Heavy Duty Trucks Market

Market Snapshot

According to Fact.MR, 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.

Key Points Covered in Heavy Duty Trucks Industry Analysis

• Market estimates and forecast 2016-2031
• Key drivers and restraints impacting market growth
• Segment-wise, Country-wise, and Region-wise Analysis
• Competition Mapping and Benchmarking
• Market Share Analysis
• Key Product Innovations and Regulatory Climate
• COVID-19 Impact on Heavy Duty Trucks Market and How to Navigate
• Recommendation on Key Winning Strategies

Heavy Duty Trucks Historical Data 2016-2020 in Comparison to Future Outlook 2021-2031

Fact.MR’s report on heavy-duty trucks states that between 2016 to 2020, the heavy-duty truck market surpassed a market revenue of US$ 35 Bn by the end of 2020.

Ever expanding volume of domestic and foreign trade in key business domains has augmented the need for transporting goods and raw materials over time. Rapidly developing industries and demand from end industries has multiplied by leaps and bounds.

Due to the aforementioned factors, the sales of heavy-duty trucks are expected to exceed a CAGR of 10%, expected to generate a valuation of US$ 91.1 Bn by the end of the 2021-2031 forecast period.

How are Cost Considerations Widening Scope for Heavy Duty Trucks?

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.

Government authorities across the globe have been imposing stringent regulations that aim at reducing truck emissions. Hence, manufacturers are increasing the production of electric and hybrid powered heavy duty trucks across several regions.

Heavy duty truck manufactures are also highly focusing on diminishing the high costs associated with heavy-duty trucks by shifting towards the remanufacturing techniques and use of cost effective material, thereby minimizing the production cost.

Which Factors are Propelling the Demand for Heavy Duty Trucks?

The ever widening prospects of the automotive industry in emerging economies owing to the availability of essential resources along with favourable FDI policies is highly anticipated to boost the production of heavy-duty trucks across several regions region.

Extension of road networks along with increasing international sourcing of heavy-duty trucks components are expected to positively influence demand. Heavy-duty truck manufacturers are highly focusing on improving their profit margin through relying on their reliable customers from the construction and logistics sector.

How are Technological Breakthroughs Impacting Demand for Heavy Duty Trucks?

The global heavy duty trucks industry is currently witnessing a complete change in manufacturing concept. Autonomous trucks, electric trucks and driverless trucks are ready to make a hefty impact on the industry.

The global heavy duty trucks market is backed by an increasing number of infrastructure projects and upsurge in demand from the logistics sector across the globe.

The boom in the e-commerce sector, demand for the heavy duty trucks is likely to propel over the forecast period. Such factors are driving the adoption of Heavy-Duty Trucks in the market.

Furthermore, the globalization coupled with the growing demand for efficient supply chain to transport goods across the world is further propelling the demand for heavy-duty trucks.

Additionally, growing preferences for hybrid and electric heavy duty trucks is highly expected to drive the demand for heavy duty truck over the forecast period. The vendors offering heavy duty trucks are investing huge amounts in offering advanced heavy duty trucks. The companies are aiming to offer the highly efficient heavy-duty trucks, which are low in cost and highly effective and can provide maximum mileage. Thus, rising vendor investment in heavy-duty trucks is expected to contribute significantly to the market growth during the forecast period.

Country-wise Analysis

What Growth Prospects Abound in Asia?

China and India are two major countries undergoing rapid change. The expeditious growing nature of industrialization and manufacturing units has positively influenced the sales of heavy-duty trucks.

In addition, the governments of the countries are investing in road improvement and manufacturing units. Thus, the market is projected to exhibit a high growth with a CAGR of over 5.5% during the forecast period.

Along with Europe, the Asian market will account for 45% of the global heavy duty trucks industry revenue by 2031. The market is developing at a rapid pace with an increasing application of heavy-duty trucks across all major sectors.

Why is the U.S Brimming with Opportunities for Heavy Duty Trucks?

Increased emphasis on incorporating technological advancements in the domestic automotive industry has led to a mushrooming demand for autonomous and self-driven heavy duty trucks across the U.S.

In addition, the integration of ADAS technologies for monitoring and prevention of accidents is increasing the usage factor of heavy-duty trucks that would prevent the loss of human life and goods. Thus, the U.S market is expected to register a CAGR of 5% in the forecast period.

Category-wise Insights

Why are Diesel-powered Heavy Duty Trucks Acquiring Traction?

Heavy-duty trucks are mainly used for longer routes and goods that are high in weight. Diesel engines have the ability to provide high torque in comparison to petrol engines. Thus, heavy duty truck industries prefer installing diesel engines.

Thus, diesel in heavy-duty trucks market is expected to account for the highest market share of more than 60% by 2031.

Competitive Landscape

Vendors in the heavy-duty trucks market are focusing on launching new products with advanced features to gain a competitive edge in the market.

• In July 2021, Diamler Truck, The TRATON GROUP and Volvo group have come together to install electric heavy duty and long haul trucks across Europe.
• In December 2017, Scania built its new XT range to be as bump and dent-proof as possible without wrapping it in plastic, and up-specced the components for constant heavy-duty use.
• For instance, 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).

Report Scope

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

• 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

Heavy Duty Trucks Market- Scope of Report

A recent study by Fact.MR on the heavy duty trucks market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with offering heavy duty trucks.

The study also provides the dynamics responsible for influencing the future status of the heavy duty trucks market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report.

A list of prominent companies operating in the heavy duty trucks market, along with their product portfolios, enhances the reliability of this comprehensive research study.

Report Summary

The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales of heavy duty trucks across the globe.

A comprehensive estimate on the market has been provided through an optimistic as well as a conservative scenario, taking into account the sales of heavy duty trucks during the forecast period. Price point comparison by region with global average price is also considered in the study.

Key Questions Answered in Report

• Which are the most lucrative heavy duty trucks markets?
• Which factors will impact the growth of heavy duty trucks?
• How will changing trends impact the strategies of market players?
• How can market players capture the low-hanging opportunities across regions?
• Which companies are leading the heavy duty trucks industry?
• What are the winning strategies of stakeholders in the market?

Analysis on Market Size Evaluation

The market has been analyzed for each segment in terms of volume (‘000 Units) and value (US$ Mn).

Estimates at global and regional levels for heavy duty trucks are available in terms of “US$ Mn” for value and in “‘000 Units” for volume. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global heavy duty trucks market.

Inspected Assessment on Regional Segments

Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the heavy duty trucks during the forecast period.

Country-specific valuation on demand for heavy duty trucks has been offered for each region, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.

Detailed breakup in terms of value & volume for emerging countries has also been included in the report.

In-depth Analysis on Competition Analysis

The report sheds light on leading manufacturers of heavy duty trucks, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in offering heavy duty trucks has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.

Company profiles have been included in the report, which include essentials such as product portfolios and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the heavy domain. 

Research Methodology

In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the heavy duty trucks industry, and reach conclusions on the future growth parameters. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.

Secondary resources referred to by analysts during the preparation of the market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the research report as a primary resource.