According to the Market Statsville Group (MSG), theglobal service truck market size is expected to grow from USD 2,05,500 million in 2021 to USD 4,07,400 million by 2030, at a CAGR of 7.9% from 2022 to 2030. Service trucks (heavy-duty trucks) are commercial vehicles that are an integral part of any commercial activities such as transportation, logistics, agriculture, construction, mining, and many other functions. The increasing customer demand for services, quality, and features is driving the growth of service trucks.
COVID-19 Impact on the Global Service Truck Market
The COVID-19 had a negative impact on the growth of the market. During the pandemic, governments of both developed and developing economies adopted various strategies to constrict the spread of COVID-19. The strategies include imposing lockdowns, halted manufacturing services, social distancing, restrictions on entering highly affected areas, and a ban on international travel. Further, the construction industry and mining witnessed a steep downslope amid the pandemic, resulting in low demand for service trucks. However, the defense industry, healthcare, and logistics demand managed the market's steady growth during COVID-19.
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Scope of the Global Service Truck Market
The study categorizes the service truck market based on tonnage type, class, fuel type, and application, at the regional and global levels.
By Tonnage Type Outlook (Sales, USD Million, 2017-2030)
- 10 to 15 metric ton
- More than 15 metric ton
By Class Outlook (Sales, USD Million, 2017-2030)
- Class 5
- Class 6
- Class 8
By Fuel Type Outlook (Sales, USD Million, 2017-2030)
- Natural Gas
- Hybrid Electric Vehicle
By Application Outlook (Sales, USD Million, 2017-2030)
- Freight and Logistics
- Other Applications
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By Region Outlook (Sales, USD Million, 2017-2030)
- North America
- the Netherlands
- Czech Republic
- Rest of Europe
- Asia Pacific
- South Korea
- The Philippines
- Australia New Zealand
- Rest of Asia Pacific
- South America
- Rest of South America
- The Middle East Africa
- Saudi Arabia
- South Africa
- Northern Africa
- Rest of MEA
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The Class 8 segment accounts for the major market share by class type
On the basis of class, the service truck market is categorized into class 5, class 6, class 7, and class 8. The class 8 segment accounts for the highest share in the service truck market. Class 8 service or heavy-duty trucks possess high load-carrying and long-range traveling capacities. Such factors will propel the growth of the segment. Further, shifting preferences toward improved driver comfort and integration of recreational features for overnight journeys are accelerating the adoption of class 8 service trucks.
Asia Pacific accounts for the highest CAGR in the service truck market
The Asia Pacific region accounts for the highest CAGR during the forecasting period. The regional growth is attributed to the rise in manufacturing facilities and road infrastructure improvement, which significantly drive the demand for heavy-duty trucks. Geographically, China is dominating country in the global service truck market. The evolving and emerging industrialization in China is stimulating the production and sales of the service trucks market. Projects such as the South-North water transfer project, Tianhuangping hydroelectric project, and the Beijing airport will deploy many service trucks, thus fueling the market’s growth in forthcoming years.
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Key Market Players in the Global Service Truck Market
The global players operating in the market, are:
- Daimler AG
- PACCAR Inc.
- Scania AB
- AB Volvo
- Ashok Leyland
- FAW Group Corporation
- Isuzu Motors Ltd.
- Ford Motor Company
- Tata Motors