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Service Trucks Market Size

Report ID: GMI9471
Published Date: May 2024
Report Format: PDF

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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.

Service Trucks Market

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

Service Trucks Market Report Attributes
Report Attribute	Details
Base Year:	2023
Service Trucks Market Size in 2023:	USD 34.5 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	7.5%
2032 Value Projection:	USD 66 Billion
Historical Data for:	2021 – 2023
No. of Pages:	300
Tables, Charts & Figures:	250
Segments covered:	Product, Fuel, End-user Industry
Growth Drivers:	Increasing demand for mobile maintenance solutions Technological advancements in service truck design Growing focus on safety and compliance regulations Rising infrastructure development activities
Pitfalls & Challenges:	High upfront costs Complex maintenance requirements

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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.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

Service trucks market size was USD 34.5 billion in 2023 and is expected to register 7.5% CAGR from 2024-2032 owing to the growing environmental awareness and technological innovations worldwide.

Service trucks industry from the ICE segment held over 85% share in 2023 and is expected to register a significant CAGR from 2024-2032 due to its reliability and versatility along with robust performance across various terrains and work conditions.

Asia Pacific service trucks industry held 40% share in 2023 and is expected to register a commendable CAGR from 2024-2032 due to rapid economic development and expanding industrial infrastructure in the region.

Altec Industries Inc., Dongfeng Motor Corporation, Ford Motor Company, General Motors Company, Isuzu Motors Limited, Mercedes-Benz, Oshkosh Corporation, Scania AB, and Volvo Trucks, are some of the major service trucks companies worldwide.