Category

Industrial Tank Trucks Market Size, Share, Opportunities, COVID 19 Impact, And Trends By By Capacity (Small, Medium And Heavy Duty), By End-User (Oil And Gas, Chemical, Dairy), And By Geography - Forecasts From 2020 To 2025

Published: May 2021 | Report Code:  KSI061613134 | Pages:  129

The industrial tank truck market is projected to grow at a CAGR of 2.86% to reach US$6.324 billion by 2025, from US$5.340 billion in 2019. A tank truck is also known as a tanker truck and is used for the transport of oils, fuels and gases, dairy, and chemicals for various industries. These trucks are basically characterized as large and small rucks. Both the large and small trucks cater to a variety of different applications. For the transport of gasoline and fuel to filling stations and materials such as liquid goods like molasses, milk large trucks are used.

The construction of tank trucks depends on the products being hauled. The truck can carry multiple products at the same time if the tank is subdivided into sections from the inside into more compartments. This is used to carry different grades of gasoline. For the delivery of liquefied petroleum gases to houses, commerce stores, and industries, small trucks are used. Small trucks can carry approximately 1000 gallons under pressure conditions. The material used for their construction is lightweight steel so that more gallons are easily carried. The demand from various industries like oil and gas, dairy, industrial chemicals industry and other industries for vehicles such as tank truck, which can transport bulk liquid material of different types of liquid material at one time from one place to another in a short span of time to reduce costs and increase efficiency is rising. This will boost the demand for these trucks and act as a driving factor for the tank truck market over the forecast period.

Moreover, there are stringent government regulations regarding the transport of hazardous liquid, material such as chemicals, fuels that cause the release of dangerous pollutants like hydrocarbons into the air. This coupled with the guidelines regarding the proper transport of liquid consumption of dairy products is encouraging companies to employ these solutions and use these trucks for their operations will boost the demand for these trucks further this contributing to the growth of the market. Furthermore, the market players are involved in the market through investments and advancements to facilitate the growth of the tank truck market.

The industrial tank truck market has been segmented based on capacity and end-user application, and geography. By capacity, the market has been segmented as small duty, medium-duty, and heavy-duty. By the end-user, the market has been segmented as oil and gas, chemical, and dairy.

Heavy Duty (more than 4000 gallons) to remain a key market segment during the forecast period

Based on capacity, heavy-duty is expected to hold a significant amount of share in the market owing to the fact that most of the industries prefer this type of tank truck as it can carry a lot of liquid material from one place to another in a short span of time. This helps these companies to cut down on costs and increase efficiency.

Oil and Gas, and Chemical to hold a significant share

Based on end-user, oil and gas are expected to hold a significant market share owing to the increasing number of oil and gas operations coupled with the burgeoning demand for petroleum products. The chemical industry is also expected to hold a considerable market share aided by the demand for industrial chemicals from different industries.

North America and the Asia Pacific are the key regional markets

Based on geography, North America is expected to hold a decent market share, which is attributable to the fact that the US is one of the largest oil consumers. The Asia Pacific region follows the North American region and holds good potential due to the increasing consumption of oil in major countries such as China, and India.

Some of the major players mentioned as a part of this report are MAN, Izuzu Motors, and Tata Motors among others.

Industrial Tank Trucks Market Scope:
Report Metric Details
 Market size value in 2019  US$5.340 billion
 Market size value in 2025  US$6.324 billion
 Growth Rate  CAGR of 2.86% from 2019 to 2025
 Base year  2019
 Forecast period  2020–2025
 Forecast Unit (Value)  USD Billion
 Segments covered  Capacity, End-User, And Geography
 Regions covered  North America, South America, Europe, Middle East and Africa, Asia Pacific
 Companies covered  MAN, Tata Motors, Izuzu Motors Ltd., AB Volvo, Scania, Mahindra and Mahindra,   Caterpillar
 Customization scope  Free report customization with purchase

 

Segmentation

  • By Capacity
    • Small Duty (less than 1000 gallons)
    • Medium Duty (1000 gallons-4000 gallons)
    • Heavy Duty (more than 4000 gallons)

 

  • By End-User
    • Oil and Gas
    • Chemical
    • Dairy

 

  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • Germany
      • France
      • United Kingdom
      • Spain
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • Israel
      • UAE
      • Others
    • Asia Pacific
      • China
      • Japan
      • South Korea
      • India
      • Others

Frequently Asked Questions (FAQs)

Q1. What is the industrial tank trucks market size?
A1. The industrial tank trucks market was valued at US$5.340 billion in the year 2019.
 
Q2. What will be the industrial tank trucks market size by 2025?
A2. The industrial tank trucks market is expected to reach a market size of US$6.324 billion by 2025.
 
Q3. What are the growth prospects for the industrial tank trucks market?
A3. The industrial tank trucks market is expected to grow at a CAGR of 2.86% over the forecast period.
 
Q4. Who are the major players in the industrial tank trucks market?
A4. Some of the major players in the industrial tank trucks market are MAN, Izuzu Motors, and Tata Motors among others.
 
Q5. Which region holds the largest market share in the industrial tank trucks market?
A5. North America is expected to hold a decent market share, which is attributable to the fact that the US is one of the largest oil consumers
 

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