Global utility equipment sales are set to be valued at over US$ 10.7 Bn in 2021, with steady long-term projections, according to latest insights by Persistence Market Research. The report estimates the market to expand at around 5% CAGR from 2021 to 2031. Obligatory use of garbage trucks, sewer drainage vehicles, and winter maintenance equipment is boosting demand for utility equipment across regions.
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Key factors driving demand for utility equipment are advent of smart technologies, rising infrastructure development, increasing focus on rental business, and surging requirement for high speed utility equipment.
Product launches, partnerships, and acquisitions are being witnessed on a large scale in this landscape.
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Key Takeaways from Market Study
“Enhanced awareness about waste management and environmental problems will propel consumption of utility equipment,” says a Persistence Market Research analyst.
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The market is fragmented with key players accounting for more than one-fifth of the market share. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares.
Some of the key players in this industry are Bucher Industries AG, Dongfeng Motor Group Co., Ltd., McNeilus Truck & Manufacturing, Inc., Dennis Eagle Ltd., FAUN Umwelttechnik GmbH & Co.KG, Aebi Schmidt Holding AG, Zoomlion Heavy Industry Science & Technology Co. Ltd., etc.
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