The global heavy-duty truck market is projected to reach USD 187.47 billion by 2028, growing at a CAGR of 3.3% during the forecast period.
Heavy-Duty Trucks Market
Increasing the adoption of heavy-duty trucks for facilitating the rising logistics industry is positively influencing the heavy-duty trucks market expansion. Improving road infrastructure along with increasing investments by governments to enhance public infrastructure are enabling customers and companies to invest in heavy-duty trucks for cargo transportation. The presence of multiple truck service providers focusing on expanding their fleet to cater to growing consumer demand contributes significantly towards improving their operational efficiency. Rising purchasing power and trends for large fleet utilization are positively influencing the growth of heavy-duty trucks market. The advent of downsized engines with turbochargers along with increasing adoption of the hybrid powertrain is contributing significantly towards improving the demand for such trucks. Optimization of supply chain operations along with the consolidation of the logistics sector is providing a positive outlook for heavy-duty trucks market share over the projected timeframe.
Advancements including autonomous driving technologies, tire pressure management systems, driver warning systems, and innovative engine advancements are supporting the heavy-duty trucks market growth over the study timeframe. Regulatory authorities including the California Air Resources Board (CARB), European Union, the U.S. National Highway Traffic Safety Administration (NHTSA) and the U.S. Environmental Protection Agency (EPA) enact multiple laws and regulations associated with truck emission standards. For instance, the U.S. National Highway Traffic Safety Administration sets standards for fuel economy of heavy-duty truck engines powered by natural gas, diesel, and alternative fuels. Moreover, regulatory bodies are focusing on reducing the dependency on conventional fuels for powering heavy-duty trucks, thereby enabling industry players to invest in alternative fuel. Players in heavy-duty trucks market are involved in advanced testing programs for developing new advanced series of heavy-duty trucks for ensuring improved vehicle performance in the diversified road and climatic conditions. The higher costs associated with the acquisition and maintenance of such vehicles along with stringent government regulations pertaining to the emission from such vehicles may limit the heavy-duty trucks market share over the forecast period.
Based on the class, Class 8 trucks will dominate the heavy-duty trucks market share owing to the requirement for higher payload capacities and diversified applications including construction and mining activities. Reduction in transportation costs and rising infrastructure and construction projects are positively influencing the industry demand. Rising purchasing power along with proliferating the logistics industry is further expanding the segment share over the study timeframe.
The natural gas segment among the fuel types is projected to witness significant growth in the heavy-duty trucks market due to lower fuel costs and reduced exhaust emissions. Utilization of natural gas in transit buses, refuse haulers, and commercial trucks coupled with stringent emission norms pertaining to emissions and efficiency from such vehicles are further expanding the segment share in heavy-duty trucks market over the forecast period. Improving natural gas infrastructure along with an expanded network of fueling stations is further providing a positive outlook for the heavy-duty trucks market penetration.
Based on applications, the heavy-duty trucks market is segmented into agriculture, logistics, construction, and mining. Logistics is expected to register a significant volume share owing to advancements in trucking and logistics technologies including RFID along with smart tagging solutions supporting efficient sorting and optimizing of cargo and materials. Additionally, carrying cargo and goods over long distances owing to the proliferating the e-commerce industry is boosting the market share over the forecast timeframe. Advancements in supply chain and logistics along with the availability of a wide range of trucks with varied load-carrying capacities catering to diversified requirements further expand the segment growth in the heavy-duty trucks market.
North America will register considerable growth in the heavy-duty trucks market owing to the presence of the major manufacturers including Freightliner, Kenworth, International, Peterbilt, Volvo, and Mack. Surging freight demand along with higher costs associated with shipping, and improving disposable income are supporting the increasing adoption of heavy-duty trucks over the forecast timeframe. Increased manufacturing, industrial, and construction activities along with higher prevalence for truck service providers are further expanding the regional share over the projected timeframe. Asia Pacific's heavy-duty trucks market will also exhibit significant growth during the forecast period owing to rising commercialization, the establishment of new manufacturing plants, and the adoption of technologically advanced vehicles across the region. Additionally, increasing demand from countries including China, Japan, and India with a high concentration of industry participants coupled with rising truck production will further expand the industry size of the heavy-duty trucks market.
Key Factors Impacting the Growth of heavy-duty trucks market:
- Increasing adoption of heavy-duty truck for facilitating rising logistics industry
- Improving road infrastructure along with increasing investments by governments to enhance public infrastructure
- Technological Advancements including autonomous driving technologies, tire pressure management systems, driver warning system etc.
- Multiple laws and regulations associated with truck emission standards.
- Higher costs associated with the acquisition and maintenance
Key Developments in heavy-duty trucks market:
- In May 2015, Volvo (Sweden) completed the acquisition of Dongfeng Commercial Vehicles Co. Ltd. (China), a manufacturer of heavy-duty and medium-duty vehicles.
- In December 2018, PACCAR Inc. (US) recognized the top-performing suppliers under its Supplier Performance Management (SPM) program, thereby encouraging other suppliers to offer higher quality products.
What Does This Report Provide?
This report provides a detailed understanding of the global heavy-duty trucks market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with a potential impact on the heavy-duty trucks market during the forecast period and an in-depth analysis of the leading companies operating in the market.
Market Segmentation:
- By Class:
- Class 5
- Class 6
- Class 7
- Class 8
- By Fuel:
- Diesel
- Natural Gas
- Gasoline
- Hybrid
- By Region:
- North America
- By Country (US, Canada, Mexico)
- By Class
- By Fuel
- Western Europe:
- By Country (Germany, UK, France, Spain, Rest of Western Europe)
- By Class
- By Fuel
- Eastern Europe:
- By Country (Russia, Turkey, Rest of Eastern Europe)
- By Class
- By Fuel
- Asia Pacific
- By Country (China, Japan, India, Rest of Asia Pacific)
- By Class
- By Fue
- Middle East:
- By Country (UAE, Qatar, Iran, Saudi Arabia, Rest of Middle East)
- By Class
- By Fuel
- Rest of the World
- By Region (South America, Africa)
- By Class
- By Fuel
Companies Covered: Volvo, Daimler AG, Volkswagen AG, Navistar Inc., Paccar Inc., Freightliner, Ashok Leyland, Scania, Kenworth, Eicher, General Motors, Ford Motors, and Tata Motors...
Years Considered In The Study
|
Historic Year |
2016, 2017 |
|
Base Year |
2018 |
|
Forecast Period |
2019-2028 |
|
CAGR %(2019-2028) |
3.3% |
- Reasons to Buy This Report:
- Market size estimation of the global heavy-duty trucks market on a regional and global basis
- The unique research design for market size estimation and forecast
- Profiling of major companies operating in the market with key developments
- Broad scope to cover all the possible segments helping every stakeholder in the market
- Customization:
- We provide customization of the study to meet specific requirements:
- By Segment
- By Sub-segment
- By Region/Country
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