The report presents an in-depth assessment of the Specialty Vehicle market including enabling technologies, key trends, market drivers, challenges, standardization, regulatory landscape, deployment models, operator case studies, opportunities, future roadmap, value chain, ecosystem player profiles, and strategies. The report also presents forecasts for Specialty Vehicle investments from 2021 till 2026.
The Specialty Vehicle Market is expected to exhibit a growth rate of more than 5% during the forecast period 2020 – 2025.
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Key Market Players:
Matthews Specialty Vehicles Inc., Force Motors Limited, LDV Inc., Specialty Vehicles Inc., Farber Specialty Vehicles, REV Group, Daimler AG, Volvo Group, General Motors Company, Spartan Motors Inc. (Shyft Group) and Other
– In 2018, Tata Motors formed a joint venture called JT Special Vehicles Private Limited (JTSV) with Jayem Automotives Private Limited for the development of special performance vehicles based on Tata Motors vehicles. JTSV, under the brand JTP, is working towards the performance and appearance enhancement of Tata Motors products.
– In October 2019, Lonestar Speciality Vehicles collaborated with Dana Incorporated to launch the completely electric terminal tractor. The Spicer Electrified e-Powertrain System is designed and produced by Dana to be used by Lonestar Speciality Vehicles as a fully electrified powertrain solution.
Key Market Trends
Medical And Healthcare Segment Is Expected To Exhibit The Highest Growth Rate
The rise in epidemics and pandemics, road accidents, household and industrial injuries, government sponsored healthcare programs etc. are leading to the market growth for medical and healthcare specialty vehicles. Growth is diseases such as blood cancer which affects a person in United States in every 3 minutes, road accidents, etc. has lead to the growth in demand for blood and this factor is propelling the market growth for bloodmobiles.
The recent epidemics and pandemics such as Ebola and Covid 19 outbreak has led to the increase in demand for ambulances, mobile pharmacies and mobile ICUs. In many countries, the rise in demand for ambulance surpassed the population growth rate. In New Zealand, the mobile operation theatre service started again after COVID 19 lockdown restrictions were lifted. With the rise and development of autonomous technology for vehicles, emergency medical vehicles are expected to be equipped with semi-autonomous driving assistance technology soon. However, patients are still reluctant to use autonomous emergency vehicles due to the limitations of their sensors and softwares.
The development in technologies such as collision avoidance systems, automatic lane vacation systems that automatically pulls over a vehicle after spotting lights and signals from ambulances, etc. are expected to propel the development of autonomous medical specialty vehicles in future.
North America To Exhibit The Highest Growth Rate During The Forecast Period
North America region is home to countries such as United States and Canada that are one of the largest investors in technology development. The advancements in technology developments is propelling the growth of specialty vehicles market in the region. Specialty vehicles are heavily used by small business in the United States for purposes such as food truck business, mobile showrooms, advertising and promotions, etc. Medical and healthcare response vehicles is another sector which holds a major share of the market and design and other innovative changes such as electric propulsion, separate patient compartment, negative pressure creation technology, UV disinfection, etc. is expected to propel the market for medical specialty vehicles in near future.
Law enforcement agencies in the United States and Canada are also investing in the development and procurement of new specialty vehicles. The development in armor technology has made it possible for police departments in the region to equip their vehicles with bulletproof armors.
In 2018, Louisville Metro Council Committee purchased a new BearCat armored car equipped with a 1500 gallon per minute water cannon. In January 2020, INKAS Group Of Companies was awarded the Innovation Business Of The Year award CanadianSME National Business Awards for its industry leadership in armored specialty vehicles. The aforementioned factors and instances are significantly driving the growth of market in the region.
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What are the market factors that are explained in the report?
Executive Summary: It includes key trends of the global Specialty Vehicle market related to products, applications, and other crucial factors. It also provides an analysis of the competitive landscape and CAGR and market size of the global Specialty Vehicle market based on production and revenue.
Production and Consumption by Region: It covers all regional markets focusing on the research study. It discusses prices and key players besides production and consumption in each regional market.
Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the global Specialty Vehicle market.
Market Segments: This part of the report discusses product type and application segments of the global Specialty Vehicle market based on market share, CAGR, market size, and various other factors.
Research Methodology: This section discusses the research methodology and approaches Specialty Vehicle used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.
Finally, the Specialty Vehicle Market report is a believable source for gaining Market research that will exponentially accelerate your business. The report gives the principle locale, economic situations with the item value, benefit, limit, generation, supply, request, and Market development rate and figure, and so on. This report additionally Present a new task SWOT examination, speculation attainability investigation, and venture return investigation.
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Note: All the reports that we list have been tracking the impact of COVID-19 on the market. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.
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