Heavy-Duty Trucks Market Size By Class (Class 7 [Axle Type {4X2, 6X4, 6X2}], Class 8 [Axle Type {4X2, 6X4, 6X2}, Cab Type {Day Cab, Sleeper}]), By Fuel (Diesel, Natural Gas, Hybrid Electric, Gasoline), By Horsepower (Below 300HP, 300HP – 400HP, 400HP – 500HP, Above 500HP), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Jul 2020  |  Report ID: GMI2015  |  Authors: Preeti Wadhwani, Prasenjit Saha

Report Format: PDF   |   Pages: 340   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Heavy-Duty Trucks Market size exceeded USD 360 billion in 2019 and is estimated to grow at over 4% CAGR between 2020 and 2026. The rising preference for trucks offering significant power and torque output to carry heavy loads will drive the industry growth.
 

Proliferating infrastructure and construction projects across the globe are driving the demand for heavy-duty trucks. Several upcoming construction projects in Asia Pacific and North America are positively influencing the industry statistics. For instance, in 2019, China approved 26 major infrastructure projects and plans to invest USD 142 billion in these projects.
 

Heavy-Duty Trucks Market
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Similarly, in 2019, the U.S. government made the about USD 1 trillion for construction sector in the country. The ability of heavy-duty trucks to carry bulky construction tools, materials, and equipment across long distances will accentuate their demand.
 

Factors challenging the market growth include high ownership and maintenance costs associated with heavy-duty trucks. These trucks are available in multiple sizes and load carrying capacity configurations, contributing toward increasing costs based on the variety of configurations. In addition to that, customers also incur high insurance and tax expenditure on purchasing a new truck. Recurring maintenance costs owing to long operating hours and carrying heavy loads in harsh terrains are the key challenges faced by industry players.
 

The global heavy-duty trucks market is expected to witness a temporary slowdown in 2020 due to the rapid spread of the COVID-19 pandemic across the globe. Factors, such as gradually declining consumer disposable incomes and rising financial insecurities among freight operators, are contributing to the decreasing revenue. Moreover, restrictions on international trade have severely impacted the logistics & transportation industry. However, as the impact of COVID-19 reduces, the market will grow steadily.
 

Heavy-Duty Trucks Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: 360 Billion (USD)
Historical Data for: 2016 to 2019 Forecast Period: 2020 to 2026
Forecast Period 2020 to 2026 CAGR: 4% 2026 Value Projection: 430 Billion (USD)
Pages: 340 Tables, Charts & Figures: 804
Geographies covered (24): U.S., Canada, UK, Germany, France, Italy, Russia, Belgium, Sweden, China, India, Japan, South Korea, Thailand, Indonesia, Vietnam, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa, Iran, Turkey
Segments covered: Class, Fuel, Horsepower
Companies covered (14): Ashok Leyland, China National Heavy-Duty Group, Dongfeng, Eicher Motors Limited, Ford Motor Company, Freightliner, Isuzu Motors, Kenworth, MAN SE, Navistar, Peterbilt, Scania AB, Tata Motors, Volvo
Growth Drivers:
  • Growing demand for electric & hybrid heavy-duty trucks
  • Increasing freight transportation activities in North America
  • Implementation of stringent vehicle emission regulations in Europe
  • Increasing investments in infrastructure development in APAC
  • High demand for heavy-duty trucks from mining and, oil & gas sector in MEA
  • Rising real estate construction in Latin America
Pitfalls & Challenges:
  • High ownership and maintenance costs

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Increasing demand for driver comfort in class 8 heavy-duty trucks

The North America class 8 segment held around 80% of the heavy-duty trucks market revenue share in 2019. High load carrying capacity and long-range traveling capability will boost class 8 trucks demand. Shifting preferences toward enhanced driver comfort and recreational features for overnight journeys are driving the adoption of heavy-duty trucks with comfortable sleeper cabs. These cabs offer comfortable overnight sleep and relaxation to the drivers.
 

The 6x4 configuration axle type segment is registering high demand owing to the several benefits, such as better traction and high load carrying capacity, compared to other axle configurations. 6x4 consists of three axles with two drive axles and one steer axle. The ability of 6x4 configuration trucks to operate in off-road and harsh terrains will further propel their market demand.
 

