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Heavy-Duty Trucks Market Size By Class (Class 7, Class 8), By Fuel (Diesel, Natural Gas, Hybrid Electric, Gasoline), By Horsepower (Below 300HP, 300HP - 400HP, 400HP - 500HP, Above 500HP) & Forecast, 2023 – 2032

  • Report ID: GMI2015
  • Published Date: Mar 2023
  • Report Format: PDF

Heavy-Duty Trucks Market Size

Heavy-Duty Trucks Market size surpassed USD 250 billion in 2022 and is anticipated to register 5% CAGR from 2023 to 2032, propelled by intensifying product demand in the mining and oil & gas sector in the Middle East & Africa.
 

Heavy-Duty Trucks Market

The soaring number of freight transportation projects, especially across North America, is slated to stimulate industry growth. Mounting transportation of goods and cargo due to the emerging trend of online shopping, substantial rise in purchasing power and rapid industrialization is responsible for amplified demand for heavy-duty trucks in the region. Approximately 71% of the freight tonnage carried in the United States is transported by trucks, according to the American Trucking Association (ATA). The U.S. government is also emphasizing appropriate parking facilities for heavy-duty trucks for carrying out convenient loading and unloading operations, supporting product adoption.
 

Massive capital investments and maintenance prices may restrain industry progression

High initial and maintenance costs are major factors restraining heavy-duty trucks market growth. The expense to replace components and parts due to collisions and repairs is hampering product demand. The surging trend of customization depending on the cargo and goods, including petroleum and agricultural products, together with rising fuel costs to load heavy weight, provide high power and torque output are some key reasons for elevated running costs. However, the introduction of electric, hybrid, and fuel-cell engines is anticipated to increase the demand for these vehicles by 2032.
 

Heavy-Duty Trucks Market Analysis

Global Heavy-Duty Trucks Market Volume Share, By Fuel

The diesel-powered heavy-duty trucks type dominated 80% industry share in 2022 and is said to witness sales of 3 million units by 2032 end led by benefits such as higher torque and power of diesel, which are appropriate for facilitating cargo & goods transportation across long distances and diversified terrains compared to their counterparts. The availability of a wide network of refueling stations, along with lower fuel costs are also bolstering segment growth. In March 2023, diesel prices dropped by 0.012% since February 2023 in the U.S.
 

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of heavy-duty trucks exceeded USD 250 billion in 2022 and is slated to grow at 5% CAGR from 2023 to 2032 attributed to intensifying demand for heavy-duty trucks from the mining and oil & gas sector in the Middle East & Africa.

The diesel segment captured over 80% of the market share in 2022 on account of higher torque and power, availability of a wide network of refueling stations, and lower fuel costs.

The heavy-duty trucks with 400HP-500HP is anticipated to attain 7% gains through 2032 propelled by a gradual rise in the speed limits for heavy-duty trucks on interstate and non-interstate highways in the United States.

The Asia Pacific heavy duty trucks industry captured 60% market share in 2022 as a result of the strong presence of industry players and rapid urbanization in the developing nations in the region.

Daimler Group, Ford Motor Company, Navistar, Oshkosh Corporation, Paccar, Volkswagen, and Volvo, among others are some of the key players operating in the competitive landscape.

Heavy-Duty Trucks Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 14
  • Tables & Figures: 757
  • Countries covered: 23
  • Pages: 400
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