Specialty Vehicle Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Specialty Vehicle Market is segmented by Type (Ambulances, Fire Extinguishing Trucks, Mobile Fuel Carrying Tankers, and Other Types), Application (Law Enforcement and Public Safety, Medical and Healthcare, Recreational Vehicles, and Other Services), and Geography (North America, Europe, Asia-Pacific, and Rest of the World). The report offers market size and forecasts for specialty vehicles in terms of value (USD billion) for all the above segments.

Specialty Vehicle Industry Overview

Specialty Vehicle Market Summary
Study Period: 2018 - 2028
Fastest Growing Market: Asia-Pacific
Largest Market: Asia-Pacific
CAGR: 3.16 %

Major Players

Specialty Vehicle Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Specialty Vehicle Market Analysis

Currently, the specialty vehicle market was valued at around USD 96.81 billion last year, and it is expected to reach USD 116.8 billion, registering a CAGR of 3.16% during the forecast period.

The market for specialty vehicle market experienced a decline in 2020, primarily owing to the COVID-19 pandemic, which caused a halt in transportation activities, disrupting the supply chain. However, after the lockdown measures were revoked, the market started witnessing significant growth as governing bodies across the world started investing heavily in healthcare facilities and emergency services, and associated equipment.

Over the long term, the expansion of the construction industry in countries such as China and India, with active participation from the private sector, is expected to drive the specialized vehicle market. The expansion of the logistics sector is expected to drive the demand for special pneumatically powered bulk carriers and tank truck trailers, which will drive the bulk carrier market. Therefore, players are also focusing on developing innovative products. For instance,

  • In October 2022, GAZ began manufacturing commercial vehicles GAZelle Next at the AvtoVAZ Argun plant in Chechenavto. The model can also be used for school buses, ambulances, housing, and community services.

Moreover, manufacturers are also focusing on lowering costs, new service model requirements, providing appealing services due to shifting platforms, and rising material and production prices. Customers' purchasing habits in the specialty vehicle industry are changing dramatically, particularly when it comes to product customization. As the demand for customization grows, OEMs face more options and complexity.

Asia-Pacific is anticipated to witness the highest CAGR over the forecast period, followed by Europe and North America. The usage of these vehicles by small businesses in the United States for purposes such as food truck businesses, mobile showrooms, and advertising and promotions, along with the demand for travel, medical, and healthcare response vehicles, is expected to rise during the forecast period.

Specialty Vehicle Industry Segments

A specialty vehicle is any vehicle that is designed and manufactured specifically for a particular operation. They can be built from scratch or modified from an existing vehicle.

The Specialty Vehicle Market is segmented by Type (Ambulances, Fire Extinguishing Trucks, Mobile Fuel Carrying Tankers, and Other Types), Application (Law Enforcement and Public Safety, Medical and Healthcare, Recreational Vehicles, and Other Services), and Geography (North America, Europe, Asia-Pacific, and Rest of the World). The report offers market size and forecasts for specialty vehicles in terms of value (USD billion) for all the above segments.

By Type
Ambulances
Fire Extinguishing Trucks
Mobile Fuel Carrying Tankers
Other Types
By Application Type
Law Enforcement And Public Safety
Medical And Healthcare
Recreational Vehicles
Other Services
By Geography
North America
United States
Canada
Rest of North America
Europe
Germany
United Kingdom
France
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Rest of the World
South America
Middle East and Africa

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Specialty Vehicle Market Trends

This section covers the major market trends shaping the Specialty Vehicle Market according to our research experts:

Increase in Spending on Law Enforcement and Healthcare Facilities

The rise in epidemics and pandemics, traffic accidents, household and industrial injuries, and government-sponsored healthcare programs is driving demand for medical and healthcare specialty vehicles. Diseases such as blood cancer, which affect one person every three minutes in the United States, have increased the demand for blood, propelling the market growth for bloodmobiles.

Recent epidemics and pandemics, such as the Ebola and COVID-19 outbreaks, have increased demand for ambulances, mobile pharmacies, and mobile intensive care units. In many countries, the increase in demand for ambulances has outpaced population growth. Several countries are using advanced healthcare vehicles to cater to health emergencies. For instance, after the COVID-19 lockdown restrictions were lifted, the mobile operation theatre service resumed in New Zealand. With the rise and development of autonomous vehicle technology, emergency medical vehicles are expected to be outfitted with semi-autonomous driving assistance technology in the near future. The increase in global government spending on law enforcement and healthcare facilities is driving the demand for specialty vehicles.

Moreover, the number of specialty vehicles in use in Japan reached 1.77 million last year, up from around 1.64 million in 2012. As a result, the number of SPVs increased steadily over the previous decade.

Specialty Vehicle Market - Number of Specialty vehicles in use in Japan from 2016 to 2021

Asia-Pacific to Exhibit the Highest Growth Rate Over the Forecast Period

Asia-Pacific is anticipated to lead the specialty vehicle market. The advancements in technology developments are propelling the growth of the specialty vehicles market in the region. Various companies have delivered ambulances to local authorities and other countries during the COVID-19 pandemic. However, post-pandemic, there have also been new developments in ambulances as companies are getting into a strategic collaboration and launching advanced ambulances. 

