Dublin, Oct. 07, 2024 (GLOBE NEWSWIRE) -- The "Specialty Vehicle Market by Type (Fire, Garbage, Vacuum, Fuel Carrying Tankers, Street Sweepers, Ambulance & Recreational Vehicles), Application, Propulsion (ICE & EV), Battery Chemistry, End-Use Industry and Region - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The specialty vehicle market is estimated to grow from USD 82.30 billion in 2024 to USD 99.80 billion by 2030, at a CAGR of 3.3%
The report will help market leaders and new entrants with information on the closest approximations of the specialty vehicle market's global revenue, ME subsegments, technology analysis, eco-system, pricing analysis, trade analysis, key buying criteria, and investment & fundings. It will also help stakeholders like OEMs, chassis suppliers, and specialty vehicle component providers understand the competitive landscape and gain insights to position their businesses better and plan suitable go-to-market strategies.
Population growth and rapid urbanization have pumped up the demand for specialty vehicles, mainly emergency response vehicles and waste management vehicles. The high-rise buildings and massive industrial complexes have created a necessity for fire trucks and ambulances to address the complex emergency scenarios.
As these vehicles have undergone a tremendous technological revolution with the integration of AI and robotics, which reduces human intervention, many are looking to replace the traditional fleets with the technologically advanced ones. Also, flexible work schedules and increased disposable income boost the recreational vehicle market. So, these factors combined act as drivers for the specialty vehicle market.
Global players dominate the specialty vehicles market, comprising several regional players. The major players in the specialty vehicles market include Mercedes-Benz AG (Germany), AB Volvo (Sweden), Rosenbauer International AG (Germany), Oshkosh Corporation (US), Morita Holdings Corporation (Japan), Federal Signal Corporation (US), REV Group (US), and IVECO Group (Italy).
Also, the report helps OEMs identify the most prominent municipal corporations based on their population forecast and possible demand for specialty vehicles like garbage trucks, vacuum trucks, fire trucks, street sweepers, and ambulances. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.
The ICE specialty vehicles are estimated to be the largest market during the forecast period.
Specialty vehicles powered by internal combustion engines (ICE) are the most prevalent type in various sectors, including emergency response, waste management, and recreational activities. These specialty vehicles, such as ambulances, fire trucks, waste management vehicles, vacuum trucks, and recreational vehicles, are typically based on commercial vehicle chassis that are further upgraded and customized to meet specific operational requirements.
As these vehicles are heavier, most specialty vehicles run majorly on diesel or CNGs, providing robust performance, high power output, and reliability in diverse conditions. For instance, ambulances and fire trucks with diesel engines can provide substantial power outputs, ranging from a minimum of 200 HP to as high as 700 HP, depending on the type and customization. Other specialized vehicles, such as aircraft rescue and firefighting (ARFF) trucks, can have even higher power outputs, reaching up to 1,500 HP, to effectively manage airport emergency response operations.
In addition to emergency response vehicles, waste management vehicles like garbage, vacuum, and street sweeper trucks powered by ICE engines are widely used for their ability to handle heavy loads and operate continuously for extended periods. Recreational vehicles (RVs) also utilize ICE engines to provide reliable power for long-distance travel and various off-road adventures. In addition, the initial investment for ICE-based specialty vehicles is less than for electric specialty vehicles. During the push towards more sustainable options, such as electric or hybrid propulsion for zero emissions and reduced environmental impact, ICE-powered specialty vehicles would continue to hold the leading position by 2030 at a global level.
Vacuum Trucks are the fastest-growing vehicle types over the forecast period.
Vacuum trucks are critical in industrial, commercial, and residential applications as these vehicles help maintain sanitation and hygiene. Vacuum trucks have been in great demand in Asia, one of the fastest-growing markets for specialty vehicles due to various rapid urbanization laws passed by governments and rules and regulations about waste management & sanitation.
Modern vacuum trucks utilize advanced vacuum technology to achieve high levels of efficiency. High-capacity fans are used to improve the vacuum capacity. The tank has evolved to accommodate larger volumes of waste while ensuring durability and ease of maintenance. Also, corrosion-resistant coatings and reinforced materials help extend the tank's lifespan and improve its functionality. Various other innovative technologies are used in the vacuum trucks, including GPS tracking, real-time data monitoring, and automated controls. These features enhance operational efficiency, optimize routes, and provide valuable insights into truck performance.
The stringent laws, abolishment of manual scavenging, technological developments, rapid urbanization and development, and expansion of municipal services will demand vacuum trucks and other waste management vehicles.
Asia Pacific is set to register the fastest growth rate in the global specialty vehicle market.
Asia Pacific region mainly comprises countries like India, China, Australia, Singapore, South Korea, Japan, and others. China and India contribute more than one-third of the world's population. The significant issues these countries face are the continuous population growth and rapid urbanization. Countries in the Asia Pacific region have a very high population density in urban areas.
