January 14, 2019
WELLESLEY, Mass., Jan. 14, 2019 – The Asia-Pacific market for specialty commercial vehicles is quickly advancing due to rapid infrastructure development in the region, which has led to urbanization and the widespread development of smart cities, according to the BCC Research report “Asia-Pacific Markets for Specialty Commercial Vehicles.”
The Asia-Pacific market for specialty commercial vehicles was valued at $32.0 billion in 2018 and is expected to reach $42.3 billion by 2023 at a compound annual growth rate (CAGR) of 5.8%, according to the report.
Prominent players in the market include: Chengli Special Automobile Co., Ltd., China National Heavy Truck Group Co. Ltd., Dongfeng Motor Corporation, DY Corporation, Hualing Xingma Automobile Group Co. Ltd., Hubei Chenglongwei Special Purpose Vehicle Co., Ltd. and many others.
“Government focus on the improvement of healthcare quality in Asia-Pacific has led to an improvement in environmental-related issues such as sanitation by providing safe drinking water, improving sanitation facilities and promoting good hygiene practices,” the report states.
“Specialty commercial vehicles such as dump (tipper) trucks, refuse collection trucks, street sweeper and sewer, and catch basin cleaners will be the biggest beneficiary of this government drive to improve sanitation in this region.”
Opportunities in the Asia-Pacific Specialty Commercial Vehicles Market
Alternative powerchains – such as battery electric, hydrogen/fuel cell, compressed natural gas/liquefied natural gas, synthetic fuel and biofuel – are a prime market opportunity, as they are expected to reduce the overall carbon dioxide footprint. Another market opportunity is autonomous specialty commercial vehicles, which are anticipated to reduce costs and increase safety and efficiency at large.
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Asia-Pacific Markets for Specialty Commercial Vehicles( IAS144A )
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