Growing adoption of hybrid & electric heavy-duty trucks for reducing emissions

Europe Heavy-Duty Trucks Market

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The Europe hybrid electric truck market valued at around USD 3 billion in 2019 and will observe growth rate of over 10% through 2026. The high market growth in the hybrid electric segment will be driven by stringent emission norms established by governments. The European Commission (EC) is also developing new software solutions to determine fuel consumption and CO2 emissions.
 

In response to these policy changes across North America and Europe, the market players are introducing new models of hybrid electric and fully electric heavy-duty trucks. For instance, in October 2019, Volvo introduced two new models of electric trucks, Volvo FL and Volvo FE Electric. These models are expected to have a significant and positive effect on the air quality in cities with many ongoing construction projects.
 

Enhanced load-hauling efficiency at affordable costs is driving the 300 – 400HP engine trucks demand

The Latin America 300HP – 400HP heavy trucks segment is predicted to see more than 2% growth till 2026. 300 to 400 horsepower heavy-duty trucks are displaying high growth potential due to several benefits such as low engine weight and high fuel efficiency. The capability of these engines to haul significant loads on smooth roads at low costs compared to other configurations is further contributing to their demand.
 

Increasing freight transport activities fueling the market revenue in North America

North America Heavy-Duty Trucks Market

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North America heavy-duty trucks market revenue surpassed USD 50 billion in 2019 and is projected to expand at 4.5% CAGR during the forecast period. Rapidly increasing freight transport activities are providing robust opportunities to the regional industry. In March 2018, the Bureau of Transportation Statistics reported that the total amount of truck freight accounted for USD 66.5 billion and rose by 4.0% as compared to March 2017. The presence of several market leaders in the region including Navistar, Ford, and Daimler Trucks along with proliferating trade and freight activities is further boosting the regional share.
 

Players focusing on partnerships with suppliers and dealers to enhance the market share

Manufacturers of heavy-duty trucks are engaged in developing effective supplier relations for ensuring timely delivery of high-quality products to meet the growing demand of consumers. For instance, in March 2019, Navistar launched its new Diamond Partner Program to connect trucks manufacturers with international dealers in the heavy-duty trucks market, providing them with benefits aimed at streamlining installation efforts. This aided the company to strengthen its relationship with truck dealers.
 

The key players operating in the heavy-duty trucks industry include Daimler Group, Eicher Motors Ltd., Dongfeng Motor Group Company Ltd., Navistar, Ford Motor Company, Paccar, Volvo, Tata Motors, and Volkswagen.
 

This market research report on heavy-duty trucks includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipment in units from 2020 to 2026 for the following segments:

Market, By Class

  • Class 7
    • Axle Type
      • 4x2
      • 6x4
      • 6x2
  • Class 8
    • Axle Type
      • 4x2
      • 6x4
      • 6x2
    • Cab Type
      • Day Cab
      • Sleeper Cab

Market, By Fuel

  • Diesel
  • Natural Gas
  • Hybrid Electric
  • Gasoline

Market, By Horsepower

  • Below 300
  • 300 – 400
  • 400 – 500
  • Above 500

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Russia
    • Belgium
    • Sweden
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Thailand
    • Indonesia
    • Vietnam
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • MEA
    • Saudi Arabia
    • UAE
    • South Africa
    • Iran
    • Turkey

 

Frequently Asked Questions (FAQ) :

The market size of automotive display was valued over USD 15 billion in 2018.
The industry share of automotive display is projected to expand at 10% CAGR during 2019 to 2025.
These vehicles will gain precedence in North America owing to rising freight transportation. North America market size exceeded USD 50 billion in 2019 and may register 4.5% CAGR through 2026.
Latin America 300HP – 400HP heavy-duty trucks market may record 2% CAGR through 2026, driven by the numerous benefits of this horsepower range, such as high fuel efficiency and low engine weight.
These vehicles will gain traction in Europe owing to the stringent norms concerning emissions that are enforced in the region. Europe hybrid electric truck market was worth USD 3 billion in 2019 and may depict 10% CAGR through 2026.
Long-range traveling capability and high load carrying capacity of class 8 trucks will drive North America class 8 heavy-duty truck industry. The segment held close to 80% revenue share in 2019.
The COVID-19 outbreak has brought about a temporary downturn in the industry due to reduced transportation and financial insecurities among freight operators.

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Premium Report Details

  • Published Date: Jul 2020
  • Pages: 340
  • Tables: 783
  • Charts / Figures: 21
  • Companies covered: 14
  • Countries covered: 24

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