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Heavy Duty Truck Market

Heavy Duty Truck Market Size, Share & Trends Analysis Report

Heavy Duty Truck Market 2021 By Type (Class 5, Class 6, Class 7, Class 8), By Fuel Type(Diesel, Petrol, Natural Gas, Gasoline, Hybrid Electric Vehicle, Others) By Application(Logistics, Agriculture, Construction, Mining, Others) Forecast To 2027

Published
Report ID : BMRC 360
Number of pages : 300
Published Date : Nov 2022
Category : Heavy Industry
Delivery Timeline : 48 hrs
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Heavy Duty Truck Market is valued at USD 132,000 Million in 2018 and expected to reach USD 182,054 Million by 2025 with the CAGR of 4.7% over the forecast period.

The rising number of loads, cargo, and goods transportation has increased the demand for heavy-duty truck market growth which is expected to boost the globalization and economic conditions. The growing number of international and domestic trade activities which are providing possible market opportunities for the operations business expansion, globally. The rapidly growing industrialization has resulted in the growth for large scale goods production and distribution which further has contributed to the growth in the demand and expanded the market size for a heavy-duty truck. The changes in the trade policies coupled with improvements in supply chain and logistics management are driving the heavy-duty trucks market growth. The increasing consumer preference for fully-equipped vehicles with advanced driver-assistive technologies and high safety features are playing an instrumental role in driving the growth of the heavy-duty truck market. Moreover, rising consumers demand high value goods with an attractive cost is significantly contributing to the growth of the market and increasing goods volumes and shipments. Booming e-commerce industry with advanced and improved distribution channel is also contributing to the growth of the heavy-duty truck market. There has been increased demand for vehicles which has high freight carrying capacities mainly in the construction and mining field which will provide a potential market growth for heavy-duty trucks.

With the introduction of innovative connectivity solutions like common telematics platforms and smart fleet management which are positively encouraging the adoption for new heavy-duty trucks. The combination of smart communication networks which includes GPS and Bluetooth connectivity are highly improving the logistics processes and decreasing the transportation interruption. In 2017, Freightliner has introduced new Cascadia in the market which is equipped with Detroit connect suite technology. It offers impressive safety characteristics and better fuel efficiency performance. Additionally, favorable government policies and initiatives which are more focusing on the development of heavy-duty trucks with lower emission. This factor is also contributing to the growth of the market. Some of the government authorities like the Ministry of the Environment, California Air Resources Board, Truck Industry Council, Environmental Protection Agency, and European Commission are focusing on the development of high performance-based standards to reduce the impact on the environment. However, strict regulation and high standard maintenance of heavy-duty trucks due to carbon emissions into the environment coupled with high maintenance cost may restrict the growth of heavy-duty trucks market over the forecast period.

Heavy-duty truck market report is segmented on the basis of class type, fuel, application and region & country level. Based upon class type, heavy-duty truck market is classified into Class 5, Class 6, Class 7, and Class 8. On the basis of fuel, market is classified into diesel, petrol, natural gas, gasoline, hybrid electric vehicle, and others. On the basis of application, the market is classified into logistics, agriculture, construction, and mining.

The regions covered in this heavy duty truck market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of Heavy Duty Truck is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.

Key Players -

The major players operating in the heavy duty truck market are Dongfeng Motor Corporation, Daimler AG, FAW Group, China National Heavy Duty Truck Group Co.,Ltd., Tata Group, BAIC Group, Daimler AG, Navistar International Corporation and Paccar, and Others

Heavy Duty Truck

Increasing Industrialization and Technological Advancement are the Major Factors Driving the Growth of This Market

The increasing industrialization is one of the key factors boosting the heavy-duty truck market growth. The advancement in transportation such as the introduction of GPS tracking and Bluetooth coupled with growth in the logistics sector are also contribute to the growth of urbanization and industrialization which indirectly driving the growth of the market. The rising popularity and expansion of e-commerce platform have also increased the distribution channel and increased the demand for logistics facilities which play an instrumental role in boosting the market growth of heavy-duty truck. With an increasing need for a heavy-duty truck in the construction, mining, and shipping field has expanded the market growth, globally. The development of hybrid and electric heavy-duty trucks is expected to be the most prominent segment and will be the most followed trend which is expected to boost the heavy-duty trucks market. Many manufacturers and companies are introducing electric-based vehicles and hybrid heavy-duty trucks to capitalize on the market demand.

North America is expected to dominate the Heavy Duty Truck Market.

Geographically, Heavy-duty truck market report is segmented into North America, Europe, Asia-Pacific and Rest of the World. The Asia-Pacific heavy-duty trucks market is expected to witness high growth. This is due to the availability of low-cost raw material and manpower which are encouraging the growth in the agriculture and construction industry and boosting the heavy-duty trucks market growth in this region. Europe market for heavy-duty trucks is expected to witness significantly high growth in the forecast years. Favorable government initiatives and policies are further fueling the development of fuel-saving technologies and are expanding the market opportunities and growth.

  Report Coverage

Report Analysis Details
Historical data 2015 - 2020
Forecast Period 2021 - 2027
Market Size in 2020: USD 132,000 Million 
Base year considered 2020
Forecast Period CAGR %: 4.70 %
Market Size Expected in 2027: USD 182,054 Million 
Tables, Charts & Figures: 175
Pages 200
Key Players/Companies Dongfeng Motor Corporation, Daimler AG, FAW Group, China National Heavy Duty Truck Group Co.,Ltd., Tata Group, BAIC Group, Daimler AG, Navistar International Corporation and Paccar, and Others
Segments Covered By Type, By Application, By Fuel Type
Regional Analysis North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa

Key Benefits for Market Report–

  • Global market report covers in depth historical and forecast analysis.
  • Global market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
  • Global market report helps to identify opportunities in market place.
  • Global market report covers extensive analysis of emerging trends and competitive landscape.

Market Segmentation:-

By Type:

  • Class 5
  • Class 6
  • Class 7
  • Class 8

By Fuel Type:

  • Diesel
  • Petrol
  • Natural gas
  • Gasoline
  • Hybrid Electric Vehicle
  • Others

By Application:

  • Logistics
  • Agriculture
  • Construction
  • Mining
  • Others

By Regional & Country Level:

  • North America

    • U.S.
    • Canada

    Europe

    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Sweden
    • Netherland
    • Turkey
    • Switzerland
    • Belgium
    • Rest of Europe

    Asia-Pacific

    • South Korea
    • Japan
    • China
    • India
    • Australia
    • Philippines
    • Singapore
    • Malaysia
    • Thailand
    • Indonesia
    • Rest Of APAC

    Latin America

    • Mexico
    • Colombia
    • Brazil
    • Argentina
    • Peru
    • Rest of South America

    Middle East and Africa

    • Saudi Arabia
    • UAE
    • Egypt
    • South Africa
    • Rest Of MEA

 

SUMMARY
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