For instance, Tokyo, Jakarta, Mumbai, Delhi, and Beijing have high population rates and have seen rapid industrial and infrastructural developments to support these infrastructural developments, there needs to be a robust network of emergency vehicles such as fire trucks and ambulances to address the critical emergence issues and to handle the pollution caused the cities to require waste management vehicles to dispose of the waste generated and to maintain sanitation and hygiene. Countries like China, India, and Australia are also looking to replace the existing fleet of specialty vehicles with electric ones. According to IEA statistics, China leads the world in electric heavy-duty vehicle sales, with >50,000 electric trucks sold in 2022.
China is focusing on greening its public sector vehicles, including sanitation vehicles and fire trucks. As most of these specialty vehicles are built on these truck chassis, rising electric truck sales in China will help adopt new energy vehicles in garbage trucks, vacuum trucks, street sweepers, and fire trucks. Various Indian municipalities are testing electric garbage trucks and street sweepers as part of a larger green initiative.
Further, according to EMS, in 2021, Australia will invest in electric ambulances and fire and rescue fleets, focusing on zero-emission options for public safety vehicles. Thus, growing urbanization and population and a surge in the requirement for effective waste management vehicles will drive the sales of specialty vehicles, mainly waste management equipment.
The report provides insights on the following pointers:
- Analysis of critical drivers (Rise in Population and urbanization, increasing economic zones and Special Economic zones, Rising development of e-commerce transportation, mobile clinics, and airport terminals expansions), restraints (Expansive R&D and production costs for specialized components), opportunities (electric and Hybrid vehicles propel the market, Growing development of autonomous vehicles and use of Artificial intelligence (Al) in specialty vehicles for assistance in decision-making and effective fleet management), and challenges (Varied customization needs for various industry application) influencing the growth of the specialty vehicle market.
- Product Development/Innovation: Detailed insights on upcoming technologies and new products launched in the specialty vehicle market.
- Market Development: Comprehensive market information - the report analyses the authentication and brand protection market across varied regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the specialty vehicle market.
- Competitive Assessment: In-depth assessment of the market shares, growth strategies, and service offerings of leading players in the specialty vehicle market, such as Mercedes-Benz AG (Germany), AB Volvo (Sweden), Rosenbauer International AG (Germany), Oshkosh Corporation (US), Morita Holdings Corporation (Japan), Federal Signal Corporation (US), REV Group (US), and IVECO Group (Italy).
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 301 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $82.3 Billion |
| Forecasted Market Value (USD) by 2030 | $99.8 Billion |
| Compound Annual Growth Rate | 3.3% |
| Regions Covered | Global |
Case Study Analysis
- Enhancing Single-Operator Garbage Trucks with AI-Powered Surveillance Solutions
- Achieving Faster Response Times for Airport Rescue Fire Trucks Through Innovative Weight Reduction
- Enhancing Emergency Medical Services with AI Technologies in Ambulances
- Improving Ems Dispatch Efficiency Using AI-based Decision Trees
Market Dynamics
Drivers
- Rise in Population and Urbanization
- Increasing Number of Economic Zones and Special Economic Zones
- Growth of E-Commerce Industry
Restraints
- High R&D and Production Costs for Specialized Components
Opportunities
- Electric and Hybrid Vehicles
Challenges
- Various Customization Requirements for Different Applications
- AI/Generative AI Impact on Specialty Vehicles Market
Technology Analysis
Key Technologies
- Use of Artificial Intelligence in Waste Management Industry
- Ambulances Equipped with Electronic Health Records Systems for Faster Response
- V2V Communication for Quick and Efficient Response
Complementary Technologies
- Idle Reduction Technology for Efficient Use of Fuel
- Use of Artificial Intelligence for Assistance in Decision-Making
- Adjacent Technologies
- Electric and Hybrid Specialty Vehicles
Company Profiles
- Mercedes-Benz Group AG
- Ab Volvo
- Rosenbauer International AG
- Oshkosh Corporation
- Rev Group
- Fayat Group
- Morita Holdings Corporation
- Iveco Group Nv
- Federal Signal Corporation
- Ldv Inc.
- Shinmaywa Industries, Ltd.
- Braun Industries Inc.
- Alamo Group Inc.
- Heil
- Kirchhoff Ecotec
- Tata Motors Limited
- Ashok Leyland
- Paccar Inc.
- Auto Ribeiro
- Force Motors Ltd.
- M-B Companies
- Mercedes Ambulance Company
- Emergency One Group
- Spartan Fire, LLC
- Matthews Specialty Vehicles
- Specialty Vehicles, Inc.
- Farber Specialty Vehicles
- Hol-Mac Corporation
- Vac-Con
- Terberg Environmental
- Demers Ambulances
For more information about this report visit https://www.researchandmarkets.com/r/yfmq4g
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