Global Utility Truck Market Size research report 2021 offers in-depth assessment of revenue growth, market definition, segmentation, industry potential, influential trends for understanding the future outlook and current prospects for the market. This study provides information about the sales and revenue during the historic and forecasted period of (2021 to 2028). Understanding the segments helps in identifying the importance of different factors that aid market growth. Estimations about the CAGR value for specific forecast period, market drivers, market restraints, and competitive strategies are assessed in this Utility Truck Market report.

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2018 - DAF introduced the CF and LF electric trucks and the XF and CF hybrid trucks in 2018; Peterbilt developed the Model 579, Model 520, and Model 220 electric trucks, and Kenworth unveiled a T680 hybrid truck and two T680 hydrogen fuel cell models.

Drivers & Restraints

Rapid growth in manufacturing electric and hybrid vehicles is continuously propelling the growth of the market. Continuous focus by market players to innovate and introduce new electric trucks has led to the emergence of these trucks in the market. Furthermore, some of the key factors propelling the growth of the electric utility truck market are the enhancement of strict emission norms imposed on commercial trucks, commercial vehicles, and initiatives for the adoption of cleaner and zero-emission. Governments across the globe are putting regulatory norms on the truck and vehicle manufacturers to reduce carbon emission produced by the diesel fuel combustion, and to invest in the electric trucks. These factors are contributing to the growth of the electric utility truck market across the globe during the forecast period at a significant CAGR. For instance, DAF introduced the CF and LF electric trucks and the XF and CF hybrid trucks in 2018; Peterbilt developed the Model 579, Model 520, and Model 220 electric trucks; and Kenworth unveiled a T680 hybrid truck and two T680 hydrogen fuel cell models. These factors will propel the growth of the market during the forecast period at a significant CAGR.

Key players covered in the global Utility Truck Market research report:

Ford Motor Company
AB Volvo
BYD Motors, Inc.
Daimler AG
Rosenbauer International AG.
Navistar
Paccar
Pierce Manufacturing, Inc.
Others
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The global cold chain logistics market size is projected to hit USD 647.47 billion by 2028 and exhibit a CAGR of 15.1% during the forecast period. The surging need for temperature control to evade food losses and the growing consumer demand for perishable and convenience foods globally are driving the growth of the market. Fortune Business InsightsTM has presented this information in the report titled, “Cold Chain Logistics Market, 2021-2028”. The market size stood at USD 221.85 billion in 2020 and USD 242.39 billion in 2021. Cold chain logistics are the services that are designed to provide the perfect temperature-controlled and refrigerated transportation of food products.

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The solution providers have been able to tap into emerging markets such as India, Canada, and Japan due to the increasing government subsidies and initiatives. These favorable government initiatives and subsidies are anticipated to foster growth for the market.

Latest Industry Developments-

December 2020: AmeriCold Logistics LLC completed the acquisition of Agro Merchants Group. The acquisition will help the company to offer complimentary infrastructure in South America, Australia, and the U.S..
July 2020: Lineage Logistics LLC signed an agreement to acquire Ontario Refrigerated Services Inc., to enter the Canadian market.
Key Players in the Global Market are:

United States Cold Storage
NICHIREI LOGISTICS GROUP INC.
CONGEBEC LOGISTICS INC.
CONESTOGA COLD STORAGE
Kloosterboer
COLD BOX EXPRESS, INC.
AmeriCold Logistics LLC
Lineage Logistics Holding LLC
Burris Logistics
DRIVERS & RESTRAINTS

Increasing Government Initiatives and Subsidies to Propel Market Growth

The global population is increasing at an unparalleled pace. The dynamic dietary patterns and living standards augment the demand for packaged food products globally. The ever-increasing population's increasing demand for processed and perishable food products such as fruits & vegetables, fish, meat, and seafood, dairy & frozen desserts, and others is anticipated to drive the global cold chain logistics market growth.

The increasing globalization and the uplift of various trade barriers have boosted the global trade of food products. In recent years, the government’s efforts to reduce food wastage have augmented the demand for cold chain transportation solutions. The increasing governments' investments in cold chain transportation infrastructure development in developing countries such as India, Japan, South Korea, and China are likely to drive market growth. The increasing expansion of large retail channels such as Spar, Tesco, 7-Eleven, and others across developed and developing nations such as Germany, China, Argentina, and Brazil are anticipated to accumulate growth for the market. However, the cold chain services produce enormous amounts of greenhouse of greenhouse gases. This factor is likely to restrain the growth of the market.

COMPETITIVE LANDSCAPE

Key Players Upgrade Their Technologies to Offer Added Services to End-Users

The market is highly competitive and comprises several key players such as U.S. Cold Storage, VersCold Logistics Services, and AmeriCold Logistics LLC amongst the top players in the market. The key players emphasize on upgrading their technologies to ensure integrity, safety, and efficiency. They emphasize on increasing their multi-compartment reefer vehicle fleets to offer added services to their end-users. The key players simultaneously adopt ingenious growth strategies such as new product launches, technological advancements, partnerships, mergers, acquisitions, collaborations, and others to enhance their market presence and generate greater revenues.

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The global vehicle analytics market size is expected to reach USD 10.65 billion by 2028, exhibiting a CAGR of 24.06% during the forecast period. The growing demand for automotive analytics can have a tremendous impact on the global market growth, states Fortune Business Insights in a report titled “Vehicle Analytics Market, 2021-2028.” The market size stood at USD 2.03 Billion in 2020.

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Key Development:

April 2021: China Association of Automobile Manufacturers (CAAM) Introduced an automotive data storage platform for connected vehicles using blockchain technology.

The Report Lists the Key Companies in this Market:

SAP SE
IBM Corporation
Genetec Inc
Cloud Made Ltd.
HARMAN International Industries Inc.
Intelligent Mechatronic Systems
Microsoft
Agnik LLC
Pivotal Software, Inc.
Teletrac Navman
Driving Factor:

Rising Popularity of Autonomous Mobility to Bolster Growth

Automakers are already competing fiercely in the development of autonomous mobility. Furthermore, the foundation of autonomous mobility is data insights derived from automotive analytics. As a result, rising OEM investment in the development of self-driving or completely autonomous vehicles is expected to fuel market expansion in the coming years. Hyundai, for example, stated in February 2019 that it intends to invest USD 12.3 billion in sectors such as vehicle electrification, autonomous driving technologies, and mobility.

Furthermore, businesses like Uber, Tesla, and others are investing in the development of autonomous mobility, which is expected to enhance vehicle analytics market growth throughout the forecast period.

Competitive Landscape:

SAP SE to Dominate the Market

SAP SE, located in Germany, is a prominent provider of automotive analytics. Customers can use the company's automotive analytics software and services. With the use of online data analytics, SAP vehicle analytics software allows you to manage connected cars. Vehicle diagnostics, mobility as a service, fleet management, and analytics are all possible applications.

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