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. Increasing the adoption of heavy-duty trucks for facilitating the operations of the rising logistics industry is a major factor that is affecting the global Heavy-Duty Truck market expansion positively. Improvement in road infrastructure and growing investments are expected to enable customers and companies to invest in heavy-duty trucks for cargo transportation. Further, there are several truck service providers that are focusing on expanding their fleet to cater to the growing consumer demand. This is also contributing significantly towards improving their operational efficiency.
Rising purchasing power and trends for fleet utilization are exerting a positive impact on the growth of the heavy-duty trucks market. The demand for heavy-duty trucks has also been increasing significantly due to the advent of downsized engines with turbochargers, as well as the increasing adoption of a hybrid powertrain. Further, the optimization of supply chain operations and the consolidation of the logistics sector are expected to create a positive outlook for heavy-duty trucks market share over the forecast period.
Technological advancements such as autonomous driving technologies, tire pressure management systems, driver warning systems, and innovative engine advancements are going to support the heavy-duty trucks market growth over the forecast period. Regulatory authorities such as the California Air Resources Board (CARB), European Union, (NHTSA), and (EPA) have enacted laws and regulations related to truck emission standards.
For instance, the U.S. National Highway Traffic Safety Administration has set the standard for fuel economy of heavy-duty truck engines powered by natural gas, diesel, and alternative fuels. Moreover, regulatory bodies are also focusing on lowering the dependency on conventional fuels for powering heavy-duty trucks, which is expected to prompt the industry players to invest in alternative fuels.
Players in the heavy-duty trucks market are presently carrying out advanced testing programs for developing new advanced series of heavy-duty trucks, and thereby, ensure improved vehicle performance in different road and climatic conditions. However, higher costs associated with the acquisition and maintenance of such vehicles may restrain the growth of the market to some extent. Apart from this, stringent government regulations regarding emissions may limit the heavy-duty trucks market growth over the forecast period.
Heavy-Duty Trucks Market, By Class:
Based on the class, Class 8 trucks are going to dominate the heavy-duty trucks market owing to the requirement for higher payload capacities and diversified applications, such as construction and mining activities. Reduction in transportation costs and rising infrastructure and construction projects are positively influencing the industry demand.
Heavy-Duty Trucks Market, By Fuel:
Among fuel types, the natural gas segment will witness significant growth in the heavy-duty trucks market due to lower fuel costs and reduced exhaust emissions. The utilization of natural gas in transit buses, refuse haulers, and commercial trucks, coupled with stringent emission norms, is to further expand the segment’s share in the heavy-duty trucks market over the forecast period.
Heavy-Duty Trucks Market, By Application:
Based on applications, the heavy-duty trucks market includes agriculture, logistics, construction, and mining. Logistics will account for a significant volume share owing to advancements in trucking and logistics technologies like RFID and smart tagging solutions, which are ensuring the efficient sorting and optimization of cargo and materials.
Heavy-Duty Trucks Market, By Region:
North America will register substantial growth in the heavy-duty trucks market owing to the presence of major manufacturers like Kenworth, Freightliner, International, Peterbilt, Mack, and Volvo in the region. Surging freight demand, along with higher costs associated with shipping and rising disposable income, will be supporting the adoption of heavy-duty trucks over the forecast period.
Some Major Developments in Heavy-Duty Trucks Market:
Some Key Findings of the Global Heavy-Duty Trucks Market Report Include:
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