The specialty vehicle market was valued at around USD 96. 81 billion in 2021, and it is likely to reach USD 116. 8 billion by 2027, registering a CAGR of 3. 16% during the forecast period (2022-2027).
New York, Jan. 25, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Specialty Vehicle Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)" - https://www.reportlinker.com/p06221882/?utm_source=GNW
In the year 2020, the market in focus witnessed a decline, primarily due to COVID-19 pandemic caused halt in transportation activities that disrupted the supply chain.
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 for travel, medical, and healthcare response vehicles, is expected to rise during the forecast period.
There has been a noticeable increase in travel activity across the world. According to the United Nations World Tourism Organization (UNWTO), the United States registered a total of 1862.2 million domestic trips in 2019. This number has been on a gradual rise from 2009 and was valued at 1,827.5 million trips in 2018, indicating the increase in demand for travel, and therefore the recreational vehicles used in these trips. The Bureau of Labor Statistics also estimated the annual household expenditure to be USD 336.02, which is expected to drive the domestic tourism market.
The economic growth in the latter half of the 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 require specialty vehicles. In August 2019, Los Angeles Airport started the acquisition of 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 factors ad instances are driving the growth of the Specialty Vehicles Market in geographies around the world.
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 the United States every 3 minutes, road accidents, etc. has le toad 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 have led to an increase in demand for ambulances, mobile pharmacies, and mobile ICUs. In many countries, the rise in demand for ambulances 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.
The increase in spending from governments worldwide on law enforcement and healthcare facilities is driving the demand for specialty vehicles. For instance, in FY 2019-2020, the United Kingdom spent around GBP 153 billion, with an increase of 2% compared to the previous year. According to the Public Expenditure Statistical Analyses 2019, the government spending on the law enforcement department in the United Kingdom during 2016-2017 was GBP 16.37 billion, which grew at a rate of 3.2%. During 2018-2019, it reached GBP 17.99 billion.
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 are propelling the growth of the 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 January 2020, the workshop of Brilliance Auto Group in northeast China’s Liaoning province, a production center for ambulances, delivered vehicles at a rapid pace as it delivered some 400 ambulances in just a few weeks. Apart from that, 30 units of specially designed ambulances were delivered in February.
In April 2020, JAC Motors delivered more than 300 ambulances to the Ministry of Health of Kazakhstan in batches.
Medical and healthcare response vehicles are another sector that 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. are expected to propel the market for medical specialty vehicles in near future.
The Specialty Vehicles Market is fairly fragmented with the presence of multinational players like Daimler, GM Group, Volvo AB, among other manufacturers. 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 September 2020, Bucher Municipal completed the acquisition of Spoutvac. The Spoutvac company is an Australian purpose-built manufacturer of industrial sewer and drain cleaning trucks and hydro excavation units.
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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