Global Tank Trucks Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Tank Trucks Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

A tank truck, gas truck, fuel truck, or tanker truck or tanker is a motor vehicle designed to carry liquids or gases on roads. The largest such vehicles are similar to railroad tank cars which are also designed to carry liquid loads. Many variants exist due to the wide variety of liquids that can be transported. Tank trucks tend to be large; they may be insulated or non-insulated; pressurized or non-pressurized; and designed for single or multiple loads (often by means of internal divisions in their tank). Some are semi-trailer trucks. They are difficult to drive and highly susceptible to rollover due to their high center of gravity, and potentially the free surface effect of liquids sloshing in a partially filled tank.

Market Overview:

The latest research study on the global Tank Trucks market finds that the global Tank Trucks market reached a value of USD 703.69 million in 2022. It’s expected that the market will achieve USD 990.25 million by 2028, exhibiting a CAGR of 5.86% during the forecast period.

Due to the COVID-19 pandemic, the Tank Trucks market has been negatively impacted. This is mainly due to the regulations laid down by governments worldwide such as lockdowns and social distancing. Moreover, the pandemic has caused companies in the global transportation and logistics industry to face economic stress due to liquidity, labor shortage, fewer contracts, and other issues and resulted in ceased payment to employees.

Above all, upstream and downstream interactions will lead to disruption of business. The epidemic will have a short-term impact on Tank Trucks industry, but it is relatively limited. The transportation of raw materials and products is restricted, resulting in an increase in product inventory and a decrease in equipment operating rate. Due to the impact of the epidemic, the production of raw materials and equipment procurement and transportation supply are difficult to be in place, and upstream enterprises affect the work schedule of downstream enterprises. Equipment manufacturing and product manufacturing enterprises in Tank Trucks industry are affected to different degrees, and the production and delivery work may be delayed to some extent. Meanwhile, if it fails to meet the customer's delivery time requirements according to the contract, it may lead to the customer looking for another enterprise and lose business.

Political Factors

Political Factors determine the extent to which a government may influence the economy or a certain industry. These regulations exist to ensure the safety and efficacy of Tank Trucks. Stringent regulations related to transportation and loading and unloading of petroleum and chemical products are expected to fuel the demand for advance tank trucks which match mandatory transportation requirements.

Economic Factors

Economic Factors are determinants of an economy’s performance that directly impacts a company and have resonating long term effects. For example, a rise in the inflation rate of any economy would affect the way companies’ price their products and services. Adding to that, it would affect the purchasing power of a consumer and change demand/supply models for that economy. Economic factors include inflation rate, interest rates, foreign exchange rates, economic growth patterns etc. The global Tank Trucks market is expected to witness high growth during the forecast period, owing to the rise in the global economy, leading to increase in the trade, in turn, boosting the demand for Tank Truckss. The global tanker trucks market is expected to witness significant growth with increasing economic activities globally, increasing production and trade of oil and gas and chemical products are expected to drive the demand for tanker trucks market globally.

Social Factors

Social Factors have a direct effect on how marketers understand customers and what drives them. The increase in demand has brought opportunities to the development of the industry and has a positive impact on the development of the industry. With the economic growth, scientific and technological progress, and the development of modern society, there is a growing demand for Tank Trucks. The demand for the perishable goods is growing across the world, with the rise in the middle-class population and the income levels.

Region Overview:

Geographically, China held the largest market share – 31.66% in 2021.

Company Overview

CLW Group is one of the major players operating in the Tank Trucks market, holding a share of 5.5% in 2022.

CLW Group

CLW Group is a diversified group company integrating automotive technology research and development, automotive manufacturing, passenger car manufacturing, special-purpose vehicle modification, auto parts, finance, education, and real estate investment.

RAC-Germany

RAC-Germany manufactures in Germany all kinds of heavy duty Commercial Trucks and Semi-Trailers. Custom-made engineering according to clients’ special needs. Design, engineering and production of custom-built trucks and semi-trailers for construction site, mine, refinery, agricultural plantation and oil- and gas industry

Segmentation Overview:

Among different product types, Capacity 3000-6000 Gallons segment is anticipated to contribute the largest market share in 2027.

Application Overview:

By application, the Diesel Tank Truck segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Tank Trucks market covered in Chapter 3:

LAFON
Stokota
SPV Special Vehicle Co., Ltd
Heli Shenhu
Hubei Chenglongwei
Feldbinder
CLW Group
KYOKUTO KAIHATSU KOGYO CO.,LTD.
RAC-Germany

In Chapter 4 and Chapter 14.2, on the basis of types, the Tank Trucks market from 2018 to 2029 is primarily split into:

Below Capacity 3000 Gallons
Capacity 3000-6000 Gallons
Above Capacity 6000 Gallons

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Tank Trucks market from 2018 to 2029 covers:

Diesel Tank Truck
Gasoline Tank Truck
Fuel Oil Tank Truck

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)