The Global Heavy-Duty Trucks Market generated revenue of US$ 365 billion in 2019 and is expected to grow at a CAGR of 4.4%. Heavy duty trucks have specific technical requirements and have diversity of applications compared to that of passenger vehicles. With significant growth in mining and construction industry among the developing and developed nations, heavy duty trucks are experiencing steady demand. Mining industry relies considerably on machinery and technology to do all the activities from extraction of minerals to creating mines itself. Haul trucks are mostly used in off-highway mining work for transporting/carrying large amount of raw materials as well as excavated rocks and dirt. Surging construction industry with growth in high-rise buildings among the developing economies also contributes to the increasing demand for heavy duty trucks.
However, with the global pandemic in the scenario automotive industry has been impacted greatly resulting into declining in demand as well as production of the vehicles. Economic recession is further expected to slow down the growth of the industry. However, this impact will be for short term and industry will start surging by mid-2021. Countries like China, Russia and India are offering enormous growth in the automotive industry in the coming few years. To remain competitive in the market leading companies are focusing more on launching the electric/hybrid heavy duty trucks. In May 2020, Volvo announced to launch range of electric heavy duty trucks in Europe starting in 2021. This would definitely give them an edge over their competitors. Moreover, manufacturers are also trying to collaborate with carriers to leverage the upcoming 5G network generation. Integrating 5G network communication services with the trucks will help the companies to cater the mission critical use cases in mining and construction industry more accurately.
Asia Pacific has the major revenue share in the global heavy duty trucks market. Increasing number of mines and mining activity along with the significant growth in the construction industry in developing nations like China and India is supporting the growth of the market. China has the largest share in the market. Where rest of the world is battling with the impact of Covid 19, China’s automotive industry seems to be remaining unaffected. Between January to July 2020, 960,200 units of heavy duty trucks were sold in China. This is an increment of 31% as compared to the trucks sold during the same period of 2019.
Heavy Duty Trucks Market Value Share Analysis, by Geography (2022)
The report titled “Heavy Duty Trucks Market- Global Market Share, Trends, Analysis and Forecasts, 2023-2032” wherein 2021 is historic period, 2022 is the base year, and 2023 to 2032 is forecast period. Additionally, the study takes into consideration the competitive landscape, wherein the report would provide company overview and market outlook for leading players in the global heavy duty truck market.
Furthermore, the report would reflect the key developments, global & regional sales network, business strategies, research & development activities, employee strength, and key executive, for all the major players operating in the global heavy duty trucks market.
The global heavy duty trucks market is segmented into truck type, class type, application, fuel type, payload capacity, and geography. On the basis of truck type the market is segmented into on-road and off-road trucks. Based on class type the heavy duty trucks are segmented into class 7, class 8 and class 9. Based on applications the market is segmented into commercial and non-commercial. Non-commercial segment is further bifurcated into construction, government & defense, mining and others. On the basis of fuel type heavy duty trucks market is segmented into diesel, natural gas, electric vehicles and gasoline. Diesel segment has the largest market revenue share among the others. However, companies are looking forward to shift their interest towards environment friendly fuels. Electric vehicle segment will grow with the highest CAGR among the other segments during the forecast period of 2022 to 2032.
Based on geography, the global heavy duty trucks market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is sub-segmented into the United States, Canada and Rest of North America. Europe is sub-segmented into Germany, United Kingdom, Belgium, Spain, and Rest of Europe. Asia Pacific is sub-segmented into China, Japan, India, South Korea, Australia, and Rest of Asia Pacific. Middle East & Africa is sub-segmented into Saudi Arabia, the UAE, and Rest of Middle East & Africa. South America is sub-segmented into Brazil and Rest of South America.
The research provides in-depth analysis of prominent players holding majority share of the global heavy duty trucks market with a focus on all operating business segment and would identify and analyze the segment of the company focusing on heavy duty trucks. Further, market share of prominent companies in the global heavy duty trucks Market would also be estimated. The study takes into consideration the key competitive information such as business strategy, product portfolio, key development, SWOT analysis, and research and development focusing on the heavy duty trucks manufacturing companies. The global heavy duty trucks market study would take into consideration the participants engaged throughout the supply chain and value chain of the market, along with their contribution.
Product portfolio would focus on all the products and innovations regarding heavy duty trucks segment of the company. Similarly, the recent development section would focus on the latest developments of company such as strategic alliances and partnerships, merger and acquisition, new innovations and patent filing information and geographic expansion in the global heavy duty trucks market.
Major players active in the global heavy duty trucks market include Daimler Group, Tata Motors Limited, Dongfeng Motor Corporation , Navistar International Corp, Volvo Group, PACCAR Inc, MAN SE, Scania AB, IVECO S.p.A., and Hino Motors, Ltd. Manufacturers are looking forward to explore new use cases by integrating the telematics with the trucks. Also, innovations and development regarding reduction in the carbon monoxide emissions and increasing the fuel efficiency remains undoubtedly the prime focus areas of the OEM’s.
Segmentation:
By Class Type:
By Fuel:
By Application:
By Geography
Heavy duty trucks have specific technical requirements and have diversity of applications compared to that of passenger vehicles. With significant growth in mining and construction industry among the developing and developed nations, heavy duty trucks are experiencing steady demand. Mining industry relies considerably on machinery and technology to do all the activities from extraction of minerals to creating mines itself. Surging construction industry with growth in high-rise buildings among the developing economies are the key factors fueling growth of the global anticoagulant market.
Asia Pacific has the major revenue share in the global heavy duty trucks market. Increasing number of mines and mining activity along with the significant growth in the construction industry in developing nations like China and India is supporting the growth of the market.
The major active players are Daimler Group, Tata Motors Limited, Dongfeng Motor Corporation , Navistar International Corp, Volvo Group, PACCAR Inc, MAN SE, Scania AB, IVECO S.p.A., and Hino Motors, Ltd.
Based on Fuel type, the heavy duty trucks market is segmented into diesel, natural gas, electric vehicles and gasoline.
Copyright © 2024 Same Page Management Consulting Pvt. Ltd. (insightSLICE) | All Rights Reserved