Heavy-Duty Trucks Market Size By Class (Class 5, Class 6, Class 7, Class 8), By Fuel (Diesel, Natural Gas, Hybrid Electric Vehicle, Gasoline), By Application (Agriculture, Logistics, Construction, Mining) Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Belgium, Finland, France, Germany, Italy, Lithuania, Spain, Russia, Sweden, UK, Norway, China, Japan, India, South Korea, Thailand, Malaysia, Singapore, Vietnam, Indonesia, Brazil, Argentina, Peru, Iran, Turkey, KSA, UAE, South Africa, Egypt), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024
Published Date: October 2017 | 300 Pages | Report ID: GMI2015 Report Format: PDF
Heavy-Duty Trucks Market size was valued at over USD 110.5 billion in 2016 and will surpass 2 million units by 2024.
U.S. Heavy-Duty Trucks Market, By Fuel, 2016 & 2024, (Thousand Units)
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Rising domestic and international trading activities across the globe will primarily drive the heavy-duty trucks market size over the next eight years. Road and rail dominate the freight transport segment boosting the overall business growth. Increasing fleet size will support the logistics and construction sectors which in turn drive the heavy-duty trucks market share from 2017 to 2024. An upsurge in demand for heavy commercial vehicles used in mining and agricultural applications with enhanced transmission will positively influence the product penetration.
Industry players are focusing on reducing the cost of heavy-duty trucks parts by shifting toward remanufacturing and thereby minimizing the production cost. The rapid expansion of automotive industry in emerging countries owing to the availability of resources along with favorable FDI policies will further support the product penetration.
Expansion of road network along with increasing international sourcing of heavy-duty trucks components will positively influence the product demand. Industry players are focusing on improving the profit margins by relying on customers from construction and logistics applications over the forecast timeline.
Stringent government regulations pertaining to emission control with the need for replacing the old heavy-duty trucks will further boost the product sales. Customers rely on the core values of offering products with superior quality and environmental care along with safety. Products offering superior power required by the applications will drive the overall industry growth.
Increasing labor cost, particularly in developed countries, along with volatility in the raw material prices may act as a challenge to the industry growth. Moreover, economic instability in European countries may hamper the business growth.
Heavy-Duty Trucks Market, By Class
Class 5 will witness strong growth during the forecast timeframe owing to its wide usage in logistics and construction sectors. Moreover, strong improvement in the production, particularly from emerging countries, is expected to further support the industry growth.
Class 8 vehicles are projected to generate the highest revenue share owing to its capability to carry huge loads. These vehicles are diesel-powered with gross weight vehicle rating over 33,000 lbs. it is mainly deployed for high-power applications such as mining, agriculture, and construction applications. Innovations in the product along with increasing R&D investments by OEM will further propel the heavy-duty trucks market size from 2017 to 2024.
Heavy-Duty Trucks Market, By Fuel
Natural gas will exhibit a CAGR of over 2.5% in the heavy-duty trucks market over the forecast time span owing to the fuel efficiency and increasing preference toward low emissions. Increasing number of natural gas filling stations along with superior mileage offered by the product will boost the industry demand.
Diesel-powered heavy-duty trucks generated over USD 94 billion in 2016 and are anticipated to exhibit a major industry share by 2024. Positive product outlook offering higher load carrying capacity, powerful vehicles, and strong suspension system will boost the industry demand.
Heavy-Duty Trucks Market, By Application
Logistics segment is expected to showcase a considerable growth rate over the forecast time frame with a CAGR of over 2%. Orders for new lorries are increasing as the equipment manufacturers are recovering from the slumping freight market. Bulking up of new orders and balance in inventory levels will support the growth till 2024.
Construction industry deals with multiple materials that are dumped and hauled to and from building sites. These are mainly cement, dump truck and trailers. The product’s sturdy and robust body enables it to be used for shipping heavy materials, propelling the overall heavy-duty trucks demand.
Heavy-Duty Trucks Market, By Region
Asia Pacific is estimated to register the highest revenue share over the forecast time span owing to the rising production across the region, especially in emerging economies including India and China. Availability of cheap labor and raw materials fuels the regional growth of heavy-duty trucks market till 2024. China and India are among the leading market for heavy-duty trucks which combinedly accounts for over USD 40 billion in 2016.
Europe heavy-duty trucks market generated USD 20 billion in 2016 and will further increase its revenue share by 2024. This can be attributed to the technology used in the region coupled with the presence of established players in developed countries. Technologies, such as commercial vehicle telematics, offer less downtime, lower maintenance costs, and safe operation.
Competitive Market Share
Ford Motor Company, Toyota, Volvo, General Motors, Tata Motors, and Daimler are among the prominent players in the heavy-duty trucks market. Other notable players include Volkswagen, FCA, Navistar, FAW Group, Peterbilt, ISUZU Motors, Ashok Leyland, Freightliner, PACCAR, Scania, MAN, Peterbilt, and Kenworth.
Use of common components across distinct brands and platforms will augment the industry size. The shift of production towards emerging countries offering production at low cost will enhance the heavy-duty trucks industry demand. Industry participants focus on geographical expansion for strengthening their foothold in the industry.
Technological advancements, such as autonomous driving and telematic services, are observed as important strategies adopted for increasing the customer base and visibility. Technology solutions yield economic advantages and tend to be quickly adopted through new vehicle sales. Widespread fleet penetration in several industries will escalate the heavy-duty trucks demand over the forecast time span.
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Heavy-duty trucks are used in the transportation of huge goods for balancing the supply chain between several companies. They find applications in agriculture, construction, logistics, and mining and exist as a major means of transportation as they can reach the places where air, marine, or rail cannot. There is immense potential in the long-term to generate higher profits by achieving fuel efficiency. The economic competitiveness of natural gas may lead the consumers to shift toward gas-operated vehicles in some modeled scenarios.
Proliferating heavy commercial vehicle penetration for freight and construction applications will further boost the business demand. According to the Energy Information Association’s (EIA), these large vehicles consume over 20% of the fuel utilized in transportation in the U.S. In-cabin technological advancements are anticipated to induce immense potential to the heavy-duty trucks market size in 2024.
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