An upsurge in the demand for heavy commercial vehicles across all major sectors such as agriculture, mining, construction and logistics is expected to further propel the sales of heavy-duty trucks over the forecast period. Rise in the international and domestic trading activities worldwide has impacted positively over the heavy-duty trucks market growth.
The global heavy-duty truck market surpassed a market value of US$ 35 Bn in 2020, spurred largely by the ever increasing volumes of industrial operations in the recent past. In terms of revenue, the global heavy-duty trucks market is expected to represent an incremental opportunity surpassing US$ 56.1 Bn across forecast period.
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The report offers actionable and valuable market insights of Heavy Duty Trucks. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Heavy Duty Trucks Market across various industries and regions.
The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Heavy Duty Trucks market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Heavy Duty Trucks
This newly published and insightful report sheds light on Market Insights of Heavy Duty Trucks, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Heavy Duty Trucks Market.
Key Segments Covered
- By Class :
- Class 7 Heavy Duty Trucks
- Class 8 Heavy Duty Trucks
- Class 9 Heavy Duty Trucks
- By Fuel :
- Diesel-powered Heavy Duty Trucks
- Natural Gas-powered Heavy Duty Trucks
- Hybrid Electric Heavy Duty Trucks
- Gasoline-powered Heavy Duty Trucks
- By Application :
- Heavy Duty Trucks for Logistics
- Heavy Duty Trucks for Construction
- Heavy Duty Trucks for Agriculture
- Heavy Duty Trucks for Defence
- Heavy Duty Trucks for Mining
- Heavy Duty Trucks for Other Applications
Key Takeaways from the Market Study
- Global market for heavy duty trucks to expand 2.6x by 2031
- Diesel-powered heavy duty trucks to remain dominant, accounting for 60% of global demand
- By class, class 7 heavy duty trucks to generate over 3 out of 10 sales through 2031
- Demand to remain strong in the construction segment, expanding at around 5% CAGR until 2031
- Asia and Europe to collectively generate over 45% revenue until 2031
- Heavy-duty trucks industry expected to register a CAGR around 5% in the U.S.
- Heavy-duty trucks industry expected to register a CAGR around 5.5% throughout Asia
“Unceasing technological progress in the global automotive industry is prompting heavy duty truck manufacturers to install highly advanced systems, including ADAS and autonomous driving systems, opening up new growth frontiers,” says a Fact.MR analyst.
Competitive Landscape
Manufacturers of heavy-duty trucks are designing fuel efficient engines and focusing on automation and reducing carbon emissions.
- In July 2021, Kenworth introduced a near zero emissions natural gas engine that is instilled in T680 heavy duty truck.
- 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, Volvo are prominent manufacturers of heavy-duty trucks.
Report Benefits & Key Questions Answered
- Heavy Duty Trucks Company & brand share analysis: The report offers in-depth Heavy Duty Trucks brand share analysis to estimate percentage of the market covered by Tier 1, Tier 2, and Tier 3 companies
- Heavy Duty Trucks Historical volume analysis: The report offers a comparative analysis between historic sales of Heavy Duty Trucks and projected sales performance for 2021-2031
- Heavy Duty Trucks Category & segment level analysis: Fact MR presents a comprehensive analysis of factors enabling sales growth across key segments. It underscores chief growth drivers and offers valuable information to identify sales prospects a local and regional levels
- Heavy Duty Trucks Consumption by demographics: To offer informed recommendation, the report studies behavior and consumption pattern of consumers. The demographics analysis is intended at helping business better understand consumer preference and design their product and market strategies around it
- Post COVID consumer spending on Heavy Duty Trucks: The Fact MR market survey carefully studies consumer spending behavior post COVID-19. It gauges how prevailing trends have influenced their behavior, subsequently impacting their spending power
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