NEW YORK, Feb. 17, 2023 /PRNewswire/ — Major players in the heavy trucks market are Volvo Trucks, Daimler, Paccar, Isuzu Motors Ltd, TATA motors, Eicher Motors Ltd, Dongfeng Motor Group Company Ltd, Navistar, Ford Motor Company, and Volkswagen.
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The global heavy trucks market will grow from $208.31 billion in 2022 to $222.57 billion in 2023 at a compound annual growth rate (CAGR) of 6.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The heavy trucks market is expected to grow to $283.71 billion in 2027 at a CAGR of 6.3%.
The heavy trucks market consists of sales of 18-wheeler truck, refrigerator truck, dump truck, garbage truck, logging truck, concrete transport truck, tractor unit and tanker truck.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Heavy trucks are defined as commercial motor vehicles used for the transportation of goods with a weight of 2.72 tons or more when empty and 4.54 tons or more when loaded.
North America was the largest region in the heavy trucks market in 2022.Asia Pacific was the second-largest region in the heavy trucks market.
The regions in the heavy trucks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa.
The main types in the heavy truck market are class 5, class 6, class 7, and class 8.Class 8 trucks refer to the class 8 trucks that are used commercially and have great load capacity.
The various fuel types include diesel, natural gas, hybrid electric, and gasoline. These are used in construction and mining, freight and logistics, and other applications.
Growth in the demand for heavy trucks from end-users such as in construction, mining, and other sectors is contributing to the growth of the heavy truck manufacturing market.According to executives of leading truck makers, an increase in construction activities boosted the sales of tipper trucks, concrete mixers, and other heavy vehicles.
Also, the 2021, according to the American Trucking Association, the revenue of the trucking industry was reported to be $ 875.5 billion. In June 2021, around 4.06 million Class 8 trucks were in operation, 2.3% up from 2020 . An increase in demand for heavy trucks from end-users is expected to drive the heavy truck market in the forecast period.
The COVID-19 outbreak across the globe has impacted the production and demand for heavy trucks, and this is expected to restrain the heavy truck market during the forecast period.The pandemic has led to restrictive containment measures involving social distancing, remote working, and the closure of several manufacturing units to contain the disease.
Such a lockdown norm has led to supply chain disruptions across several industries, including heavy truck manufacturing industries. S&P Global Inc., a financial information and analytics company, indicated that global sales of heavy-duty trucks will decline by 20% to 30% in 2020 due to the COVID-19 impact. Furthermore, by 2021, the sales recovery is expected to be delayed by 10%. Therefore, the COVID-19 outbreak is a major restraining factor that is expected to impact the growth of the heavy truck market negatively.
Vehicles fitted with advanced driver-assistive technologies and safety features are new trends in the heavy truck market.Advanced driver-assistive technologies include features like the Collision Mitigation System (CMS) and a Lane Departure Warning System (LDWS), aiming to reduce road accidents and increase vehicle safety.
For instance, in 2022, Tata Motors, an Indian-based, commercial vehicle manufacturer, launched India’s first CNG-powered medium and heavy commercial vehicle truck and introduced a new-age, advanced driver assistance system (ADAS) including collision mitigation system, lane departure warning system and driver monitoring system in its best-selling range of trucks including Prima, Signa and Ultra trucks to enhance driving comfort.
In April 2021, Battle Motors, a US-based company developing electric vehicle (EV), acquired Crane Carrier Company LLC, manufacturing construction truck and garbage truck chassis, for an undisclosed amount.The acquisition will help Battle Motors to develop Class 7 and 8 vocational truck electrification.
Crane Carrier Company (CCC) is a US-based company specializes in manufacturing purpose-built Class 7 and 8 severe-duty trucks.
The countries covered in heavy trucks market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The heavy truck market research report is one of a series of new reports that provides heavy truck market statistics, including heavy truck industry global market size, regional shares, competitors with a heavy truck market share, detailed heavy truck market segments, market trends and opportunities, and any further data you may need to thrive in the heavy truck industry. This heavy truck market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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