August 10, 2017
Wellesley, Mass., Aug 10, 2017 – In 2016, the global market for specialty commercial vehicle bodies and cab and chassis was nearly $67.8 billion. BCC Research estimates this market to increase at a 4.2% CAGR to reach $70.5 billion and $86.6 billion in 2017 and 2022, respectively. The market continues to recover from the financial meltdown, which notably slowed growth in all key markets, says a new BCC Research report.
Global Markets for Specialty Commercial Vehicles reports growth has been globally slower than it was before the financial meltdown. However, on a relative basis, the relationships between regions remain about the same. The highest growth is occurring in the Asia-Pacific region, driven mainly by China and India. In the Europe, the Middle East and Africa regions, growth is very slow. The growth rate in North America measures about half way between Asia-Pacific (5.7% CAGR) and the EMEA’s (1.7% CAGR). In Latin America, after a spurt of uncharacteristically strong growth in the early 2000s, principally driven by Brazil, the region has resumed slow growth.
China’s continued expansion is driving the concrete pumper truck bodies and cab and chassis product sector at a 4.8% CAGR, the highest among all product sectors. On a unit basis, dump (tipper) trucks are the largest product sector comprising 228,870 units in 2016, about 37% of the total units of the nine product categories in this report. On a dollar value basis, the most significant specialty commercial vehicle bodies and equipment product segment are the truck bodies for refuse collection, which had 16% of the market share of the nine categories of the equipment product sectors in 2016.
“The most fragmented specialty vehicle sectors are the flatbed (platform) trucks and dump (tipper) trucks. The most concentrated specialty vehicle sectors are concrete pumper trucks, street sweepers, concrete mixer trucks, and sewer and catch basin cleaners and industrial vacuum trucks,” says Jon Gabrielsen, BCC Research analyst and author of the report. “Sweepers have become concentrated by consolidation of the strongest competitors. The other three are very high unit cost machines, with very substantial intellectual capital that makes for a higher barrier to entry. Thus, there have always been relatively few suppliers in these three sectors.”
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at firstname.lastname@example.org.
Global Markets for Specialty Commercial Vehicles( IAS105B )
Publish Date: Jun 2017
Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC, 49 Walnut Park, Building 2, Wellesley, MA 02481, Telephone: 866-285-7215; Email: email@example.com as the source and publisher. Thank you.