of this, there was an pressing marketplace want for sensors that offer LiDAR-like images, however which can characteristic successfully wherein LiDAR is compromised, together with extraordinarily bright, extraordinarily dim, dusty, and comparable situations.
While different answers are threatened with the aid of using non-top-quality climate and the diverse environmental situations stated above, radar gives extraordinarily dependable performance. Additionally, they create an exceptional expertise of the real-time running surroundings for self-sustaining distinctiveness motors in tough and difficult situations.Often complete of dirt and different particles flying around, radar sensors are best or even extra essential for secure operation on activity sites. Specialty motors could have the capacity to penetrate dirt, rain, and snow, and provide the identical dependable protection capability in awful climate and no mild situations.
APAC Region is dominating the Specialty Vehicle Market:
APAC is dominating the specialty vehicle market with market share of 35% and YOY rate of 6.18%. The construction industry in China is growing rapidly and was valued at USD 816.6 billion in 2017. The expansion of construction companies and active participation of the private sector are driving the construction industry. This country is developed. Similarly, in India, the construction industry includes the real estate and urban development segments. Government agencies and the private sector are expected to spend $454.8 billion on construction projects between 2015 and 2020, with 70% of the capital expected to be invested in electricity, roads, and roads, and urban infrastructure. In addition, the expansion of the logistics and logistics industries due to the presence of large automotive and e-commerce sectors is expected to drive the demand for specialized vehicles during the forecast period.
The objective of the report is to present a comprehensive analysis of the Specialty Vehicle Market to the stakeholders in the industry. The report provides trends that are most dominant in the Specialty Vehicle Market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the global market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.
The qualitative and quantitative data provided in the Specialty Vehicle Market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the global market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the Specialty Vehicle Market.
The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals are existing, who they are, and how their product quality is in the Market. The report also analyses if the Specialty Vehicle Market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly if the market is dominated by a few players, etc.
The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Specialty Vehicle Market is aided by legal factors.
Specialty Vehicle Market Scope:
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Specialty Vehicle Market |
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Market Size in 2023 |
USD 102.65 Bn. |
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Market Size in 2030 |
USD 128.76 Bn. |
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CAGR (2024-2030) |
3.29% |
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Historic Data |
2018-2023 |
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Base Year |
2022 |
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Forecast Period |
2024-2030 |
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Segment Scope |
By Vehicle Type
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By Application
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Regional Scope |
North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America |
Specialty Vehicle Market Players
- Daimler AG
- VOLVO
- Oshkosh Corporation
- REV Group
- Alamo Group
- Rosenbauer
- ShinMaywa Industries
- Federal Signal
- XCMG
- Royal Terberg Group
- Bucher Industries
- Kirchhoff Group
- Morita Group
- Aebi Schmidt Group
- Hualing Xingma Automobile
- Fayat Group
- Labrie Enviroquip Group
- DIMA
Frequently Asked Questions
APAC region have the highest growth rate of 6.18% in the Specialty Vehicle market.
Daimler AG, VOLVO, Oshkosh Corporation, REV Group, Alamo Group, Rosenbauer, ShinMaywa Industries, Federal Signal, XCMG, Royal Terberg Group, Bucher Industries, Kirchhoff Group, Morita Group, Aebi Schmidt Group, Hualing Xingma Automobile, Fayat Group, Labrie Enviroquip Group, DIMA are the key players in the Specialty Vehicle market.
Healthcare segment is dominating the market with market share of approximately 53% with YOY growth rate of 5% owing to the rise of epidemics and pandemics, road accidents, home and work injuries, and government-funded healthcare programs.
