Demand for Heavy Duty Trucks Market to Register 4.1% Growth during 2018-2027

Published On : 09/08/2021

Heavy duty trucks institute a vital part of the transport industry. Heavy duty trucks across the globe are responsible for the majority of the freight & logistics movement over the land and are pivotal vehicle in the construction, manufacturing, and agriculture sector. Heavy duty trucks are predominantly crucial to the mining and construction industry, as dump trucks and ready-mix concrete trucks are necessary to transport a large number of materials. Additionally, current signs of progress in road infrastructure and growing demand from e-commerce sector are likely to boost heavy duty trucks sales across the globe over the forecast period.

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Increasing international and domestic trade activates is highly anticipated to drive the demand for heavy-duty trucks. An upsurge in construction and logistics sector is expected to augment the heavy duty trucks market further. The volume of heavy duty trucks is anticipated to phenomenally increasing over the forecast period owing to growth in the number of orders of heavy-duty trucks in developing economies. Moreover, booming economic growth with gradual growth in the urbanization had profoundly impacted the transportation sector, which propels the heavy duty trucks market globally. Technological advancement and an introduction of electric and hybrid vehicles are majorly expected to drive the heavy duty trucks market over the forecast period across the globe. However, the high cost of heavy duty trucks and environmental regulation to curb the carbon emission is subjected to hinder the market growth over the forecast period.

This report assesses trends that are driving the growth of each segment on the global level and offers potential takeaways that could prove substantially useful to heavy duty trucks manufacturers looking to enter the market. Main regions assessed in this report include North America, Latin America, Europe, Japan, Asia Pacific excluding Japan (APEJ), and the Middle East & Africa (MEA).

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Key Segments Covered

Class

• Class 7 Heavy Duty Trucks
• Class 8 Heavy Duty Trucks
• Class 9 Heavy Duty Trucks

Fuel

• Diesel-powered Heavy Duty Trucks
• Natural Gas-powered Heavy Duty Trucks
• Hybrid Electric Heavy Duty Trucks
• Gasoline-powered Heavy Duty Trucks

APEJ Region Critical in the Heavy Duty Trucks Market

The APEJ region is estimated to account for more than 20% market share in the global heavy duty trucks market in 2018, and this share is expected to grow by a massive rate, causing the APEJ market to grab more than 25% market share by the end of 2027. The rapid economic growth leads this highly populous continent and increases in the e-commerce sector in Indian and South Korean countries, and goods manufacturer and suppliers in these countries will continue to demand the maximum heavy duty trucks.

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Global Heavy-Duty Trucks Market: Competition Dashboard

Fact.MR has profiled some of the most prominent company’s active in the global heavy duty trucks market such as Daimler, Dongfeng, Eicher Motors Limited, Fiat Chrysler Automobiles, Ford Motor Company, Freightliner, General Motors, Kenworth, Navistar, Nissan, Oshkosh Corporation, Paccar, Peterbilt, Scania, Tata Motors, Toyota, Volkswagen and Volvo. The key market players in the heavy duty trucks market are focusing on product development and collaboration. Vendors in the heavy duty trucks market are focusing on developing technological advanced and innovative solutions that can meet the changing customer requirements. Recently, Daimler presented the first electric Freightliner truck to Penske. With the presentation of the first fully electric Freightliner eM2, Daimler Trucks started their day to day-operation testing of heavy duty and medium-duty e-trucks in the U.S. Daimler’s subsidiary Daimler Trucks North America (DTNA).

Global Heavy Duty Trucks Market: Key Insights

The heavy duty trucks market has grown consistently at a CAGR of 4.1%, and the market has been expanding at a gradual pace. The vendors in the heavy duty trucks market are focusing on product development companies that provide heavy duty trucks and gain a competitive edge in the market by providing diversified product categories.

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Uma Rajagopal

Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.

Uma Rajagopal

Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.