Persistence Market Research
Lube Trucks Market: Introduction
Lube trucks is a mobile equipment used for the lubrication of heavy construction and mining equipment and vehicles. Lube trucks have become the most important tool that a construction, demolition and mining companies can invest in. Lube trucks are also known as support vehicles. These support vehicles are capable of keeping the largest fleet of work trucks and other machines stocked with grease, antifreeze, lubricants and other fluids that are needed to maximize the efficiency and effectiveness of heavy construction and mining machine and vehicles. These trucks are available in different sizes and capacities according to the need of customer, i.e., they are fully customizable and also pertain high durability.
Lube Trucks Market: Market Dynamics
The lube trucks market is expected to grow at a substantial rate over the forecast period, owing to increase in demand for heavy construction and mining vehicles. Lube trucks reduce the down time of repairing and lubrication of equipment/vehicles on the toughest worksite. These trucks allow for fluid refills, quick repair and other maintenance tasks without waiting for supplies to arrive or transporting a vehicle in need of repairs to another location. This is a key factor that accelerates the growth of the lube trucks market. The increase in the infrastructure and mining projects across the globe indirectly propels the demand for lube trucks, which in turn boosts the growth of the lube trucks market over the forecast period.
The high cost incurred in its preventive maintenance and lack of skilled workers are expected to hinder the growth of the lube trucks market during the forecast period.
In the current scenario, rental system of support vehicles (lube trucks) in heavy construction and mining industries is expected to gain traction over the forecast period. The demand for renting lube trucks in medium- and small-sized enterprises is quite high, so the prominent vendors in support vehicles manufacturing are providing lube trucks on rent. Moreover, manufacturers are also focusing to get into long-term alliances with heavy construction equipment manufacturers and the mining & construction sectors in order to increase their market share in the lube trucks market. This factor is expected to drive of the lube trucks market in the upcoming years.
Lube Trucks Market: Segmentation
The lube trucks market can be segmented by tank capacity and application.
On the basis of tank capacity, the lube trucks market can be segmented as:
On the basis of application, the lube trucks market can be segmented as:
Lube Trucks Market: Regional Overview
The global lube trucks market can be divided into five geographical regions such as North America, Latin America, Asia Pacific, Europe, the Middle East and Africa. Europe is the one of the prominent manufacturers of automobile and also consumer of heavy construction & mining vehicles, which in turn propels the demand for lube trucks in the region owing to maintenance of these vehicles on jobsites. Asia Pacific is expected to have spearhead growth of the lube trucks market throughout the forecast period, owing to increasing number of construction projects. Additionally, growing infrastructure development and need of heavy construction & mining vehicles by construction companies propel the demand for lube trucks, which in turn boost the growth of the lube trucks market. Moreover, North America also holds a prominent share of the global lube trucks market due to adaptation of advanced lubrication solution in the defense and construction sectors. Latin America is also expected to show significant growth in the upcoming years owing to increase in mining activities in the region.
Lube Trucks Market: Market Players
Examples of some of the market participants in the global lube trucks market identified across the value chain include:
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