Service Truck Bodies Market Size, Share & Growth Report 2031
Service Truck Bodies Market Size, Share & Growth Report 2031
Segments - Service Truck Bodies Market by Type (Steel, Aluminum, Fiberglass, Others), Application (Construction, Mining, Utility, Other Applications), and Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023 – 2031
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Report Description
Service Truck Bodies Market Outlook
The global Service Truck Bodies market was valued at USD 1,369.3 million in 2022 and is projected to reach USD 2,201.1 million by 2031, expanding at a CAGR of 5.5% during the forecast period.
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. High demand for lightweight service trucks in the construction and mining industries fuels the market. Increasing demand for service trucks across the logistics and transportation sector, owing to the immense growth of the e-commerce industry, is driving the market.
Furthermore, growing demand for passenger automobiles, ongoing technological developments, and rising safety concerns are fueling the market. However, lack of availability of raw materials such as aluminum alloy plates and steel plates due to their scarcity, which is hampering the market.
Service Truck Bodies Market Dynamics
Market Driver- Increasing Demand for Specialized Vehicles in Construction Activities and Infrastructure Development Projects
The demand for service truck bodies is driven by rising construction activities around the globe and a surge in government investments in infrastructure development projects. These infrastructure development projects and the construction sector require special-purpose service trucks to transport heavy equipment and machinery.
According to the Asian Development Bank Report, infrastructure development project investments in developing countries are expected to reach 22.6 trillion by 2030 in Asia Pacific countries. The infrastructure investments in the Asia Pacific countries such as India, China, and ASEAN countries are growing with around USD 1.5 trillion annually.
Additionally, the Government of India has planned an investment of around USD 4 billion for infrastructure development projects. These projects require various special-purpose vehicles such as service truck bodies, and utility vehicles to handle construction materials.
Rising spending on construction activities across the globe is driving the market. According to the above-stated organization, the new construction activities spending is expected to reach around USD 17.5 trillion by 2030.
Among these, around 60% of the global infrastructure project investment is in emerging economies such as India, Brazil, Japan, Mexico, China, and ASEAN countries. Rising investments in infrastructure development projects and a surge in construction activities are driving the market.
Market Driver- Rising Adoption of the Service Truck Bodies in the Logistics and Transportation Sector
The rising adoption of the service truck bodies in the logistics and transportation sector owing to the increase in e-commerce sales of the goods is driving the market. Various transportation & logistics firms are implementing service truck bodies to pick up and deliver goods to the required locations.
Increasing logistics sales and the rising adoption of these service body trucks have propelled the service body trucks market. According to the World Bank Report in 2020, the logistics sector generated revenue of around USD 4.5 trillion. The growth of the logistics sector is attributed to the expansion of e-commerce sales and surge in the consumer preference for online shopping.
Market Restraint- Overall High Cost of Service Truck Bodies
High cost of service truck bodies is owing to the high cost of raw materials and high maintenance and repair costs is hampering the market. Increased prices of raw materials have a domino effect on various aspects of the market, as explained below. Firstly, the high cost of raw materials has a direct impact on the manufacturing cost of service truck bodies. Steel and aluminum are costly raw materials for manufacturers to purchase, which increases production prices.
The final product become costly as a result of these costs being transferred to the consumers. For instance, a report published in 2021, by the American Trucking Association stated that growing steel prices were a significant factor in the rising expenses of truck manufacture, which impacts on trucks' overall affordability.
Market Opportunity- Growing Adoption of the Lightweight Materials
Rising adoption of lightweight materials such as carbon fiber, fiberglass, and other composite materials in the manufacturing of service truck bodies creates significant opportunity in the global market. The key players are developing and designing the service truck bodies with these lightweight materials to meet the end-use industries' demand.
For instance, in May 2022, Metso Outotec industrial technology firm launched new service truck bodies which are lightweight and made with hybrid truck bowls. The company used high-strength-based steel and rubber for manufacturing.
The company designed these truck bodies with lower hauling costs lighter in weight for safer work environments and with maximum payload capacity. Additionally, the introduction of lightweight materials and improved fabrication techniques contribute to increased fuel efficiency and overall vehicle performance.
Despite global economic uncertainties, the rising demand for service truck bodies is expected to continue, supported by rising infrastructural development projects, government funding for waste management vehicles, increased emphasis on workplace safety, and growing environmental consciousness represents a significant opportunity for the service truck bodies market.
Scope of Service Truck Bodies Market Report
The report on the global Service Truck Bodies Market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Service Truck Bodies Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016-2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
by Type (Steel, Aluminum, Fiberglass, Others), by Application (Construction, Mining, Utility, Other Applications) |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
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Key Players Covered |
The Shyft Group, Reading Truck Group, Austin Engineering, Summit Truck Bodies, STAHL / Scott Fetzer Company, Maintainer Corporation of Iowa, Inc., Scelzi Enterprises, Inc., Dover Corporation (Heil), BrandFX Body Company, Morgan Truck Body, CM Truck Beds, KNAPHEIDE, Federal Signal Corporation (Crysteel). |
Service Truck Bodies Market Segmental Outlook
The global Service Truck Bodies Market is segmented on the basis of type, application, and region.
