Category : Automotive, Transportation and Logistics | Published at : April-2021 | Delivery Format : PDF | Status: Published | Pages : 190
The market for heavy-duty trucks is expected to grow at a CAGR of around 4.3% from 2020 to 2027 and expected to reach the market value of around US$ 549.8 Bn by 2027.
The trucks are divided depending on their weight. Heavy-duty trucks have a gross vehicle weight of 15,000 kg or more including the weight of vehicle and payload. Technically, a vehicle that carries the load by itself, without a trailer is termed as a truck such as certain dump trucks, concrete mixers, and garbage trucks. The fuels used in heavy-duty trucks include diesel fuel, petroleum-based or synthetic lubricants, antifreeze, power steering fluid, and environment-friendly non-fluorocarbon gas. Heavy-duty trucks have evolved slowly in the span of the last 100 years and the evolution is also projected to continue with the same phase in the forecast period. Moreover, heavy-duty trucks are one of the most economical ways to ship a wide variety of raw materials and finished goods via road transport.
Market Dynamics
The growing demand for electric & hybrid heavy-duty trucks along with the increasing freight transportation activities is driving the market growth. The implementation of stringent vehicle emission regulations in Europe and increasing investments for infrastructure development in the Asia Pacific region are accelerating the market value. The high demand for heavy-duty trucks from mining and, the oil & gas sector as well as expanding real estate construction activities in developing economies is propelling the demand for heavy-duty trucks in the global market.
On the other side, the high ownership and maintenance costs associated with heavy-duty trucks is likely to restrict the growth to an extent during the forecast period from 2020 to 2027.
IC Engine segment by propulsion type accounted for the maximum revenue share
By propulsion type, the IC engine segment is leading the global heavy-duty trucks market. Most of the heavy-duty trucks are primarily dependent on the diesel engine is the factor supporting the segmental market value. The easy availability of diesel in developing and underdeveloped economies is supporting the segmental market value. Some of the benefits associated with the diesel engine such as less maintenance, more fuel efficiency, more torque and horsepower, and lower fuel prices are supporting the segmental market value. Diesel engines have fewer moving parts in them than a gasoline engine as well as have a compression-ignition system that is highly efficient.
Asia Pacific is expected to experience fastest growth over the forecast period from 2020 to 2027
Asia Pacific is projected to experience the fastest growth with maximum CAGR (%) over the forecast timeframe from 2020 to 2027. The increasing disposable income coupled with the increasing purchasing power of people is supporting the regional market value. The major economies of the region including Japan, China, and India are majorly contributing to the regional market growth. The increasing construction activities across as the private as well as governmental infrastructure sectors are propelling the regional market value. Additionally, the increasing production of commercial vehicles in the region by the major manufacturers is further bolstering the regional market value.
The players profiled in the report include Ashok Leyland, China National Heavy Duty Truck Group, Daimler AG, Dongfeng Motor Corporation, FAW Group Corporation, Freightliner Trucks, Isuzu Motors Ltd, Kenworth Truck Company, PACCAR, Tata Motors Limited, Traton AG, and Volvo Trucks. The major heavy-duty trucks players were involved in strategic developments for escalating the profit share in regional as well as the global market. The major investments were announced for the technological advancements associated with the changing consumer demand for heavy-duty trucks.
Market Segmentation
Market By Propulsion Type
IC Engine
Hybrid
Electric
Market By Application Type
Freight & Logistics
Construction & Mining
Other Applications
Market By Tonnage Type
10–15 metric ton
Over 15 metric ton
Market By Geography
North America
• U.S.
• Canada
Europe
• U.K.
• Germany
• France
• Spain
• Rest of Europe
Asia-Pacific
• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific
Latin America
• Brazil
• Mexico
• Rest of Latin America
Middle East & Africa
• GCC
• South Africa
• Rest of Middle East & Africa
Frequently Asked Questions
The market for heavy-duty trucks is expected to reach a market value of around US$ 549.8 Bn by 2027.
The heavy-duty trucks market is expected to grow at a CAGR of around 4.3% from 2020 to 2027.
The IC engine is the leading segment by propulsion type in the heavy-duty trucks market.
The growing demand for electric & hybrid heavy-duty trucks, increasing freight transportation activities, implementation of stringent vehicle emission regulations, increasing investments for the infrastructure development in Asia Pacific, high demand for heavy-duty trucks from mining and, oil & gas sector, and expanding real estate construction activities are some of the factors driving the market growth.
Ashok Leyland, China National Heavy Duty Truck Group, Daimler AG, Dongfeng Motor Corporation, FAW Group Corporation, Freightliner Trucks, Isuzu Motors Ltd, Kenworth Truck Company, PACCAR, Tata Motors Limited, Traton AG, and Volvo Trucks are the prominent players in the market.
Asia Pacific is expected to be the fastest growing market over the forecast period.
Asia Pacific is expected to be the largest growing market over the forecast period.
