In the automotive industry, special purpose vehicles are primarily manufactured to perform specific tasks. Consequently, these vehicles are equipped with special equipment to be driven by own engine or separately mounted engine. Most times, special purpose vehicles are heavy duty vehicles, such as dump trucks and tank trucks. However, special purpose vehicles also consist of dump trucks, concrete pumps, along with pneumatic bulk carriers, and tank trailers. These vehicles are utilized in various industries including chemical, petroleum, and construction.
Special purpose vehicles are mostly employed in the construction and logistic sectors as well as garbage collection vehicles. Expansion of the construction industry in countries, such as China and India, owing to active participation from the private sector, is anticipated to boost the special purpose vehicle market during the forecast period. Expansion of the logistic sector is anticipated to fuel the demand for special purpose pneumatic bulk carriers and tank trailers, which in turn is projected to boost the special purpose vehicle market.
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The special purpose vehicle market can be segmented based on application, end-use industry, and region. Based on application, the special purpose vehicle market can be classified into concrete pumps, dump trucks, bulk carriers, and others. Requirement of precise machinery and demand for highly technical machinery in the construction sector is anticipated to boost the demand for concrete pumps. Similarly, rising demand for special dump trucks for activities such as garbage collection and construction activities and others likely to grow special purpose vehicle market.
Based on end-use industry, the special purpose vehicle market can be divided into chemical, logistic, construction, and others. Construction industry is likely to play crucial role in the special purpose vehicle market. Expansion of the construction industry, due to rapid urbanization, government investments in construction projects, and considerable involvement of the private sector in construction, is anticipated to drive the special purpose vehicle market during the forecast period. However, the logistic industry is also expanding significantly due to expansion of the e-commerce industry across the globe. Rise in utilization of pneumatic bulk carriers and tank trailers in the logistics sector is expected to drive the special purpose vehicle market during the forecast period. Petroleum and chemical companies also employ special purpose tankers to carry inflammable fluids and oil.
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In terms of region, the special purpose vehicle market can be segregated into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The construction industry is China is expanding rapidly and was valued at US$ 816.6 Bn in 2017. Expansion of construction companies and active participation from the private sector drive the construction industry in the country. Similarly, in India, the construction industry includes real-estate and urban development segments. Government bodies and the private sector are likely to spend US$ 454.8 Bn on construction projects between 2015 and 2024, of which 70% of funds are likely to be invested in power, roads, and urban infrastructure. Furthermore, expansion of logistics and warehouse industries, due to the presence of prominent automobile and e-commerce sectors, is anticipated to boost the demand for special purpose vehicles during the forecast period.
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Key players operating in the special purpose vehicle market are Kyokuto Kaihatsu Kogyo Co., Ltd, Nandan GSE, Hi-Tech Services, and Seamless Autotech Pvt. ltd.
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