In terms of type, the Service Truck Bodies market is segmented into steel, aluminum, fiberglass, and others. The steel segment is expected to dominate the market in 2022 owing to its robust construction, high strength, and excellent durability.
On the basis of application, the service truck bodies market is segmented into construction, mining, utility, and others. The construction segment is expected to hold a substantial share of the market during the forecast owing to the increasing investment by the government in various infrastructural projects including commercial and residential buildings.
Regional Outlook
Based on regions, the service truck bodies market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The service truck bodies in North America are driven by the presence of major market players in the region. Moreover, a rise in infrastructural development is anticipated to drive the regional market growth.
Key Benefits for Industry Participants & Stakeholders
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In-depth Analysis of the global Service Truck Bodies Market
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Historical, Current, and Projected Market Size in terms of Value and Volume
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Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
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Industry Drivers, Restraints, and Opportunities Covered in the Study
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Recent Industry Trends and Developments
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Competitive Landscape & Strategies of Key Players
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Neutral Perspective on Global Service Truck Bodies Market
Segments
By Type
- Steel
- Aluminum
- Fiberglass
- Others
By Application
- Construction
- Mining
- Utility
- Others
By Regions
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Market Players Profiled in the Report
- The Shyft Group
- Reading Truck Group
- Austin Engineering
- Summit Truck Bodies
- STAHL / Scott Fetzer Company
- Maintainer Corporation of Iowa, Inc.
- Scelzi Enterprises, Inc.
- Dover Corporation (Heil)
- BrandFX Body Company
- Morgan Truck Body
- CM Truck Beds
- KNAPHEIDE
- Federal Signal Corporation (Crysteel)
Competitive Landscape
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Top players in the market include The Shyft Group, Reading Truck Group, Austin Engineering, Summit Truck Bodies, STAHL / Scott Fetzer Company, Maintainer Corporation of Iowa, Inc., Scelzi Enterprises, Inc., Dover Corporation (Heil), BrandFX Body Company, Morgan Truck Body, CM Truck Beds, KNAPHEIDE, Federal Signal Corporation (Crysteel).
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These companies are considered key manufacturers of service truck bodies based on their revenue, product offerings, regional presence, and supply chain management system.
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The players are adopting key strategies such as acquisition, collaborations, and geographical expansion where potential opportunities for the service truck bodies market.
Frequently Asked Questions
The base year considered for the global service truck bodies market report is 2022. The complete analysis period is 2016 to 2031, wherein, 2016 to 2021 are the historic years, and the forecast is provided from 2023 to 2031.
In addition to market size (in US$ Million), company market share (in % for the base year 2021) is provided.
The market is expected to witness a significant decrease in growth between 2019 and 2020 owing to the COVID 19 pandemic in the service truck bodies market.
Major Manufacturers are The Shyft Group, Reading Truck Group, Austin Engineering, Summit Truck Bodies, STAHL / Scott Fetzer Company, Maintainer Corporation of Iowa, Inc., Scelzi Enterprises, Inc., Dover Corporation (Heil), BrandFX Body Company, Morgan Truck Body, CM Truck Beds, KNAPHEIDE, Federal Signal Corporation (Crysteel).
Factors such as technological advancement, international trade, and rising sales of new truck vehicles are analyzed in the final report.
The major types of Service Truck Bodies are steel, aluminum, fiberglass, and others.
According to the Dataintelo Report, the global Service Truck Bodies market is likely to register a CAGR of 5.5% during the forecast period 2023-2031, with an anticipated valuation of USD 2,201.1 million by the end of 2031.
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 are expected to drive market growth during the forecast period.
Factors such as competitive strength and market positioning are key areas considered while selecting top companies to be profiled.
