Specialty Vehicle Market

The specialty vehicle market is estimated to grow from USD 82.30 billion in 2024 to USD 99.80 billion by 2030 at a CAGR of 3.3% during the forecast period. Technological advancements, rapid urbanization and industrialization plays a vital role in driving the specialty vehicle market. As well as the replacement of aging fleets and stringent rules and regulations create a demand for specialty vehicles.

The specialty vehicle market is competitive, with the top 5 players contributing >50%. AB Volvo (Sweden), Rosenbauer International AG (Germany), Oshkosh Corporation (US), Fayat Group (France),and REV Group (US) are the prominent players in the specialty vehicle market.

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Mercedes-Benz Group AG: - Mercedes-Benz Group AG is one of the prominent players in the specialty vehicles market. The company has many specialty vehicles, such as ambulances, fire trucks, and garbage trucks. For instance, the Mercedes-Benz Econic is a versatile truck that can be used as a fire truck, garbage truck, and many other applications. The truck comes in 2 variants: one with a diesel variant and another with an electric one. The company has a strong focus on technology and innovation. For instance, in 2023, Mercedes-Benz spent nearly USD 2,126.6 million on research and development, including specialty vehicles. In May 2024, Mercedes-Benz recently launched the Unimog water tender, which is sppecially designed for off-road use, making it suitable for forest and vegetation fires and flood and rescue operations. Also while other competitors focus on the traditional vehicle market, Mercedes, with the eEconic variant, has focused on zero-emission and sustainability. Mercedes-Benz’s regional presence in approximately 271 countries, diverse customers, and brand loyalty help the company become a market leader.

AB Volvo: AB Volvo is a major player in the automotive sector and is known for its diverse portfolio of trucks, buses, Volvo Penta, and financials. The company caters to a broad customer base, including logistics and transportation companies, construction firms, and public transit operators. In close collaboration with bodybuilders and emergency services, AB Volvo provides fire trucks and rescue vehicles. The Volvo FM and FMX models are the preferred choices for fire truck and rescue vehicle applications within the truck segment.

Additionally, through its subsidiary, MACK Trucks, AB Volvo offers garbage trucks, including the MACK LR and the MACK LR Electric. AB Volvo is strongly inclined towards technological innovation and advancements, as it spent ~USD 2000 million on research and development in 2023. AB Volvo is increasing its market share by strategic expansion. For instance, AB Volvo opened its R&D center in India called ‘Vehicle techlab’, one of the most extensive R&D facilities in the country, other than Sweden.

Rosenbauer International AG Rosenbauer specializes in manufacturing firefighting and disaster protection systems, offering a broad range of products that include firefighting vehicles, fire extinguishing systems, equipment, digital solutions for professional, industrial, plant, and volunteer fire services, and fire prevention systems. As part of its commitment to sustainability, Rosenbauer is leading the transition towards eco-friendly solutions by introducing electric fire trucks. The CFT-E, an all-electric fire truck, features advanced battery technology and zero emissions, setting a new standard in sustainable firefighting. This focus on electric vehicle (EV) technology sets Rosenbauer apart from competitors, who primarily concentrate on conventional fire apparatus without the same emphasis on electric propulsion. Through its strategic innovation and advanced product offerings, Rosenbauer has established itself as a leader in the fire truck manufacturing industry. Its CFT (Compact Fire Truck) series, including the CFT and CFT-E, addresses urban firefighting challenges with compact yet powerful designs, integrating electronic controls and digital systems to enhance operational efficiency and safety. To increase its market share in the specialty vehicles market, the company has partnered with Teikoku Sen-I Co, Ltd. (Japan) to cater to the Japanese market for aircraft rescue and fire fighting (ARFF) vehicles for over three decades.

Oshkosh Corporation: - Oshkosh Corporation is a prominent industrial technology player specializing in designing and manufacturing purpose-built vehicles and equipment. The company operates through Access, Defense, and Vocational segments. Its Vocational segment produces custom and commercial firefighting equipment, emergency vehicles, refuse collection vehicles, field service vehicles, and truck-mounted cranes for various industries. Oshkosh uses different strategies to increase its market share in the specialty vehicle market through multiple deals. For instance, in June 2022, Oshkosh acquired Maxi-Metal Inc (US) to strengthen its presence in the Canadian fire apparatus market. Through its subsidiary Pierce Manufacturing (US), Oshkosh expanded in the US by opening a new service center south of central downtown Tulsa, Oklahoma. Oshkosh is committed to environmental sustainability, as demonstrated by the development of the Pierce Volterra, a zero-emission electric fire truck that uses EV technology for eco-friendly firefighting. Unlike some competitors focusing less on electric propulsion, Oshkosh’s emphasis on EV technology underscores its leadership in innovation and dedication to meeting the evolving needs of global fire departments.

REV Group: - REV Group, formerly Allied Specialty Vehicles, manufactures various vehicles, including ambulances, buses, commercial trucks, firefighting, and recreational vehicles. The company operates through three segments: Fire & Emergency, Recreation, and Commercial. Notable brands operating under REV Group include E-ONE, KME, Ferrara Fire Apparatus, American Coach, Fleetwood RV, Holiday Rambler, Lance for recreational vehicles, Horton, Leader Emergency Vehicles, and Road Rescue for ambulances. REV Group is renowned for its innovation in both recreational and emergency vehicles. For instance, the American Coach American Eagle is a luxury motorhome featuring a smart home system, high-efficiency solar power, advanced driver-assist technology, and a state-of-the-art entertainment setup. REV Group stands out in firefighting with the E-ONE EMAX, an all-electric fire truck integrating advanced battery systems for zero-emission firefighting. This focus on cutting-edge technology and sustainability sets REV Group apart from competitors and underscores its leadership in providing advanced solutions tailored to the evolving needs of fire departments and RV enthusiasts globally.

Fayat Group: Fayat Group is a leading French family-owned company with a robust construction, civil engineering, and industrial equipment presence. The group operates in over 170 countries, with significant operations in Europe, North America, Asia, and Africa. Its global reach is supported by a network of more than 160 subsidiaries, each specializing in various industries such as road construction, energy services, and material handling. Fayat’s international presence is strengthened by strategic acquisitions and partnerships, enabling it to adapt to local market demands while maintaining global standards of innovation and sustainability.

Fayat’s business strategy revolves around innovation, sustainability, and diversification. The company invests heavily in research and development to enhance its product offerings, particularly in smart infrastructure, waste management, and green construction technologies. Fayat focuses on organic expansion and acquiring niche companies, especially in emerging markets, to sustain growth.

Related Reports:

Specialty Vehicle Market by Type (Fire, Garbage, Vacuum, Fuel Carrying Tankers, Street Sweepers, Ambulance & Recreational Vehicles), Application, Propulsion (ICE & EV), Battery Chemistry, End-use Industry and Region - Global Forecast to 2030

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