Chapter 1 Scope of the Report
Chapter 2 Research Methodology
2.1. Research Process
2.2. Global Specialty Vehicle Market: Target Audience
2.3. Global Specialty Vehicle Market: Primary Research (As per Client Requirement)
2.4. Global Specialty Vehicle Market: Secondary Research
Chapter 3 Executive Summary
Chapter 4 Competitive Landscape
4.1. Market Share Analysis, By Value, 2023-2030
4.1.1. Market Share Analysis, By Region, By Value, 2023-2030 (In %)
4.1.1.1. North America Market Share Analysis, By Value, 2023-2030 (In %)
4.1.1.2. Europe Market Share Analysis, By Value, 2023-2030 (In %)
4.1.1.3. Asia Pacific Market Share Analysis, By Value, 2023-2030 (In %)
4.1.1.4. South America Market Share Analysis, By Value, 2023-2030 (In %)
4.1.1.5. Middle East and Africa Market Share Analysis, By Value, 2023-2030 (In %)
4.1.2. Market Share Analysis, By Vehicle Type, By Value, 2023-2030 (In %)
4.1.2.1. North America Market Share Analysis, By Vehicle Type, By Value, 2023-2030 (In %)
4.1.2.1.1. USA Market Share Analysis, By Vehicle Type, By Value, 2023-2030 (In %)
4.1.2.1.2. Canada Market Share Analysis, By Vehicle Type, By Value, 2023-2030 (In %)
4.1.2.1.3. Mexico Market Share Analysis, By Vehicle Type, By Value, 2023-2030 (In %)
4.1.2.2. Europe Market Share Analysis, By Vehicle Type, By Value, 2023-2030 (In %)
4.1.2.2.1. UK Market Share Analysis, By Vehicle Type, By Value, 2023-2030 (In %)
4.1.2.2.2. France Market Share Analysis, By Vehicle Type, By Value, 2023-2030 (In %)
4.1.2.2.3. Germany Market Share Analysis, By Vehicle Type, By Value, 2023-2030 (In %)
4.1.2.2.4. Italy Market Share Analysis, By Vehicle Type, By Value, 2023-2030 (In %)
4.1.2.2.5. Spain Market Share Analysis, By Vehicle Type, By Value, 2023-2030 (In %)
4.1.2.2.6. Sweden Market Share Analysis, By Vehicle Type, By Value, 2023-2030 (In %)
4.1.2.2.7. Austria Market Share Analysis, By Vehicle Type, By Value, 2023-2030 (In %)
4.1.2.2.8. Rest of Europe Market Share Analysis, By Vehicle Type, By Value, 2023-2030 (In %)
4.1.2.3. Asia Pacific Market Share Analysis, By Vehicle Type, By Value, 2023-2030 (In %)
4.1.2.3.1. China Market Share Analysis, By Vehicle Type, By Value, 2023-2030 (In %)
4.1.2.3.2. India Market Share Analysis, By Vehicle Type, By Value, 2023-2030 (In %)
4.1.2.3.3. Japan Market Share Analysis, By Vehicle Type, By Value, 2023-2030 (In %)
4.1.2.3.4. South Korea Market Share Analysis, By Vehicle Type, By Value, 2023-2030 (In %)
4.1.2.3.5. Australia Market Share Analysis, By Vehicle Type, By Value, 2023-2030 (In %)
4.1.2.3.6. ASEAN Market Share Analysis, By Vehicle Type, By Value, 2023-2030 (In %)
4.1.2.3.7. Rest of APAC Market Share Analysis, By Vehicle Type, By Value, 2023-2030 (In %)
4.1.2.4. South America Market Share Analysis, By Vehicle Type, By Value, 2023-2030 (In %)
4.1.2.4.1. Brazil Market Share Analysis, By Vehicle Type, By Value, 2023-2030 (In %)
4.1.2.4.2. Argentina Market Share Analysis, By Vehicle Type, By Value, 2023-2030 (In %)
4.1.2.4.3. Rest of South America Market Share Analysis, By Vehicle Type, By Value, 2023-2030 (In %)
4.1.2.5. Middle East and Africa Market Share Analysis, By Vehicle Type, By Value, 2023-2030 (In %)
4.1.2.5.1. South Africa Market Share Analysis, By Vehicle Type, By Value, 2023-2030 (In %)
4.1.2.5.2. GCC Market Share Analysis, By Vehicle Type, By Value, 2023-2030 (In %)
4.1.2.5.3. Egypt Market Share Analysis, By Vehicle Type, By Value, 2023-2030 (In %)
4.1.2.5.4. Nigeria Market Share Analysis, By Vehicle Type, By Value, 2023-2030 (In %)
4.1.2.5.5. Rest of Middle East and Africa Market Share Analysis, By Vehicle Type, By Value, 2023-2030 (In %)
4.1.3. Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.4. North America Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.4.1.1. USA Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.4.1.2. Canada Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.4.1.3. Mexico Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.4.2. Europe Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.4.2.1. UK Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.4.2.2. France Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.4.2.3. Germany Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.4.2.4. Italy Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.4.2.5. Spain Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.4.2.6. Sweden Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.4.2.7. Austria Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.4.2.8. Rest of Europe Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.4.3. Asia Pacific Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.4.3.1. China Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.4.3.2. India Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.4.3.3. Japan Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.4.3.4. South Korea Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.4.3.5. Australia Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.4.3.6. ASEAN Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.4.3.7. Rest of APAC Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.4.4. South America Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.4.4.1. Brazil Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.4.4.2. Argentina Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.4.4.3. Rest of South America Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.4.5. Middle East and Africa Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.4.5.1. South Africa Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.4.5.2. GCC Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.4.5.3. Egypt Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.4.5.4. Nigeria Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.4.5.5. Rest of Middle East and Africa Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.2. Stellar Competition matrix
4.2.1. Global Stellar Competition Matrix
4.2.2. North America Stellar Competition Matrix
4.2.3. Europe Stellar Competition Matrix
4.2.4. Asia Pacific Stellar Competition Matrix
4.2.5. South America Stellar Competition Matrix
4.2.6. Middle East and Africa Stellar Competition Matrix
4.3. Key Players Benchmarking
4.3.1. Key Players Benchmarking by Product, Pricing, Market Share, Investments, Expansion Plans, Physical Presence and Presence in the Market.
