The global heavy-duty trucks market is expected to grow primarily due to growing demand for event management business. Above 500HP sub-segment is expected to flourish immensely. The market in the Asia-Pacific region is predicted to grow at a high CAGR by 2031
NEW YORK, April 4, 2023 /PRNewswire/ — Global Heavy-Duty Trucks Market Forecast Analysis:
As per the report published by Research Dive, the global heavy-duty trucks market is expected to register a revenue of $538.2 billion by 2031 at a CAGR of 4.3% during the forecast period 2022-2031.
Segments of the Heavy-Duty Trucks Market
The report has divided the market into the following segments:
- Class: class 7 and class 8
- Class 8 – Most dominant in 2021
Adoption of cutting-edge technologies and growing use of class 8 trucks by the mining industry is expected to push the growth of this sub-segment further. - Horsepower: below 300HP, 300HP-400HP, 400HP-500HP, and above 500HP
- Above 500HP – Highest market share in 2021
Growing demand for heavy-duty trucks having horsepower of more than 500HP due to the vehicles’ remarkable load-carrying capacities and range of terrain compatibility is expected to propel the sub-segment forward. - Fuel Type: diesel, gasoline, natural gas, biofuels, electricity, and hydrogen
- Diesel – Most profitable in 2021
Growing preference for diesel heavy-duty trucks due to the ability of their engines to perform better than gas engines in tough terrains is anticipated to push the market forward. - Region: North America, Europe, Asia-Pacific, and LAMEA
- Asia-Pacific – Significant market share in 2021
Rapid urbanization, population growth, and the expansion of e-commerce sector are predicted to be the main factors that will help to augment the growth rate of the market in the forecast period.
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Dynamics of the Global Heavy-Duty Trucks Market
Rise in demand for event management business is expected to become the primary growth driver of the heavy-duty trucks market in the forecast period. Additionally, increase in use of technological advancements is predicted to propel the market forward. However, according to market analysts, high cost of heavy-duty trucks might become a restraint in the growth of the market.
Development of hybrid and electric heavy-duty trucks is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, introduction of GPS tracking and ADAs features is expected to propel the market growth in the forecast period.
COVID-19 Impact on the Global Heavy-Duty Trucks Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The heavy-duty trucks market, too, was negatively impacted due to the pandemic. Almost all heavy-duty truck manufacturing companies were shut down due to the lockdowns which disrupted the production cycles of these companies. Moreover, travel restrictions across the globe led to shortage of labour which impacted the manufacturing further. These factors brought down the market growth rate down in the pandemic period.
Key Players of the Global Heavy-Duty Trucks Market
The major players of the market include
- Daimler
- Ford Motor Company
- Kenworth
- Dongfeng
- Freightliner
- Navistar
- Eicher Motors Limited
- General Motors
- Nissan
- Fiat Chrysler Automobiles
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain market growth.
For instance, in August 2021, Volvo Trucks, one of the largest truck companies globally, announced the acquisition of JMC Heavy Duty Vehicle Co. Ltd., a leading truck manufacturer. This acquisition is expected to boost the market share of Volvo Trucks substantially and consolidate its lead in the market.
Granular Research on Specific Regions or Segments of Heavy-Duty Trucks Market & Avail 10%OFF
What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter’s five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
More about Heavy-Duty Trucks Market:
- Assessing the Role of Electric Heavy-Duty Trucks in Tackling Environmental Pollution and Energy Insecurity
- Growing Investment in the Development of Electric Trucks by Governments to Propel the Growth of the Global Heavy-Duty Trucks Market by 2031
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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