Specialty Vehicle Market Overview:
In the automotive industry, special purpose vehicles are primarily manufactured to perform specific tasks. Consequently, these vehicles are equipped with special equipment to be driven by own engine or separately mounted engine. Most times, special purpose vehicles are heavy duty vehicles, such as dump trucks and tank trucks. However, special purpose vehicles also consist of dump trucks, concrete pumps, along with pneumatic bulk carriers, and tank trailers. These vehicles are utilized in various industries including chemical, petroleum, and construction. The global report on specialty vehicle market is studied and analysed on the basis of vehicle type, application and region.
Specialized vehicles mainly used in the construction and logistics sectors as well as garbage collection vehicles. The expansion of the construction industry in countries like China and India, with the active participation of the private sector, is expected to drive the specialized vehicle market during the forecast period. The expansion of the logistics sector is expected to drive the demand for special pneumatically powered bulk carriers and tank truck trailers, which in turn is expected to drive the market for the bulk carriers. Specialty Vehicle market is expected to register CAGR of 3.29% during the forecast period.
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Specialty Vehicle Market Dynamics:
Global tourism has seen a significant increase. According to the United Nations World Tourism Organization (UNWTO), the United States recorded a total of 1,862.2 million domestic trips in 2019. This number is increasing gradually from 2009 and is estimated at 1,827.5 million rides in 2018, indicating an increase in demand for rides and, therefore, recreational vehicles used for these trips. The Bureau of Labor Statistics also estimates annual household spending at $336.02, which is expected to boost the domestic tourism market indirectly helps in the specialty vehicle market growth.
Specialty Vehicle Market Segmentation:
The rise of pandemics and epidemics, automobile accidents, injuries sustained at home and at work, and government-sponsored healthcare initiatives are propelling the market for medical vehicles and specialised healthcare. One blood cancer case is diagnosed in the United States every three minutes, and as a result, the demand for blood has increased, fueling the expansion of the motorcycle industry. The demand for ambulances, mobile pharmacies, and mobile intensive care units has increased as a result of recent epidemics and pandemics like Ebola and COVID19. Ambulance demand has grown faster than population growth in many nations.
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Specialty Vehicle Market Key players:
- Oshkosh Corporation
- REV Group
- Alamo Group
- Rosenbauer
- ShinMaywa Industries
- Federal Signal
- XCMG
- Royal Terberg Group
- Bucher Industries
COVID-19 Impact on Specialty Vehicle market:
The Specialty Vehicle market has been significantly impacted by the COVID-19 outbreak. Facilities for the production of Specialty Vehicle have been put on hold because of the global economic downturn and a labour shortage. The COVID-19 pandemic has caused a sizable and protracted decline in production utilisation, and staff have been kept away from their facilities by travel bans and facility closures, which will slow the growth of the Specialty Vehicle market in 2020. On the other hand, the negative effects of COVID-19 on the market for Specialty Vehicle are anticipated to be transient, and the industry is anticipated to quickly recover by early 2021 due to strong demand for Specialty Vehicle.
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