For instance, in October 2022, Medulance Healthcare, an emergency medical response service provider, launched a 5G-Smart connected ambulance in collaboration with Reliance Jio, the country's largest telecom operator.

In May 2022: At the EV Expo 2022, India's first EV emergency responder will be unveiled. The AmbulanceMe app is compatible with the Made in India Electric first responder vehicle.

The medical and healthcare response vehicles sector is another sector that holds a major share of the market. Design and other innovative changes such as electric propulsion, separate patient compartment, negative pressure creation technology, and UV disinfection are expected to propel the medical specialty vehicle market in the near future.

Specialty Vehicle Market, Growth Rate (%), By Region, (2022 - 2027)

Specialty Vehicle Market Competitor Analysis

The specialty vehicle market is fairly fragmented, with multinational players including Daimler, GM Group, and Volvo AB. Many acquisitions, joint ventures, and investments in electric and autonomous driving technology are taking place in the market.

For instance, in February 2022, Lightning eMotors announced a new partnership with General Motors, making it the first GM Specialty Vehicle Manufacturer (SVM) to develop 100% electric Class 3 through 6 medium-duty commercial vehicles. Shuttles, delivery trucks, ambulances, and school buses are all supported by GM chassis.

Specialty Vehicle Market Top Players

  1. Daimler AG

  2. Volvo Group

  3. General Motors Company

  4. REV Group

  5. Oshkosh Corporation

*Disclaimer: Major Players sorted in no particular order

Specialty Vehicle Market Concentration

Specialty Vehicle Market Recent Developments

  • Jun 2022: Minsk Automobile Plant (MAZ) announced the launch of the MAZ minibus line. New products MAZ-281040 and MAZ-365022 were introduced at the event. MAZ-365022 is a light-duty commercial vehicle. This vehicle can be used to transport anything from a manufactured goods van to an ambulance.
  • Mar 2021: Mercedes-Benz Vans announced that it was electrifying its ambulance vehicles based on the eSprinter. With a range of 120 km and a top speed of up to 120 km/h, Mercedes-Benz Vans and its partner "Ambulanz Mobile GmbH & Co. KG" from Schönebeck in Saxony-Anhalt have used the eSprinter as the basis of its first fully electric vehicle for duties in the health sector.
  • Mar 2021: Falck signed a comprehensive master agreement with MAN Truck & Bus that covers its ambulance and patient-transport applications, according to MAN Truck & Bus.

Specialty Vehicle Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Type

      1. 5.1.1 Ambulances

      2. 5.1.2 Fire Extinguishing Trucks

      3. 5.1.3 Mobile Fuel Carrying Tankers

      4. 5.1.4 Other Types

    2. 5.2 By Application Type

      1. 5.2.1 Law Enforcement And Public Safety

      2. 5.2.2 Medical And Healthcare

      3. 5.2.3 Recreational Vehicles

      4. 5.2.4 Other Services

    3. 5.3 By Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 Germany

        2. 5.3.2.2 United Kingdom

        3. 5.3.2.3 France

        4. 5.3.2.4 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 India

        3. 5.3.3.3 Japan

        4. 5.3.3.4 South Korea

        5. 5.3.3.5 Rest of Asia-Pacific

      4. 5.3.4 Rest of the World

        1. 5.3.4.1 South America

        2. 5.3.4.2 Middle East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles*

      1. 6.2.1 LDV Inc.

      2. 6.2.2 Force Motors Limited

      3. 6.2.3 Matthews Specialty Vehicles Inc.

      4. 6.2.4 Specialty Vehicles Inc.

      5. 6.2.5 Farber Specialty Vehicles

      6. 6.2.6 REV Group

      7. 6.2.7 Daimler AG

      8. 6.2.8 Volvo Group

      9. 6.2.9 General Motors Company

      10. 6.2.10 Spartan Motors Inc. (Shyft Group)

      11. 6.2.11 Emergency One Group

      12. 6.2.12 Oshkosh Corporation

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Specialty Vehicle Market Research FAQs

The Specialty Vehicle Market is studied from 2018 - 2028.

The Specialty Vehicle Market is growing at a CAGR of 3.16% over the next 5 years.

The Specialty Vehicle Market is valued at 96 Billion USD in 2018.

The Specialty Vehicle Market is valued at 116 Billion USD in 2028.

Asia-Pacific is growing at the highest CAGR over 2018 - 2028.

Asia-Pacific holds highest share in 2021.

Daimler AG, Volvo Group, General Motors Company, REV Group, Oshkosh Corporation are the major companies operating in Specialty Vehicle Market.

Specialty Vehicle Industry Reports

In-depth industry statistics and market share insights of the Specialty Vehicle sector for 2020, 2021, and 2022. The Specialty Vehicle research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Specialty Vehicle report PDF.

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