4.4. Mergers and Acquisitions in Industry
4.4.1. M&A by Region, Value and Strategic Intent
4.5. Market Dynamics
4.5.1. Market Drivers
4.5.2. Market Restraints
4.5.3. Market Opportunities
4.5.4. Market Challenges
4.5.5. PESTLE Analysis
4.5.6. PORTERS Five Force Analysis
4.5.7. Value Chain Analysis
Chapter 5 Global Specialty Vehicle Market Segmentation: By Vehicle Type
5.1. Global Specialty Vehicle Market, By Vehicle Type, Overview/Analysis, 2023-2030
5.2. Global Specialty Vehicle Market, By Vehicle Type, By Value, Market Share (%), 2023-2030 (USD Million)
5.3. Global Specialty Vehicle Market, By Vehicle Type, By Value,
5.3.1. Concrete Mixer Truck
5.3.2. Refuse Collection Truck
5.3.3. Street Sweeper
5.3.4. Winter Maintenance Vehicle
5.3.5. Fuel Tankers
5.3.6. Ambulances
5.3.7. Other
Chapter 6 Global Specialty Vehicle Market Segmentation: By Application
6.1. Global Specialty Vehicle Market, By Application, Overview/Analysis, 2023-2030
6.2. Global Specialty Vehicle Market Size, By Application, By Value, Market Share (%), 2023-2030 (USD Million)
6.3. Global Specialty Vehicle Market, By Application, By Value,
6.3.1. Law Enforcement And Public Safety
6.3.2. Medical And Healthcare
6.3.3. Recreational Vehicles
6.3.4. Other Services
Chapter 7 Global Specialty Vehicle Market Segmentation: By Region
7.1. Global Specialty Vehicle Market, By Region – North America
7.1.1. North America Specialty Vehicle Market Size, By Vehicle Type, By Value, 2023-2030 (USD Million)
7.1.2. North America Specialty Vehicle Market Size, By Application, By Value, 2023-2030 (USD Million)
7.1.3. By Country – U.S.
7.1.3.1. U.S. Specialty Vehicle Market Size, By Vehicle Type, By Value, 2023-2030 (USD Million)
7.1.3.2. U.S. Specialty Vehicle Market Size, By Application, By Value, 2023-2030 (USD Million)
7.1.3.3. Canada Specialty Vehicle Market Size, By Value, 2023-2030 (USD Million)
7.1.3.4. Mexico Specialty Vehicle Market Size, By Value, 2023-2030 (USD Million)
7.2. Europe Specialty Vehicle Market Size, By Value, 2023-2030 (USD Million)
7.2.1. UK
7.2.2. France
7.2.3. Germany
7.2.4. Italy
7.2.5. Spain
7.2.6. Sweden
7.2.7. Austria
7.2.8. Rest of Europe
7.3. Asia Pacific Specialty Vehicle Market Size, By Value, 2023-2030 (USD Million)
7.3.1. China
7.3.2. India
7.3.3. Japan
7.3.4. South Korea
7.3.5. Australia
7.3.6. ASEAN
7.3.7. Rest of APAC
7.4. Middle East and Africa Specialty Vehicle Market Size, By Value, 2023-2030 (USD Million)
7.4.1. South Africa
7.4.2. GCC
7.4.3. Egypt
7.4.4. Nigeria
7.4.5. Rest of Middle East and Africa
7.5. South America Specialty Vehicle Market Size, By Value, 2023-2030 (USD Million)
7.5.1. Brazil
7.5.2. Argentina
7.5.3. Rest of South America
Chapter 8 Company Profiles
8.1. Key Players
8.1.1. Daimler AG
8.1.1.1. Company Overview
8.1.1.2. Vehicle Type Portfolio
8.1.1.3. Financial Overview
8.1.1.4. Business Strategy
8.1.1.5. Key Developments
8.1.2. VOLVO
8.1.3. Oshkosh Corporation
8.1.4. REV Group
8.1.5. Alamo Group
8.1.6. Rosenbauer
8.1.7. ShinMaywa Industries
8.1.8. Federal Signal
8.1.9. XCMG
8.1.10. Royal Terberg Group
8.1.11. Bucher Industries
8.1.12. Kirchhoff Group
8.1.13. Morita Group
8.1.14. Aebi Schmidt Group
8.1.15. Hualing Xingma Automobile
8.1.16. Fayat Group
8.1.17. Labrie Enviroquip Group
8.1.18. DIMA
8.2. Key Findings
8.3. Recommendations
