Tank Truck: Market Overview
Over the years, the truck market gain traction in the automobile sector due to the expansion of chemical and oil & gas industries. A tank truck is a motor vehicle designed for carrying liquefied loads, gases and dry bulk cargo on roads. Increasing urbanization is fundamentally transforming the growth of logistics sector created ample opportunity in the expansion of tank truck market. Rapidly growing industrialization, increasing customer demand and technical advancement for more comfort, safety and significant emphasis on an energy-efficient vehicle have led to substantial progress in the global tank truck market. Nowadays, technology for self-driving truck is one of the future trends in transportation to overcome certain obstacles of heavy traffic on city roads. This technology is still under perfecting and continuously improving the driverless software. Recently, Tesla’s electric semi-tank truck has autopilot feature and Asko, Pepsi and Loblaw ordered semi-tank truck for their commercial needs.
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Tank Truck Market: Dynamics
The exponential growth of commercial automobile sector drives the extensive opportunity for the tank truck market. Increasing production plant for chemical, oil & gas and beverages industry are the significant factors of growing liquefied load transportation, which is foreseen to boost the tank truck market. The government strict regulations related to transportation and loading & unloading of chemical products and petroleum are expected to fuel the demand for advance tank truck models, which match the transportation requirements. Alternative powertrains and autonomous vehicles will create ample opportunity for the modern innovation of tank truck. The global construction industries is also expected to drive the tank truck market as trucks are used for water and concrete mixture transportation. The tank truck segment is expected to maintain its dominating position throughout the forecast period due to rising demand for these types of trucks in chemical and petroleum industries.
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Tank Truck Market: Regional Overview
Among all the regions, Asia Pacific and North America dominate the global tank truck market. India and China are expected to witness maximum growth, and the U.S. represents the largest tank truck market in North America. The tank truck market influenced in Asia Pacific due to rising demand for petroleum and chemical products in the region. Globally, the tank truck market can be segmented in all seven regions including, North America, Europe, MEA, East Asia (Japan, China, South Korea), South Asia (India, Thailand, Malaysia, Indonesia, Philippines, Rest of South Asia), Oceania (Australia, New Zealand) and Latin America.
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Tank Truck Market: Segmentation
The global tank truck market can be segmented based on type, end use, capacity and sales channel.
According to the truck type, the tank truck can be segmented as:
- Heavy duty
- Medium duty
- Light duty
According to the capacity, the tank truck can be segmented as:
- 100-1000 gallons
- 500-4000 gallons
- 5500-9000 gallons and more
According to the end use, the tank truck can be segmented as:
- Oil gas and CNG transportation
- Chemicals transportation
- Agriculture transportation
- Food (Milk, juice) transportation
- Water transportation
Tank Truck Market: Key Players
The tank truck market is moderately fragmented because of the presence of global key players. The key manufacturers in the global tank truck market are ford motors company, Volvo group, Man Truck & Bus AG, Mercedes, Tata motors limited, Iveco, Hyundai motor company, Polar Tank Trailers LLC, Hyundai Motor Company and Seneca tank among other players.
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