Additional company profiles can be provided on request. For a discussion related to above findings, click Speak to Analyst
Table Of Content
Chapter 1 Executive SummaryChapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Service Truck Bodies Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Service Truck Bodies Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Service Truck Bodies Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Service Truck Bodies Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Service Truck Bodies Market Size & Forecast, 2016-2031
4.5.1 Service Truck Bodies Market Size and Y-o-Y Growth
4.5.2 Service Truck Bodies Market Absolute $ Opportunity
Chapter 5 Global Service Truck Bodies Market Analysis and Forecast By Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities By Type
5.1.2 Basis Point Share (BPS) Analysis By Type
5.1.3 Absolute $ Opportunity Assessment By Type
5.2 Service Truck Bodies Market Size Forecast By Type
5.2.1 Steel
5.2.2 Aluminum
5.2.3 Fiberglass
5.2.4 Others
5.3 Market Attractiveness Analysis By Type
Chapter 6 Global Service Truck Bodies Market Analysis and Forecast By Application
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities By Application
6.1.2 Basis Point Share (BPS) Analysis By Application
6.1.3 Absolute $ Opportunity Assessment By Application
6.2 Service Truck Bodies Market Size Forecast By Application
6.2.1 Construction
6.2.2 Mining
6.2.3 Utility
6.2.4 Others
6.3 Market Attractiveness Analysis By Application
Chapter 7 Global Service Truck Bodies Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Service Truck Bodies Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Service Truck Bodies Analysis and Forecast
9.1 Introduction
9.2 North America Service Truck Bodies Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Service Truck Bodies Market Size Forecast By Type
9.6.1 Steel
9.6.2 Aluminum
9.6.3 Fiberglass
9.6.4 Others
9.7 Basis Point Share (BPS) Analysis By Type
9.8 Absolute $ Opportunity Assessment By Type
9.9 Market Attractiveness Analysis By Type
9.10 North America Service Truck Bodies Market Size Forecast By Application
9.10.1 Construction
9.10.2 Mining
9.10.3 Utility
9.10.4 Others
9.11 Basis Point Share (BPS) Analysis By Application
9.12 Absolute $ Opportunity Assessment By Application
9.13 Market Attractiveness Analysis By Application
Chapter 10 Europe Service Truck Bodies Analysis and Forecast
10.1 Introduction
10.2 Europe Service Truck Bodies Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Service Truck Bodies Market Size Forecast By Type
10.6.1 Steel
10.6.2 Aluminum
10.6.3 Fiberglass
10.6.4 Others
10.7 Basis Point Share (BPS) Analysis By Type
10.8 Absolute $ Opportunity Assessment By Type
10.9 Market Attractiveness Analysis By Type
10.10 Europe Service Truck Bodies Market Size Forecast By Application
10.10.1 Construction
10.10.2 Mining
10.10.3 Utility
10.10.4 Others
10.11 Basis Point Share (BPS) Analysis By Application
10.12 Absolute $ Opportunity Assessment By Application
10.13 Market Attractiveness Analysis By Application
Chapter 11 Asia Pacific Service Truck Bodies Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Service Truck Bodies Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Service Truck Bodies Market Size Forecast By Type
11.6.1 Steel
11.6.2 Aluminum
11.6.3 Fiberglass
11.6.4 Others
11.7 Basis Point Share (BPS) Analysis By Type
11.8 Absolute $ Opportunity Assessment By Type
11.9 Market Attractiveness Analysis By Type
11.10 Asia Pacific Service Truck Bodies Market Size Forecast By Application
11.10.1 Construction
11.10.2 Mining
11.10.3 Utility
11.10.4 Others
11.11 Basis Point Share (BPS) Analysis By Application
11.12 Absolute $ Opportunity Assessment By Application
11.13 Market Attractiveness Analysis By Application
Chapter 12 Latin America Service Truck Bodies Analysis and Forecast
12.1 Introduction
12.2 Latin America Service Truck Bodies Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Service Truck Bodies Market Size Forecast By Type
12.6.1 Steel
12.6.2 Aluminum
12.6.3 Fiberglass
12.6.4 Others
12.7 Basis Point Share (BPS) Analysis By Type
12.8 Absolute $ Opportunity Assessment By Type
12.9 Market Attractiveness Analysis By Type
12.10 Latin America Service Truck Bodies Market Size Forecast By Application
12.10.1 Construction
12.10.2 Mining
12.10.3 Utility
12.10.4 Others
12.11 Basis Point Share (BPS) Analysis By Application
12.12 Absolute $ Opportunity Assessment By Application
12.13 Market Attractiveness Analysis By Application
Chapter 13 Middle East & Africa (MEA) Service Truck Bodies Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Service Truck Bodies Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Service Truck Bodies Market Size Forecast By Type
13.6.1 Steel
13.6.2 Aluminum
13.6.3 Fiberglass
13.6.4 Others
13.7 Basis Point Share (BPS) Analysis By Type
13.8 Absolute $ Opportunity Assessment By Type
13.9 Market Attractiveness Analysis By Type
13.10 Middle East & Africa (MEA) Service Truck Bodies Market Size Forecast By Application
13.10.1 Construction
13.10.2 Mining
13.10.3 Utility
13.10.4 Others
13.11 Basis Point Share (BPS) Analysis By Application
13.12 Absolute $ Opportunity Assessment By Application
13.13 Market Attractiveness Analysis By Application
Chapter 14 Competition Landscape
14.1 Service Truck Bodies Market: Competitive Dashboard
14.2 Global Service Truck Bodies Market: Market Share Analysis, 2022
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 The Shyft Group
14.3.2 Reading Truck Group
14.3.3 Austin Engineering
14.3.4 Summit Truck Bodies
14.3.5 STAHL / Scott Fetzer Company
14.3.6 Maintainer Corporation of Iowa, Inc.
14.3.7 Scelzi Enterprises, Inc.
14.3.8 Dover Corporation (Heil)
14.3.9 BrandFX Body Company
14.3.10 Morgan Truck Body
14.3.11 CM Truck Beds
14.3.12 KNAPHEIDE
14.3.13 Federal Signal Corporation(Crysteel)
Methodology
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