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.

Heavy-Duty Trucks Market

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Proliferating infrastructure and construction projects across the globe are fueling the market demand. Several upcoming construction projects in Asia Pacific and North America are positively influencing the industry statistics. For instance, 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 these trucks demand.

High ownership and maintenance costs associated with heavy-duty trucks is expected to challenge the market growth. These trucks are available in multiple sizes and load carrying capacity configurations, contributing toward increasing costs based on the variety of configurations. Moreover, 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 poised to witness a temporary slowdown in 2020 due to the rapid spread of the COVID-19 pandemic. Factors, such as gradually declining consumer disposable incomes and rising financial insecurities among freight operators, are supporting to the decreasing revenue. Furthermore, 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)
Forecast Period:2020 to 2026
Forecast Period 2020 to 2026 CAGR:4%
2026 Value Projection:430 Billion (USD)
Historical Data for:2016 to 2019
No. of Pages:340
Tables, Charts & Figures:804
Segments covered:Class, Fuel, Horsepower
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

North America class 8 trucks held around 80% of the heavy-duty trucks market revenue share in 2019. High load carrying capacity and long-range traveling capability will influence class 8 trucks demand. Shifting preferences toward enhanced driver comfort and recreational features for overnight journeys are boosting the adoption of these trucks with comfortable sleeper cabs.

The 6x4 configuration axle type segment is registering high demand through 2026 impelled by the several benefits, such as better traction and high load carrying capacity, compared to other axle configurations. The ability of 6x4 configuration trucks to operate in off-road and harsh terrains will further propel the market demand.

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

Europe Heavy-Duty Trucks Market

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Europe hybrid electric trucks market valued at more than USD 3 billion in 2019 and is forecast to register growth rate of about 10% through 2026. Stringent emission norms established by governments is likely to augment the industry statistics. 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 set 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 fostering the 300 – 400HP engine trucks demand

Latin America 300HP – 400HP heavy-duty trucks market is predicted to see 2% CAGR till 2026. Several benefits such as low engine weight and high fuel efficiency is expected to boost the segment demand. The capability of these engines to haul significant loads on smooth roads at low costs compared to other configurations is contributing to the market revenue.

Increasing freight transport activities spurring the North America market revenue

North America Heavy-Duty Trucks Market

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North America heavy-duty trucks market crossed USD 50 billion in 2019 and is estimated to expand at over 4.5% CAGR through 2026. 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% as compared to March 2017. The presence of several market participants in the region including Navistar, Ford, and Daimler Trucks along with proliferating trade and freight activities is supporting the regional market 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 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 market 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) :

According to this GMI report, Heavy-Duty Trucks Market size crossed USD 360 billion in 2019 and is poised to achieve 4% CAGR through 2026.
Heavy duty trucks will gain precedence in North America owing to rising freight transportation as regional market size is predicted to register 4.5% gains till 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.
Europe hybrid electric truck market exceeded USD 3 billion in 2019 and may depict 10% CAGR through 2026 led by the stringent norms concerning emissions that are enforced in the region.
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.

Premium Report Details

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

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