Big Rig Trucks Market Forecast and CAGR
The demand for big rig trucks expected a temporary decline in 2020 owing to the COVID-19 outbreak globally. Several challenges faced by OEMs in the industry such as suspension of the manufacturing process and shortage of raw materials. Decreasing consumer disposable income and rising financial insecurities circumscribed the automobile industry growth and hampered the overall market size in 2020.
According to the latest research by Fact. MR., the big rig trucks market is set to grow substantially from 2021 to 2031. The big rig trucks demand will grow at a steady pace in short term and will show an optimistic growth outlook in the long run.
What is Driving Demand for Big Rig Trucks?
The increase in demand for goods in line with the increasing construction and infrastructure development is a major factor driving the demand for heavy load trucks. Nowadays trucks are more reliable and fuel-efficient and have a higher load capacity, compared to previously manufactured trucks.
Big rig trucks used earlier were not so cost-effective, with the technological advancement in manufacturing recent trucks available in the market have increased the ability to haul heavier weight as compared to similar heavy vehicles.
The mining sector is also witnessing increasing use of big rig trucks. Dump truck, haul trucks and excavation trucks are some of the most used trucks in mining work. The demand for such trucks in the mining sector is expected to show more hike near future due to heavy excavation work and raw material carriage towards or from the mining site. For cargo transportation and logistics, refrigerated, semi-trailer and jumbo trailer trucks are some of the most preferred types for heavy duty.
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Mining Sector Witnessing for High Volume Requirement of Big Rig Trucks
Automotive sales across the globe got badly affected by the impact of COVID-19, which led to a ripple effect on big rig trucks sales. Rapid growth in the mining sector witnessing the demand for big-rig truck globally. The demand for heavy loader has been growing with the increase in new coalfield exploration. These trucks designed in such a way that they can withstand heavy load, high shocks and can be used even on off roads.
Mining work can be two types, Open-pit mining and underground mining. Based on the mining work big rig trucks (bottom dump trucks, rear dump trucks, lube trucks, water trucks, tow trucks etc.) are chosen.
Mining companies across the globe asking for high payload capacity trucks with low fuel consumption and higher efficiency to achieve daily mining activity with ease. Worldwide most of the developing economies are focusing on rapid mining recovery which leads to the requirement of mining trucks.
Governments are also allotting several new mining sites with higher capacity. For instance, the Chinese government approved two coal mines with approx. capacity of 3.6 million tons affecting the country’s production to reach 1.48 billion tonnes during the same time frame.
Asia Pacific Big Rig Trucks Market Outlook
The Asia Pacific is one of the prominent regions for the truck industry. The expansion of the truck business is growing rapidly in the region owing to the huge customer base. Easy availability of low wage workforce and access to low-cost raw material make the region more convenient for truck manufacturers. Countries such as China, India, Indonesia, Thailand and Malaysia are expected to have sizeable contribution to the regional market.
An increase in manufacturing activities and improvement in road infrastructure are the key factors propelling the demand for heavy transportation vehicles in the region. In terms of sales, China leads among all other countries in the region. Rapid industrialization is reviving the production and sales of big rig trucks in China. Several ongoing mega projects in the region requires lots of material and equipment which need to transfer from one place to another. For instance, the South-North water transfer project, Beijing airport and Tianhuangping hydroelectric project have witnessed high-end uses of big rig trucks.
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Europe Demand Outlook for Big Rig Trucks
The European heavy-duty truck market accounts for major share globally. In 2020, COVID-19 created a harsh economic disruption across the globe most of the countries in Europe were severely impacted by the crisis which led to a decline in the sales of heavy duty truck in the region.
The amalgamation of advanced technologies, such as fleet management and truck platooning system in big rig heavy vehicles is deriving the regional market growth. Platooning of trucks witnessed reduction of carbon emission and lower fuel consumption. European truck platooning supported European Commission in April 2017 and announced truck platooning vision 2025. It aims to encourage customer and promoting truck platooning across the region with a positive expectation.
In response to the policy of low carbon emission European truck manufacturers have adopted several technological advancements for truck manufacturing. The market players are developing a new model of fully electric heavy-duty trucks and a hybrid model of big rig trucks.
For instance, Volvo introduced two new models of the electric truck in 2019 named Volvo FE Electric and Volvo FL. According to the company these models are highly sustainable and emission from them have very limited impact on the environment.
Who are the Key Manufacturers and Suppliers of Big Rig Trucks?
Some of the leading manufacturers and suppliers of big rig trucks include Navistar International Transportation Corporation, Ford Motor, Daimler Trucks, Isuzu, PACCAR, Mack, Trucks Inc., Volvo, First Auto Works (FAW), Sinotruk and BAIC Foton
The big rig trucks manufacturers are involved in developing effective relations with suppliers for ensuring timely delivery of the products to meet the demand of the consumer and expand their geographical presence.
For instance, in 2020, Uuebec committed to serving trucks for emergency assistance, Kenworth announced the parts and service facility opening in Saint-Augustin, USA. Peterbilt also announced their new full-service dealership opening in Ggray, Louisiana, US.
A company named Navister launched a Diamond Partnership Program in 2019 to connect international dealers in the big rig trucks market with truck manufacturers and provide them benefits of streamlining installation efforts. This helps the manufacturer to strengthen its relationship with truck dealer.
An Adaptive Approach to Modern-day Research Needs
Big rig trucks Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
- Class 7
- Class 8
- Class 9
By Fuel types
- Natural gas
By End-use Industry
- Tank trucks
- Concrete transport trucks
- Refrigerator trucks
- Garbage trucks
- Dump trucks
- Log carriers
- Mobile cranes
- Freight and Logistics
- Construction and Mining
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Other Middle East
- South Africa
- Other Africa
- North America
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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