The specialty vehicle market was valued at around USD 92.28 billion in 2020, and it is likely to reach USD 113.21 billion by 2026, anticipating a CAGR of 3.18% during the forecast period (2021-2026).
- The economic growth in the later half of past decade (2010 - 2019) has led to the global diversification and initiation of many businesses and business operations such as mobile clinics, airport terminal expansions, e-commerce transportation, etc. that requires specialty vehicles. From August 2019, Los Angeles Airport started the acquisition for 36 new low floor specialty vehicles trolleys from Specialty Vehicles inc. The trolleys are used as shuttles from baggage claim areas to parking areas. The aforementioned factor ad instances are driving the growth of Specialty Vehicles Market in geographies around the world. - Asia-Pacific is anticipated to witness the highest CAGR over the forecast period, followed by Europe and North America. The usage of these vehicles by small businesses in the United States, for purposes, such as food truck businesses, mobile showrooms, and advertising and promotions, along with the demand from medical and healthcare response vehicles, is expected to rise during the forecast period. - The food truck market exhibited a growth rate of more than 6% during 2018-19. In United States alone the food truck industry is expected to grow to nearly USD 1 billion compared to nearly USD 850 million in 2015-2016. The market exhibited a similar growth pattern in countries such as India. The growth in food truck industry is expected to propel the market for specialty vehicles globally.
Key Market Trends Increase In The Spending On Law Enforcement And Healthcare Facilities
The rise in epidemics and pandemics, road accidents, household and industrial injuries, government sponsored healthcare programs etc. are leading to the market growth for medical and healthcare specialty vehicles. Growth is diseases such as blood cancer which affects a person in United States in every 3 minutes, road accidents, etc. has lead to the growth in demand for blood and this factor is propelling the market growth for bloodmobiles.
The recent epidemics and pandemics such as Ebola and Covid 19 outbreak has led to the increase in demand for ambulances, mobile pharmacies and mobile ICUs. In many countries, the rise in demand for ambulance surpassed the population growth rate. In New Zealand, the mobile operation theatre service started again after COVID 19 lockdown restrictions were lifted. With the rise and development of autonomous technology for vehicles, emergency medical vehicles are expected to be equipped with semi-autonomous driving assistance technology soon.
Asia-Pacific To Exhibit The Highest Growth Rate Over The Forecast Period
Asia-Pacific is anticipated to lead the specialty vehicle market. The advancements in technology developments is propelling the growth of specialty vehicles market in the region. Various Chinese companies have delivered ambulances not only to local authorities but also to other countries during the COVID-19 pandemic. For instance,
- In April 2020, JAC Motors delivered more than 300 ambulances to the Ministry of Health of Kazakhstan in batches.
Medical and healthcare response vehicles is another sector which holds a major share of the market and design and other innovative changes such as electric propulsion, separate patient compartment, negative pressure creation technology, UV disinfection, etc. is expected to propel the market for medical specialty vehicles in near future.
Law enforcement agencies in the United States and Canada are also investing in the development and procurement of new specialty vehicles. The development in armor technology has made it possible for police departments in the region to equip their vehicles with bulletproof armors.
In 2018, Louisville Metro Council Committee purchased a new BearCat armored car equipped with a 1500 gallon per minute water cannon. In January 2020, INKAS Group Of Companies was awarded the Innovation Business Of The Year award CanadianSME National Business Awards for its industry leadership in armored specialty vehicles. The aforementioned factors and instances are significantly driving the growth of market in the region.
Competitive Landscape The Specialty Vehicles Market is marked by the presence of various vehicles manufacturers and a large number of aftermarket upfitting services providers. Hence, the market is considered as a fragmented one with major players such as Daimler AG, General Motors Company, Oshkosh Corporation,Volvo Group, REV Group, etc. dominating the market. The market is witnessing a lot of collaborations in form of acquisitions, joint ventures and investments in electric and autonomous driving technology.
- In February 2020, Rev Group completed the acquisition of Spartan Emergency Response. Spartan Emergency Response and its brands, Spartan Fire Apparatus and Chassis, Smeal Fire Apparatus, Ladder Tower (LCT), and UST, may soon become part of REV’s Fire & Emergency (F&E) segment. - In 2018, Tata Motors formed a joint venture called JT Special Vehicles Private Limited (JTSV) with Jayem Automotives Private Limited for the development of special performance vehicles based on Tata Motors vehicles. JTSV, under the brand JTP, is working towards the performance and appearance enhancement of Tata Motors products - In October 2019, Lonestar Speciality Vehicles collaborated with Dana Incorporated to launch the completely electric terminal tractor. The Spicer Electrified e-Powertrain System is designed and produced by Dana to be used by Lonestar Speciality Vehicles as a fully electrified powertrain solution.
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