This market research report segments the global mini truck market into the following products, including light-duty mini trucks and heavy-duty mini trucks and key regions, including the Americas, APAC, and EMEA.
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In this report, Technavio analysts highlight mini truck pooling and renting as a key factor contributing to the growth of the global mini truck market:
Mini truck pooling and renting
Mini trucks are mostly used by small-scale businesses to transport cargo in urban areas. The demand for mini trucks from these business segments is dependent on the amount of cargo that is required to be transported. However, mini trucks are rarely used when cargo volumes are less, which leads to a decrease in productivity and demand for the vehicle.
According to a senior analyst at Technavio for construction, “Software developing companies and vehicle rental companies are developing applications that help register mini trucks with each owner through a mobile application. This application helps other people looking to rent out vehicles, to connect with each other when the mini truck is not in use, and this results in maximum utilization. The demand for mini trucks is expected to rise with the advent of such applications and increase the number of operational mini trucks.”
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Global mini truck market segmentation
Of the two major products, the heavy-duty mini trucks segment held the largest market share in 2017, accounting for nearly 55% of the market. The market share for this application is expected to decrease nearly 5% by 2022. However, by 2022, light-duty mini trucks are expected to surpass the heavy-duty mini trucks to become the leading product segment, accounting for a market share of nearly 50%.
APAC was the leading region for the global mini truck market in 2017, accounting for a market share of nearly 53%. By 2022, APAC is expected to continue dominating the market and register the highest growth rate of nearly 2%.
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