Heavy Duty Trucks Market

Introduction of the Heavy Duty trucks Market Report

Heavy duty trucks can be referred as commercial vehicles, which offers higher towing and load capacity. Heavy duty trucks are used to transport bulky loads that cannot be transported by normal load carrying trucks. These vehicles are mostly used in suburban and urban areas and comprises of a trailer or a good carrying space for more convenient and safe transportation. These trucks are used in diverse industries including construction, dumping, logistics, and other sectors. The global heavy truck market covers a wide range of end-use industries such as mining, construction, agriculture, and other sectors.

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Market Dynamic

Key Drivers and Emerging Trends

Heavy-duty trucks are known for the load they can carry in one round trip in less time and with more safety. Thus, the governmental bodies’ strategic initiatives for increasing the heavy-duty vehicle loading capacity have surged the growth of the global heavy-duty trucks market size. For example, the Indian government’s strategy for raising the loading capacity of heavy vehicles by 20-25% will reduce overloading and increase the sales of heavy-duty trucks. Despite the effects of the pandemic, increasing inclination towards the e-commerce sector with the rising economy is fuelling the growth of the global heavy-trucks market. As per the heavy duty truck market statistics, the rise in the sale of commercial vehicles across developing countries is another major factor responsible for the market’s growth. For example, India has great potential in commercial vehicles, and according to IBEF, India is ranked in the top five manufacturers of commercial vehicles globally, and export for commercial vehicles has also surged at a rate of 1.3% in 2020, which is surging the growth of the heavy-duty trucks market share.

Electric heavy-duty truck is one of the emerging heavy duty truck market trends that is expected to raise the heavy-duty trucks market bar. Key players in the market are ready to launch new electric heavy trucks in the market, which will be driving the overall demand for the heavy truck market. For example, Volvo Group is ready to launch its electric truck in the market by the end of 2021.

Restraint in the Heavy-Duty trucks Market

The heavy duty market forecast illustrates that the high cost of heavy-duty trucks coupled with the major issues associated with truckload carrying capacity across the nations is the key factors that are expected to hamper the growth of the global heavy-duty trucks market.

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Class – Segment Analysis

Based on the class, class 8 segment is expected to grow at a higher CAGR in the global heavy trucks market over the forecast period. Class 8 segment has huge potential as it offers numerous advantages in various verticals like logistics, construction, healthcare etc. as it saves both cost and fuel of the transportation process. Class 8 segment offers fuel efficiency, which in turn increases the company’s profit leading to more adoption rate.

End-Use Industry – Segment Analysis

Based on the end-use industry, the logistics segment is expected to dominate the global heavy-duty trucks market over the forecast period. Heavy-duty trucks serve the need of food-beverage, automotive, transportation and other verticals. Heavy-duty trucks offer safe transportation of the goods and materials in bulk at a time, which reduces the time for both consumers and producers.

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Regional – Segment Analysis:

Based on the region, Asia-Pacific is expected to dominate the global heavy-trucks market over the forecast period. The fast pace of industrialization in China is stimulating the production as well as the adoption of heavy-duty trucks. The Chinese government has made improvements in the economy through number of initiatives, which has also impacted the heavy-duty trucks market in a positive way. For instance, “Made in China 2025”, an initiative by China’s government for modernizing the manufacturing industry, leads to rapid industrialization, which has led to the more use of transportation for transporting goods, thus driving the growth of the global heavy duty truck market. Adding on with the strong presence of key players in the Asia-Pacific region is another major factor contributing to the growth of the market. For example, Volvo Group, TRATON GROUP, Daimler AG, among others, have a presence in the Asia-Pacific region, which is the growth of the global heavy-duty trucks market in the region.

Top Market Players

Various notable players operating in the market include Volvo Group, Daimler AG, TRATON GROUP, PACCAR Inc, Tata Motors., ASHOK LEYLAND, FAW Group Co., Ltd., China National Heavy Duty Truck Group, Dongfeng Motor Company, ISUZU MOTORS LIMITED, among others. 

Key Developments:

• • In 2020, Volvo Trucks officially launched a complete range of heavy-duty electric trucks that are all set to be commercialized in 2021. This launch helped the company expand its product portfolio, ultimately leading to more revenue generation.
  • In 2020, Daimler AG, announced that the company had started production of Mercedes-Benz heavy-duty trucks in China. This is a strategic joint-venture for the distribution and production of heavy-duty trucks in China.

Segments covered in the Report:

The global heavy-duty trucks market has been segmented based on class, end-use industry, and regions. Based on class, the market is segmented into class 6, class 7 and class8. Based on end-use industry, the market is segmented into logistics, construction, mining, agriculture, and others. 

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Key questions answered in this research report:

• • At what pace is global heavy-duty trucks market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in heavy-duty trucks market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global heavy-duty trucks market?
  • Which class generated maximum revenues in 2019 and identify the most promising class during the forecast period?
  • What are the various end-use industry areas of global heavy-duty trucks market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Class, By End-Use Industry, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Volvo Group, Daimler AG, TRATON GROUP, PACCAR Inc, Tata Motors., ASHOK LEYLAND, FAW Group Co., Ltd., China National Heavy Duty Truck Group, Dongfeng Motor Company, ISUZU MOTORS LIMITED, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Heavy-Duty trucks Market by Class

• • Class 6
  • Class 7
  • Class 8

Global Heavy-Duty trucks Market by End-Use Industry

• • Logistics
  • Construction
  • Mining
  • Agriculture
  • Others

Global Heavy-Duty trucks Market by Region

• • North America Heavy-Duty trucks Market (Option 1: As a part of the free 25% customization)
    • North America Market by Class
    • North America Market by End-Use Industry
    • US Market All-Up
    • Canada Market All-Up
  • Europe Heavy duty trucks Market (Option 2: As a part of the free 25% customization)
    • Europe Market by Class
    • Europe Market by End-Use Industry
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Heavy duty trucks Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Market by Class
    • Asia-Pacific Market by End-Use Industry
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Heavy duty trucks Market (Option 4: As a part of the free 25% customization)
    • RoW Market by Class
    • RoW Market by End-Use Industry
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Heavy duty trucks (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Volvo Group
  • Daimler AG
  • TRATON GROUP
  • PACCAR Inc.
  • Tata Motors.
  • ASHOK LEYLAND
  • FAW Group Co., Ltd.
  • China National Heavy Duty Truck Group
  • Dongfeng Motor Company
  • ISUZU MOTORS LIMITED