Service Trucks Market - By Product (Utility Trucks, Mechanic Trucks, Mobile Service Trucks, Fuel and Lube Trucks, Crane Trucks), By Fuel (ICE, Electric), By End-user Industry & Forecast, 2024 - 2032

Service Trucks Market Size

Service Trucks Market was valued at USD 34.5 billion in 2023 and is estimated to register a CAGR of over 7.5% between 2024 and 2032 owing to growing environmental awareness and technological innovations. With increased concerns about environmental issues, there's a rising demand for eco-friendly service trucks. Furthermore, technological advances such as electric and hybrid vehicles are reducing carbon emissions and improving efficiency and are fueling market growth as companies seek sustainable solutions for their maintenance and repair needs.
 

For instance, in June 2023, Lightning eMotors unveiled the production launch of its latest Lightning ZEV4™ work trucks, built on General Motors (GM) technology.
 

The service trucks industry experienced decent growth driven by a dual emphasis on fleet management and urbanization. Businesses prioritize efficient fleet operations, investing in service trucks equipped with advanced telematics. Also, urbanization necessitates specialized service trucks tailored for navigating congested city streets, meeting demand for last-mile delivery, and urban infrastructure maintenance. This convergence of factors propels market expansion, catering to the evolving needs of urban environments and efficient fleet management practices.
 

For instance, in March 2024, Tata Motors Commercial Vehicles released an improved version of the Signa truck, designed to address common challenges encountered by truck drivers.
 

Though the service trucks industry is thriving, it encounters hurdles in the form of high initial investments and stringent regulations. However, these serve as catalysts for innovation and improvement. By embracing these obstacles as opportunities for creativity and compliance, the industry fosters resilience and evolution. Through strategic navigation of financial barriers and regulatory landscapes, it paves the way for sustainable growth and advancement in its offerings.
 

Service Trucks Market Trends

The service trucks industry is experiencing a notable transition towards electric vehicles, propelled by an increasing focus on sustainability. With increasing concerns regarding emissions and environmental effects, companies are choosing electric service trucks to minimize carbon footprints and achieve sustainability objectives. This trend conforms to regulatory standards and mirrors a broader dedication to environmentally friendly practices, driving the market towards a more eco-conscious and sustainable future.
 

For instance, in April 2024, GreenPower Motor introduced the EV Star Utility Truck tailored for commercial fleets. This versatile vehicle is customizable for various purposes, such as agriculture, construction, and utilities, offering a purpose-built solution for diverse industries.
 

Service Trucks Market Analysis

Based on fuel, the market is divided into ICE and electric. In 2023, the ICE segment accounted for a market share of over 85% in 2023 and is expected to exceed USD 50 billion by 2032 owing to its reliability and versatility. Internal combustion engine (ICE) technology offers robust performance across various terrains and work conditions, catering to diverse industrial needs. The broad acceptance of ICE technology arises from its amalgamation of potency, ease of access, and the familiarity it instills among users. With an established track record of efficiency and durability, ICE-powered service trucks continue to dominate the market, meeting the demands of industries worldwide.
 

Based on end-user industry, the market is categorized into construction, government and public utilities, mining, agriculture, transportation and logistics, emergency services and others. The construction segment accounted for around 31% of the market share in 2023 due to its indispensable role in facilitating building endeavors. With the need for heavy-duty vehicles equipped with specialized tools and machinery on construction sites, service trucks cater to a myriad of maintenance and repair tasks. Their widespread presence in the construction sector highlights their crucial contribution to streamlining operations and enhancing productivity, solidifying their status as a vital resource in the industry's toolkit.
 

Asia Pacific held a significant market share of around 40% in the global service trucks market in 2023 fueled by its rapid economic development and expanding industrial infrastructure. With burgeoning construction and manufacturing sectors, the demand for service trucks has soared, fueling APAC to acquire the largest market share. Factors including infrastructure development, increasing urbanization, and rising investments in logistics and transportation have significantly contributed to the nation's prominence in this sector, solidifying its role as a major contributor to market dynamics.
 

With a robust economy and thriving industrial sectors, the U.S has established itself as a major contributor to the service trucks industry. Benefiting from advanced infrastructure and substantial demand from construction, utility, and transportation industries, the nation's dominance is propelled further. Favorable government policies, technological breakthroughs, and a culture of innovation contribute substantially to solidifying its position within this sector, ensuring its continued prominence on the global stage.
 

Furthermore, with their dynamic economies and advanced industrial landscapes, South Korea, Japan, France, Germany, the U.K., Canada, the Netherlands, the UAE, and Saudi Arabia have all secured modest shares in the service trucks industry. These nations benefit from robust infrastructures and thriving sectors like construction, utilities, and transportation, driving demand for service trucks. Moreover, a commitment to technological innovation, in line with supportive government policies, has further propelled their presence and influence in this pivotal market segment.
 

Service Trucks Market Share

Altec Industries Inc. and Oshkosh Corporation hold a significant market share in the market. Altec focuses on continuous product innovation and customization to meet the evolving needs of customers in various industries. By developing innovative features, technologies, and configurations, Altec differentiates its service truck offerings and enhance their value proposition in the market.
 

Oshkosh adopts a customer-centric approach by focusing on understanding and meeting the specific needs of its target customers. By offering customizable service truck solutions, responsive customer support, and value-added services, Oshkosh enhances customer satisfaction and loyalty, driving repeat business and referrals.
 

Service Trucks Market Companies

Major players operating in the market are:

• Altec Industries Inc.
• Dongfeng Motor Corporation
• Ford Motor Company
• General Motors Company
• Isuzu Motors Limited
• Mercedes-Benz
• Oshkosh Corporation
• Scania AB
• Volvo Trucks
   

Service Trucks Industry News

• In April 2024, Premier Truck Rental (PTR), a provider of custom work truck and trailer rentals added Lube and mini-Lube trucks to its fleet. This emphasizes the company's commitment to adapting to changing customer needs, delivering exclusive service and prioritizing efficiency for rental customers.
   
• In December 2023, Tata Motors unveiled a new lineup of small commercial vehicles (SCVs) and pickup trucks, including the Intra V70, Intra V20 Gold, and Ace HT+.
   
• In October 2023, Zeal Motor introduced the latest FAT TRUCK off-road utility vehicles, featuring models like the 8X8 HAULER, 8X8 WAGON, 2.4 PICKUP, and 2.8 WAGON.
   

The service trucks market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD Billion) and shipment (Units) from 2021 to 2032, for the following segments:

Click here to Buy Section of this Report

Market, By Product

• Utility trucks
• Mechanic trucks
• Mobile service trucks
• Fuel and Lube trucks
• Crane trucks
• Others

Market, By Fuel

• ICE
  • Diesel
  • Gasoline
  • Hybrid
  • CNG
• Electric

Market, By End-User Industry

• Construction
• Government and Public utilities
• Mining
• Agriculture
• Transportation and logistics
• Emergency services
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Nordics
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Southeast Asia
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• MEA
  • South Africa
  • UAE
  • Saudi Arabia
  • Rest of MEA