The Global Specialty Vehicle Market Growth, COVID-19 impact and Forecast (2021-2025)
Global specialty vehicle market is segmented based on end user type as chemical, logistic, construction, and others; based on application as Law enforcement and public safety, medical and healthcare, recreational vehicles and others; based on geography as APAC, Europe, North America, and ROW.
Introduction
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.
Special purpose vehicles are mostly employed in the construction and logistic sectors as well as garbage collection vehicles. Expansion of the construction industry in countries, such as China and India, owing to active participation from the private sector, is anticipated to boost the special purpose vehicle market during the forecast period.
Table of Contents
Market Overview
The global specialty vehicle market is expected to grow to $107.92 billion by 2025 at a CAGR of 3.18%
The food truck market exhibited a growth rate of more than 6% during 2018-19.
Los Angeles Airport started the acquisition of 36 new low floor specialty vehicles trolleys from Specialty Vehicles inc. The trolleys are used as shuttles from baggage claim areas to parking areas.
In terms of region, the special purpose vehicle market can be segregated into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Key Trends
Stringent regulations imposed by the governmental bodies on automobile manufacturers are anticipated to affect the market growth. Canada has enforced certain standards aimed at heavy duty vehicles.
Towing vehicles installed with battery monitoring systems and safer handling systems are increasingly being used as alternatives to traditional manual handling systems.
Key Market Players
The global automotive relay market is dominated by global vendors like Daimler, General Motors Company, Oshkosh Corporation,Volvo Group and REV Group
The Specialty Vehicles Market is marked by the presence of various vehicles manufacturers and a large number of aftermarket upfitting services providers.
Growth Drivers and Challenges
Increasing consumer demand for tailored solutions in every segment has boosted the growth of the specialized vehicles market in the world.
The changing nature of conflicts has also led to the demand for high operational and tactical mobility levels in defense vehicles. This factor will also implement the use of specialized armored vehicles for defense.
The rising prices of fuel are one of the major challenges that the specialized vehicles market faces.
The increasing use of other alternative means of transport such as Uber and Taxis in the U.S and the implementation of ride-sharing services have led to the decline in ambulance usage. This is one of the major challenges faced by the ambulance services segment.
A prolonged truncation of consumer demand as countries work through various lockdown scenarios during the coronavirus pandemic may spark a global recession, leading to widespread loss of consumer confidence, significantly impacting automaker revenues and profitability.
A significant amount of restructuring may be expected in the auto retail sector as dealers are unable to pivot quickly enough to changing demand conditions.