The Europe Specialty Vehicle Market size is expected to reach a valuation of USD 33.54 billion by 2030, growing at a CAGR of 3.45% during the forecast period (2022–2030).
The term "specialty vehicle" is commonly used in the business. A specialty vehicle is one that is designed to serve a certain professional objective. They can be created entirely from scratch or modified from an existing vehicle. One of the most well-known forms of specialised vehicles is ambulances. Despite the fact that a family vacation in an RV appears to be a "specialty," recreational vehicles are rarely referred to as such. Due to the vast number of local and international participants, the specialty vehicle industry is highly fragmented. As a result, there is a great deal of competition. Some of the market participants surveyed are investing extensively in new product research and development that can benefit both end-users and the environment. Nissan, for example, unveiled their fully-electric ambulance in Japan in May 2020, with the goal of removing pollution, noise, and vibration from the electric powertrain, which would help both patients and paramedics who must handle sensitive equipment in the back of a moving vehicle. The global specialised vehicle market is predicted to grow at a 3.21 percent CAGR through 2030, bringing in USD 128.65 billion in sales. The COVID-19 epidemic, which interrupted transportation operations and affected the supply chain, caused a decline in the market in 2020.
The market for specialist vehicles is being driven by an increase in European government spending on law enforcement and healthcare facilities. For example, in the fiscal year 2019-2020, the United Kingdom spent roughly GBP 153 billion, up 2% from the previous year.
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By 2030, the Europe Specialty Vehicle Market is estimated to be worth USD 33.54 billion, increasing at a CAGR of 3.45% over the forecast period (2022–2030). A rise in European government spending on law enforcement and healthcare institutions is driving the demand for specialty vehicles. For example, the United Kingdom spent approximately GBP 153 billion in fiscal year 2019-2020, up 2% from the previous year.
The country with the biggest market share is France. Specialty cars are also in high demand throughout the rest of Europe. Local businesses, in addition to major commercial vehicle manufacturers, are developing mobile medical vehicles. In March 2020, the Gruau Group, for example, devised a mobile dentistry unit with a radiological information system and a built-in Laval. The use of a 3.5-ton truck to establish a mobile office is a first. Each year, the company builds over 54,000 vehicles in response to customer orders.
The market for specialist vehicles is being driven by an increase in European government spending on law enforcement and healthcare facilities. For example, in the fiscal year 2019-2020, the United Kingdom spent roughly GBP 153 billion, up 2% from the previous year. According to the data, government spending on law enforcement in the United Kingdom was GBP 16.37 billion in 2016-2017, up 3.2 percent from the previous year. It reached GBP 17.99 billion in 2018-2019 which has further pushed speciality vehicles market towards growth.
Specialized trucks are mostly employed in the construction and logistics industries, as well as for rubbish collection in Italy. During the projection period, the specialised vehicle market is projected to be driven by the rise of the country's construction industry, which will be aided by the active participation of the private sector.
Ambulances, fire extinguishing trucks, mobile gasoline transporting tankers, and other specialty vehicles are segmented by kind in the European market. The other type segment has the largest market share and is expected to grow at a substantial CAGR in the coming years. Recreational vehicles (motorhomes, caravans, etc.), semi-trailers (Refrigerated, Flat body, Low boy, Curtain, etc.), vehicles used for patrol, prisoner transportation, and vehicles adapted or expressly constructed to fulfil company needs are among the vehicle types appraised in the market.
Medical and healthcare applications dominated the specialty vehicle market, which is expected to grow at a considerable CAGR. During the COVID-19 pandemic, major automakers reported an increase in demand for ambulances. Several manufacturers have introduced ambulance vehicles to the market to meet this need.
Mahindra & Mahindra, for example, introduced the Supro BSVI-compliant ambulance in two variants in June 2020. There are a number of government and non-government organisations present. Supro has received inquiries from companies interested in purchasing the ambulance, and the company is looking to increase production capacity in order to fulfil the increased demand.
Some of the major players in the European Region (having significant market shares) are listed below