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Service Trucks Market Trends

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

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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.

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.