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LAMEA Specialty Vehicle Market

LAMEA Specialty Vehicle Market Predicted to Surpass USD 10.13 Billion by 2030 and Grow at 2.70% CAGR

Published On : 03 Nov, 2022
Updated On : 20 Nov, 2022
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Market Snapshot

Base Year:
2021
Study Period:
2020-2030
CAGR:
2.7 %

The term "specialty vehicle" is commonly used in the business. A specialised vehicle is designed to achieve a certain professional aim. They can be built entirely from scratch or adapted from a pre-existing vehicle. One of the most well-known forms of specialised vehicles is ambulances. Recreational vehicles are rarely referred to as "specialty" cars, despite the fact that a family vacation in an RV may appear to be one. Due to the vast number of local and international operators, the specialty vehicle industry is highly fragmented. As a result, there is a great deal of competition. Some of the market participants surveyed are substantially investing in the creation of novel products that benefit both end-users and the environment. Nissan, for example, unveiled its fully electric ambulance in May 2020 in Japan, with the goal of minimising 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 develop at a compound annual growth rate (CAGR) of 3.21 percent through 2030, bringing in USD 128.65 billion in sales. The COVID-19 outbreak in 2020 caused a market collapse by disrupting transportation operations and disrupting the supply chain.

The LAMEA Specialty Vehicle Market size is expected to reach a valuation of USD 10.13 billion by 2030, growing at a CAGR of 2.70% during the forecast period (2022–2030). A surge in government spending on law enforcement and healthcare institutions in LAMEA is driving demand for specialist vehicles. The increase in law enforcement spending is attributable to a rise in riots and protests in the region.

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Market Dynamics

Market Driving Factors

  • Excessive Use in the Petroleum Industry: It is a known fact that Middle East is the hub of the Oil and Gas Industry in the world. Working with combustible materials is always risky. Petroleum, forestry, and surface and underground mining are just a handful of the industries that need specialised vehicles. They must be dependable and long-lasting. Oil and chemical companies regularly utilise specialised tankers to transport flammable liquids and gasoline from extraction sites to refineries, and then to end customers. As the Petroelum industry in LAMEA is so large, there is a lot of demand for these vehicles, which could move the market ahead.
  • Usage of More Fire Extinguisher Vehicles: The fire truck market is expected to grow as LAMEA countries become more cognizant of fire safety and demand for better firefighting equipment increases. Increased population in countries like Brazil, Argentina, and Saudi Arabia has led to an increase in fire occurrences and fatalities in both residential and commercial settings, pushing up demand for specialised vehicles in

Market Restraining Factors

  • Associated Specialty Vehicles Challenges: When it comes to developing their business, specialised automobile manufacturers have a number of options that can be tailored to their specific needs. These antiquated systems are expensive to maintain and keep automakers and specialist vehicle manufacturers from adopting new technology. Furthermore, tight EDI (Electronic Data Interchange) requirements necessitate its use for internal and external communication. One of the most difficult challenges for specialty vehicle producers is keeping up with changing demand. Automobile and specialty vehicle manufacturers must improve their manufacturing efficiency and openness. Self-monitoring capabilities for preventative maintenance and servicing, as well as the ability to support multi-mode manufacturing and Just in Time manufacturing, are among today's industrial demands. As a result of shifting platforms, new service model requirements, and rising material and manufacturing prices, manufacturers must focus on cutting costs and providing compelling services. In the specialty car sector, customers' buying habits are changing considerably, especially when it comes to product customization. As the need for customization grows, OEMs are confronted with more alternatives and complexity, and as a result, the manufacturer may face challenges in the LAMEA market.

Segment Overview

Ambulances, fire extinguishing trucks, mobile gasoline transportation tankers, and other specialty vehicles are classified by kind in the LAMEA market. The other type segment has the largest market share and is expected to grow at a rapid rate over the next few years. Vehicle types valued in the market include recreational vehicles (motorhomes, caravans, etc.), semi-trailers (Refrigerated, Flat body, Low boy, Curtain, etc.), patrol vehicles, prisoner transportation vehicles, and vehicles altered or specifically manufactured to satisfy company purposes.

Medical and healthcare applications dominated the specialty vehicle market, which is expected to grow at a considerable CAGR. According to major automakers, ambulance demand rose during the COVID-19 pandemic. 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-governmental organisations in the area. Supro has received inquiries from companies interested in purchasing the ambulance, and the company is working to increase its manufacturing capacity in order to fulfil the growing demand.

Regional Overview

LAMEA Specialty Vehicle Market Countrywise Analysis

Countrywise Growth Insights Request Sample Pages

By 2030, the LAMEA Specialty Vehicle Market is anticipated to be worth USD 10.13 billion, increasing at a CAGR of 2.70 percent over the forecast period (2022–2030). The need for specialty vehicles in LAMEA is being driven by an increase in government spending on law enforcement and healthcare facilities. The boost in law enforcement spending is due to an uptick in riots and protests across the region.

South America accounted for the greatest proportion of speciality cars, with a CAGR of 2.48 percent expected to generate market revenue of USD 7.72 billion by 2030. The country's local government is revamping its municipal operations, which will need the purchase of new cars in the coming months. Cedae, the public sanitation company of Rio de Janeiro, was privatised in December 2020. In four blocks across Brazil, the company's sewage collection, distribution, and sanitation operations in Rio de Janeiro and 34 other municipalities will be privatised.

The UAE produces 3 million barrels of oil and liquids per day on average, and its oil reserves total 100 billion barrels. Oil and gas production makes for around 30% of the country's GDP, and exports account for nearly 13% of total exports. A considerable number of Specialty Vehicles are deployed in the region as a result of the region's large petroleum industry (Specially in downstream sector), and demand will continue to rise during the anticipated period.

During the forecast period, demand for travel, medical, and healthcare response vehicles, as well as the use of these vehicles by small businesses in South Africa for purposes such as food truck operations, mobile showrooms, and advertising and promotions, is predicted to expand.

Major Players

Some of the major players in the LAMEA Region (having significant market shares) are listed below:

  • REV Group
  • Volvo Group.
  • Shell Special Vehicles LLC
  • Minerva Special Purpose Vehicles
  • Scania

Recent Developments

  • Mercedes-Benz Vans announced in 2021 that the eSprinter will be used to electrify its ambulance trucks. Mercedes-Benz Vans and its partner "Ambulanz Mobile GmbH & Co. KG" from Schönebeck, Saxony-Anhalt, have utilised the eSprinter as the basis for their first fully electric vehicle for health-care duties, with a range of 120 km and a top speed of up to 120 km/h.

LAMEA Specialty Vehicle Market Segmentation

By Type

  • Ambulances
  • Fire Extinguishing Trucks
  • Mobile Fuel Carrying Tankers
  • Others

By Application

  • Medical and Healthcare
  • Law Enforcement and Public Safety
  • Recreational Vehicles
  • Other Services

By Regions

  • Brazil
  • Argentina
  • United Arab Emirates
  • Saudi Arabia
  • Qatar
  • South Africa
  • Nigeria
  • Kenya
  • Turkey
  • Rest of LAMEA
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