The North America Specialty Vehicle Market size is expected to reach a valuation of USD 39.29 billion by 2030, growing at a CAGR of 3.35% during the forecast period (2022–2030).
The market in question had a drop in 2020, owing to the COVID-19 pandemic, which halted transportation activity and damaged the supply chain. The United States is expected to be the fastest-growing market in North America, with a substantial CAGR, owing to increased demand for specialist vehicles from a variety of industries.
In the industry, the term "specialty vehicle" is widely used. A specialist vehicle is defined as a vehicle that is built to serve a professional purpose. They can be built from the ground up or adapted from a pre-existing vehicle. Ambulances are one of the most well-known types of specialist vehicles. While a family vacation in an RV may appear to be a "specialty," recreational vehicles are rarely referred to as such. The specialty vehicle sector is highly fragmented due to the large number of domestic and international participants. As a result, there is a lot of competitive rivalry. Some of the market participants polled are heavily investing in innovative product research and development, which can benefit both end-users and the environment. Nissan, for example, debuted their fully-electric ambulance in Japan in May 2020, with the goal of eliminating pollutants, noise, and vibration from the electric powertrain, benefiting both patients and paramedics who must handle sensitive equipment in the back of a moving vehicle. By 2030, the global specialty vehicle market is expected to increase at a CAGR of 3.21 percent, bringing in USD 128.65 billion in revenue. The market in question had a drop in 2020, owing to the COVID-19 pandemic, which halted transportation activity and damaged the supply chain.
| Study Period | 2018-2030 | CAGR | 3.35% |
| Historical Period | 2018-2020 | Forecast Period | 2022-2030 |
| Base Year | 2021 | Base Year Market Size | USD XX Billion |
| Forecast Year | 2030 | Forecast Year Market Size | USD 39.29 Billion |
By 2030, the North America Specialty Vehicle Market is estimated to be worth USD 39.29 billion, increasing at a CAGR of 3.35 percent over the forecast period (2022–2030). The COVID-19 epidemic, which interrupted transportation operations and affected the supply chain, caused a decline in the market in 2020. Due to increased demand for specialised vehicles from a number of industries, the United States is predicted to be the fastest-growing market in North America, with a significant CAGR.
In North America, the United States leads the specialty vehicle industry, which is predicted to increase at a CAGR of 3.33 percent through 2030, generating market revenue of USD 33.56 billion. For the past few years, the US government has been investing in new fire trucks across the country. For example, in February 2020, the Los Angeles Fire Department (LAFD) placed an order with Rosen Bauer for a new electric fire truck, with a delivery date of 2021. With two battery packs and a backup diesel engine, the truck is a range-extended electric vehicle. The battery packs, on the other hand, have a total capacity of 100 kilowatt-hours, or enough power for two hours of all-electric operation.
The need for fire vehicles in North American countries such as Canada and the United States is increasing due to the rapid increase in the number of fire incidents. The National Fire Protection Association (NFPA) reported that state fire departments in the United States responded to 1.3 million fire incidents in 2019.
A substantial increase in government spending on technologically superior fire extinguisher trucks in Canada will expand the fire truck market. The rising frequency of fire occurrences in the region is driving fire departments and governments to invest in technologically advanced fire engines.
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Ambulances, fire extinguishing trucks, mobile gasoline carrying tankers, and other speciality vehicles are divided in North America Specialty Vehicle Market segments based on type. The other type segment has the greatest market share and is predicted to increase at a significant CAGR. Vehicle types evaluated in the market include recreational vehicles (motorhomes, caravans, etc.), semi-trailers (Refrigerated, Flat body, Low boy, Curtain, etc.), vehicles used for patrol, prisoner transportation, and vehicles tailored or expressly produced to meet company requests.
For applications, Medical and healthcare dominated the specialty vehicle market, which is predicted to increase at a significant CAGR. Major automakers in the industry saw an increase in demand for ambulances during the COVID-19 pandemic. To address this need, several manufacturers have launched ambulance vehicles to the market.
In June 2020, Mahindra & Mahindra, for example, launched the Supro BSVI-compliant ambulance in two configurations. Several government and non-governmental organizations are present. Supro has received requests from companies interested in acquiring the ambulance, and the company is looking to expand production capacity to meet the rising demand.
The automotive industry is critical to the economy's growth. However, during the second and third quarters of 2020, the COVID-19 outbreak impacted the whole automotive supply chain, affecting new car sales in FY 2020.
South America is most affected by COVID-19, with Brazil leading the way, followed by Ecuador, Chile, Peru, and Argentina. South America's government (SAM) has taken a number of steps to protect its citizens and stem the spread of COVID-19. South America is expected to have fewer export revenues as commodity prices fall and export volumes fall, particularly to China, Europe, and the United States, which are all significant trading partners. The manufacturing industry, especially automotive manufacturing, has been damaged by containment measures in various South American countries. Due to the pandemic, major automotive manufacturers have also temporarily halted manufacturing in the region as a cost-cutting move. Furthermore, the automobile disc brake industry has been significantly affected in 2020 due to a lack of raw materials and supply chain disruption.
The Automotive Brake System control module of a vehicle is meant to alert the driver with a warning light if the system fails. The module itself is rarely defective; instead, the sensors or the wiring to the sensors are frequently defective. The most typical cause of dysfunction is when the Automotive Brake System is contaminated with particles or metal shavings. There is no signal continuity when sensor wiring is destroyed. Brake fluid becomes contaminated in corrosive situations, and the hydraulic unit fails to function.
