Global Service Truck Bodies Market is expected to reach USD 2,201.1 million by 2031.

According to a recent market study published by Growth Market Reports, titled, “Global Service Truck Bodies Market by Type, by Application, by Region: Size, Share, Trends and Opportunity Analysis, 2016-2031”, the market was valued at USD 1,369.3 Million in 2022 and is expected to grow at a moderate growth rate of 5.5% by the year 2031.

As per Growth Market Reports industry analyst Shubham Khairnar, “Global Service Truck Bodies Market is anticipated to witness significant growth during the forecast period 2022-2030. Service truck bodies are utility bodies with specific characteristics designed to meet the demand for service-related enterprises, such as plumbing, construction, and electrical services. These bodies are mounted on the back of a truck chassis and are frequently designed to fit the user's particular tools and equipment. A service body assists drivers to compartmentalize what they need each day, which saves them time and energy. Service truck bodies are ideal for applications where weight is important, such as in the utility and telecommunication sectors.

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Key factors that are anticipated to fuel the demand for the global service truck bodies market during the forecast period are Increasing demand for specialized vehicles in construction activities and infrastructure development projects, and rising adoption of the service truck bodies in the logistics and transportation sector. Conversely, the overall high cost of service truck bodies hinders the market growth and may hamper the market growth of the service truck bodies market. Rising adoption of lightweight materials in the manufacturing of service truck bodies in multiple sectors including waste management, oil and gas, and others, and rising adoption and development of electric trucks create opportunities in the market.

Supply chain management is a pivotal part of any business. A supply chain involves a series of steps to get service truck bodies, products, sizes, and distribution from their primary state to customers. These steps include development, engagement with customers, and delivering and supporting the service truck bodies. Entities in the supply chain include raw material suppliers, manufacturers, logistics, warehouses, finance, distributors, and customers.

The primary, as well as secondary research methodology, is used for keen observation and study of the service truck bodies market. The primary research methodology involves commercial agreements made with the primary respondents as well as consulting partners to extract critical information pertaining to the syndicated as well as consulting projects. Primary interviews were conducted with the stakeholders across industry verticals at regular intervals in line with the ongoing studies and to keep ourselves abreast with the latest market trends & developments. Validation of the estimated market size, and current and future trends done by the key opinion leaders (KOLs). These KOLs are the CXO level people from leading companies in the industry and possess experience of around 10-20 years in the industry. On the other hand, the secondary research methodology involves exhaustive desk research undertaken to understand the prevailing market trends & dynamics, market competition, customer insights, and other KPIs. Company websites, their SEC filings, annual reports, broker & financial reports, and investor presentations are scanned for understanding the competitive scenario, details and developments, and the overall competitive landscape. Regional government and statistical databases were analyzed for macro & micro analysis. Research publications and paid data are referred to obtain and validate the market estimations, budget, expenditure, and other statistical insights.

The Coronavirus disease 2019 (COVID-19) pandemic highlighted economic disparities, global interdependence, and governance challenges. Pandemics are isolated concerns for businesses and prospects for emerging patterns and vulnerabilities. Companies investing in political, business, and financial stability, as opposed to decreasing global risks, implemented strategies to overcome the pandemic. In current scenario, COVID-19 is hampering the production process of several manufacturing industries and businesses. COVID-19 hampered R&D activities in the service truck bodies market, due to social distancing and less access to manufacturing plants, which hampered the manufacturing industry. A majority of research activities were halted, due to social distancing regulations during the pandemic. As COVID-19 spread in the regions, various governments shut down public gatherings, travel, and major projects to protect people from the virus.

Key Takeaways from the Study:

• In terms of type, the steel segment accounted for a substantial share of the market in 2022 and is expected to expand at a substantial CAGR during the forecast period.

• Based on application, the construction segment accounted for a substantial share of the market in 2022 and is expected to expand at a substantial CAGR during the forecast period.

Report Scope:

Target Audience:

• Supply-side: Manufacturers, Raw Material Suppliers, and Distributors

• Demand Side: Government Agencies, Consulting Firms, Private Research and Development Firms, Equity Firms, and Investment Firms.