The industrial tank truck market size is projected to grow at a CAGR of 3.08% to reach US$5.224 billion by 2027, from US$4.224 billion in 2020.
A tank truck is also known as a tanker truck and is used for the transport of oil, fuels and gases, dairy products, and chemicals for various industries. These trucks are basically characterized as large and small pickups. 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 and 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 divided into sections from the inside into more compartments. This is used to carry different grades of gasoline. Small trucks are used for the delivery of liquefied petroleum gases to houses, commercial stores, and industries. 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 trucks, which can transport bulk liquid materials 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 liquids and materials such as chemicals, and 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, which will boost the demand for these trucks further, 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.
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 market share in the market owing to the fact that most 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 cut down on costs and increase efficiency.
Oil and Gas, and chemicals 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.
Coronavirus has severely impacted the automotive industry, especially value chain and supply chain players. There was immense uncertainty across the industry as a result of the pandemic. Manufacturing plants of many automotive manufacturers had to be shut down for a specified period of time. The lockdowns halted supply chains, particularly for raw materials from Asia, such as steel parts, machinery, and paints. As a result, existing orders were delayed substantially. As there were no new orders when the pandemic started, companies already faced a huge cash crunch; thus, the supply chain crisis further impacted profit margins. COVID-19 has caused major revenue declines for companies like Federal Signal and Alama Group. A lack of raw material availability and high import taxes have also hampered or lowered the production of vacuum, excavation, and sewer trucks during the pandemic. During the COVID-19 pandemic, vacuum tankers became increasingly popular due to their contactless capability and ability to eliminate the need for manual labour.
|Market Size Value in 2020||US$4.224 billion|
|Market Size Value in 2027||US$5.224 billion|
|Growth Rate||CAGR of 3.08% from 2020 to 2027|
|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||Tata Motors, Izuzu Motors Ltd., AB Volvo, Scania, Mahindra and Mahindra, Caterpillar|
|Customization Scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the industrial tank trucks market size by 2027?
A1. The industrial tank truck market size is projected to reach a market size of US$5.224 billion by 2027.
Q2. What is the size of the global industrial tank trucks market?
A2. Industrial Tank Trucks Market was valued at US$4.224 billion in 2020.
Q3. What are the growth prospects for the industrial tank trucks market?
A3. The global industrial tank truck market size is projected to grow at a CAGR of 3.08% over the forecast period.
Q4. How is the industrial tank trucks market segmented?
A4. The industrial tank trucks market has been segmented by capacity, end-user, and geography.
Q5. Which region holds the largest market share in the industrial tank trucks market?
A5. North America is expected to hold a decent share of the industrial tank truck market, which is attributable to the fact that the US is one of the largest oil consumers.
1.1. Market Overview
1.2. COVID-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Industrial Tank Truck Market Analysis, By Capacity
5.1. Small Duty (less than 1000 gallons)
5.2. Medium Duty (1000 gallons-4000 gallons)
5.3. Heavy Duty (more than 4000 gallons)
6. Industrial Tank Truck Market Analysis, By End-User
6.1. Oil and Gas
7. Industrial Tank Truck Market Analysis, By Geography
7.2. North America
7.3. South America
7.4.3. United Kingdom
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.6. Asia Pacific
7.6.3. South Korea
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.1. Tata Motors
9.2. Izuzu Motors Ltd.
9.3. AB Volvo
9.5. Mahindra and Mahindra
Izuzu Motors Ltd.
Mahindra and Mahindra
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