Global Heavy Duty Truck Market is valued at USD 162.9 Billion in 2022 and expected to reach USD 230.75 Billion by 2029 with the CAGR of 5.1% 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.
The major players operating in the heavy duty truck market are
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.
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.
|Historical data||2015 - 2021|
|Forecast Period||2022 - 2029|
|Market Size in 2022:||USD 162.9 Billion|
|Base year considered||2021|
|Forecast Period CAGR %:||5.1%|
|Market Size Expected in 2029:||USD 230.75 Billion|
|Tables, Charts & Figures:||175|
|Key Players/Companies||Dongfeng Motor Corporation, Daimler AG, FAW Group, China National Heavy Duty Truck Group Co.,Ltd., Tata Group, BAIC Group, Navistar International Corporation, Paccar, Ashok Leyland, Freightliner, Eicher Motors Limited, Ford Motor Company, Kenworth, MAN SE, Scania AB, Isuzu Motors, Peterbilt, Volvo Group, 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|
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