Service Trucks Market Report 2024

This Service Trucks market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The service trucks market size has grown strongly in recent years. It will grow from $33.1 billion in 2023 to $35.83 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to the expansion of construction activities, growth in mining and agriculture sectors, rising demand for field service operations, increasing urbanization, and the rise of emergency roadside assistance services.

The service trucks market size is expected to see strong growth in the next few years. It will grow to $49.79 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth during the forecast period can be attributed to the increasing demand for on-site maintenance, rising demand for construction equipment, expanding logistics and supply chains, higher insurance costs, and evolving trade policies. Key trends expected during this period include technological advancements, the development of autonomous technologies, the integration of augmented reality, the adoption of digital platforms, and the incorporation of artificial intelligence (AI).

The expanding construction industry is projected to drive the growth of the service trucks market in the future. This sector involves the planning, design, and construction of infrastructure and buildings, including residential, commercial, and industrial projects. The growth of the construction industry is fueled by urbanization, population increases, infrastructure development, government investments, and advancements in building technologies. Service trucks are essential in the construction industry, providing on-site maintenance and repairs, delivering tools and equipment, offering emergency support, and managing routine maintenance for construction vehicles and machinery, thereby ensuring continuous operations and reducing downtime. For instance, in July 2024, the US Census Bureau, a US-based government agency, reported that the value of construction operations rose from $2.01 trillion in May 2023 to $2.14 trillion in May 2024. As a result, the growth of the construction industry is driving the demand for service trucks.

Leading companies in the service trucks market are concentrating on developing innovative products, such as EV Star trucks, to enhance their vehicles' capabilities and efficiency in response to increasing demand for electric and eco-friendly transportation solutions. EV Star trucks are electric service vehicles designed to offer environmentally friendly, zero-emission transportation solutions for commercial use. For example, in April 2024, GreenPower Motor Company Inc., a Canada-based manufacturer of electric buses, launched the GreenPower EV Star Utility Truck, a new utility vehicle designed for business fleets. This truck features a robust electric powertrain that delivers zero emissions, contributing to cleaner urban environments. The EV Star Utility Truck also includes advanced telematics and connectivity features, allowing fleet managers to monitor vehicle performance and optimize routes effectively. Its spacious cargo area is designed for versatile use, accommodating various equipment and goods.

In January 2022, Hub Truck Rental Corporation, a US-based truck rental agency, acquired Public Service Truck Renting for an undisclosed amount. This acquisition is aimed at expanding Hub Truck’s fleet offerings, enhancing its service capabilities, and strengthening its market position by incorporating Public Service Truck Renting’s specialized service trucks into its portfolio. This will provide a more comprehensive range of rental and leasing solutions to meet diverse customer needs. Public Service Truck Renting Inc. is a US-based company that offers service trucks as part of its rental fleet.

Major companies operating in the service trucks market are Ford Motor Company, Tata Motors Limited, Paccar Inc., Dongfeng Motor Corporation, Navistar International Corporation, Altec Industries Inc., Knapheide Manufacturing Company, Scelzi Enterprises Inc., Dakota Bodies Inc., General Truck Body Manufacturing Company, Maintainer Corporation of Iowa Inc., ORH Truck Solutions, Isuzu Commercial Vehicles, Mega Corporation, Duramag LLC, A&H Equipment, Public Service Truck Renting, Jacon Technologies, JOMAC LTD, STG Global, AES Equipment Solutions, International Trucks, Plantman Equipment, Ryder System Inc.

Asia-Pacific was the largest region in the service trucks market in 2023. The regions covered in the service trucks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the service trucks market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Service trucks are specialized vehicles equipped with tools, equipment, and supplies for on-site maintenance, repair, and support services. They are used for various functions, including vehicle repairs, emergency response, and servicing equipment or machinery in locations where access to a workshop or service facility may be limited.

The primary types of service trucks include utility trucks, mechanic trucks, mobile service trucks, fuel and lube trucks, crane trucks, and others. Utility trucks are versatile vehicles designed to support a range of tasks, such as transporting equipment, materials, and personnel for utility companies, municipalities, and service providers. Fuel trucks come in internal combustion engine (ICE) and electric models and are used across several industries, including construction, government and public utilities, mining, agriculture, transportation and logistics, emergency services, and others.

The service trucks market research report is one of a series of new reports that provides service trucks market statistics, including service trucks industry global market size, regional shares, competitors with a service trucks market share, detailed service trucks market segments, market trends and opportunities, and any further data you may need to thrive in the service trucks industry. This service trucks market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The service trucks market consists of revenues earned by entities by providing services maintenance and repair services, utility services, lubrication services, and transportation services. The market value includes the value of related goods sold by the service provider or included within the service offering. The service trucks market consists of sales of service body trucks, dump trucks, tow trucks, fire trucks, and ambulance trucks. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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