Specialty Vehicle Market Size, Share And Forecast To 2031

(MENAFN- Straits Research) Introduction

Any vehicle designed to serve a professional purpose is referred to as a specialty vehicle. They can be custom-built or modified from an existing vehicle. One of the most well-known forms of specialty vehicles is ambulances. Since there are so many domestic and international participants in the specialty vehicle industry , it is highly fragmented.

Market Dynamics Widescale Adoption of Specialty Vehicles to Skyrocket its Demand in the Market

Increasing government spending on law enforcement and healthcare facilities worldwide is driving demand for specialty vehicles. In 2018, the US spent 16.9% of GDP on healthcare, more than double the average OECD (Organization for Economic Cooperation and Development) country.

Many countries have increased their investment in healthcare facilities and purchased specialty vehicles
due to the ongoing COVID-19 outbreak. For example, the 108-ambulance network in India upgraded its COVID-19 dedicated fleet from 50 to 80 in June 2020 to serve patients in the Greater Chennai Corporation (GCC) districts. The network operates 223 ambulances specifically for COVID-19 across the state.

The increasing inclination of consumers for RV travel and camping activities has resulted in a steady increase in wholesale shipments over time. People's high preference for RV travel and camping is predicted to help the business grow in the future.

According to the US Travel Association, domestic leisure trips accounted for 1,821.2 million in 2018 and are predicted to reach 1,900 million by 2022. Even countries like Canada and Mexico have seen an upsurge in regional travelers in recent times. People visiting the country and citizens traveling to other regions of the country are currently opting for road travel throughout their vacations and holidays, boosting the market for RVs.

The rising demand for online rental services was primarily due to active commuters who travel short distances. Furthermore, the increasing popularity of road trips as a strategy to escape quarantine may contribute to growth. The post-lockdown phase is projected to increase the number of first-time purchasers, owing to significant contributions from the digitalization of services.

Mobile vaccine vehicle units will be required in various parts of the world. These units can provide improved vaccine storage facilities depending on the region's demands because some rural areas lack adequate healthcare services. Spending on mobile ICUs and ambulances is expected to rise rapidly during the projected period.

Natural catastrophes have been more common in recent years, prompting governments to respond by including special disaster management specialty vehicles in their plans to battle the problem and save lives. In Hyderabad, India, the Minister of Municipal Administration and Urban Development (MAUD) presented eight new trucks for the Disaster Response Force in November 2019. (DRF).

Following the outbreak of the COVID-19 pandemic, there was an upsurge in demand for specialized vehicles in many parts of the world, notably in developing and underdeveloped countries, whose healthcare systems were already vulnerable before the pandemic. The spread of the new virus aroused concerns about the need for ambulances and other mobile critical care units in rural and urban places where the government could identify faults in the healthcare system.

Regional Insights

The global specialty vehicle market is classified into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East and Africa.

In North America, the specialty vehicle market was dominated by the United States. It is expected to grow at a CAGR of 3.33%, generating market revenue of USD 33.56 billion by 2030. Local governments have been investing in new fire trucks for the past few years. For example, in February 2020, the Los Angeles Fire Department (LAFD) placed an order with Rosen Bauer for a new electric fire truck with a delivery date of 2021.

France had the largest share in Europe, while the rest of Europe is also rising exponentially. In addition to major commercial vehicle manufacturers, some small businesses are developing mobile medical vehicles. In March 2020, The Gruau Group, for instance, constructed a mobile dentistry unit with a radiological information system and a built-in Laval.

In the Asia-Pacific region, China had the biggest market share. Several Chinese companies dispatched ambulances to local authorities and neighboring nations during the COVID-19 outbreak. In April 2020, JAC Motors, for example, delivered over 300 ambulances to Kazakhstan's Ministry of Health in phases.

South America had the largest specialty vehicle market share. The country's local government is revamping its municipal operations, which would need the purchase of new cars in the coming months.

Key Highlights

• The global specialty vehicle market is predicted to grow at a CAGR of 3.21%, generating a revenue of USD 128.65 billion by 2030.
• By type,
  the others segment had the largest share and is expected to grow at a CAGR of 3.39%, generating market revenue of USD 79.75 billion by 2030.
• Based on application, in the specialty vehicle market, the medical and healthcare dominated the market and is expected to grow at a CAGR of 2.69%, generating market revenue of USD 43.92 billion by 2030.