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Specialty Commercial Vehicle Market Trends

Report ID: GMI7749
Published Date: Dec 2023
Report Format: PDF

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Specialty Commercial Vehicle Market Trends

The paradigm shift to electric and low-emission specialty vehicles across various sectors will also play a key role in the market expansion. With the surging environmental concerns and the higher stringency of regulations, there has been strong focus on adopting eco-friendly vehicles for logistics, urban transport, and specialized applications. For instance, in April 2022, REV Fire Group debuted Vector, the first-ever North America-style fully electric fire truck at FDIC in Indianapolis, Indiana.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of specialty commercial vehicle was worth USD 102.4 billion in 2023 and is estimated to register a 3.2% CAGR between 2024 and 2032, due to the rising integration of advanced technologies, such as IoT, telematics, automation, and connectivity features.

The ambulances segment is set to hold considerable share of the specialty commercial vehicle market by 2032, driven by the rising number of emergencies and accidents.

Asia Pacific specialty commercial vehicles industry will record significant growth through 2032, propelled by the higher demand for electric and hybrid models, especially in urban areas due to the presence of stringent emission regulations in the region.

Emergency One Group, Farber Specialty Vehicles, LDV Inc., Matthews Specialty Vehicles, Mercedes-Benz Group AG, Navistar International Corporation, NFI Group Inc., Oshkosh Corporation, Pierce Manufacturing, REV GROUP, Rosenbauer International AG, SCANIA, Specialty Vehicles Inc., and Volvo Group.