Heavy-Duty Truck Market Size to exceed $160bn by 2025

Heavy-Duty Truck Market size is estimated to surpass USD 160 billion by 2025; according to a new research report by Global Market Insights, Inc.
 

Proliferating domestic and international trading activities across the globe are driving the heavy-duty truck market share over the forecast timeframe. Increasing adoption of heavy-duty truck for facilitating rising logistics industry is positively influencing the market expansion. Improving road infrastructure along with increasing investments by governments to enhance public infrastructure are enabling customers and companies to invest in heavy duty trucks for cargo transportation. The presence of multiple truck service providers focusing on expanding their fleet to cater to growing consumer demand contributes significantly towards improving their operational efficiency.
 

 

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Industry participants are continuously investing in R&D for developing efficient and powerful engines. For instance, in 2017, Tesla announced the electric class 8 Semi Truck with advanced technologies including 80% charge in under 30 minutes. The truck also offers advanced automated driving technologies including the advanced Tesla Autopilot semi-autonomous driving system, thereby providing a positive outlook for the heavy-duty truck market expansion over the study timeframe.
 

Heavy Duty Trucks Market

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Rising demand for downsized engines along with smart hybrid technologies are playing a major role in improving the overall truck efficiency and contribute towards savings in terms of fuel. Industry participants are also engaged in introducing multiple variants of trucks with varied payload capacities and engine configuration for targeting a diversified range of customers. Platform and component sharing among multiple truck models are some of the major strategies adopted by industry players to launch products at affordable costs, thereby escalating the heavy-duty truck market share over the projected timeframe.
 

The truck industry is also witnessing the advent of multiple technological advancements including active and passive safety technologies, autonomous driving, improvements in engine systems, along with advanced driver assistance systems, that contributes significantly towards improving the overall truck driving experience along with enhancing safety. For instance, in 2017, Volvo introduced its Wave Piston technology that enables for efficient burning and delivery of power, thereby improving the vehicle efficiency along with engine performance at diversified conditions significantly.
 

Government initiatives to develop stringent regulations for improving overall transportation network is escalating the heavy-duty truck market growth. For instance, In March 2017, leading heavy-duty truck and engines manufacturers entered into strategic collaborations with regulatory authorities of the U.S., Europe, and Japan for improving the awareness regarding truck platooning benefits and developing standards at the global summit held in Tokyo. The collaboration was aimed at boosting the freight transport efficiency and improving road safety coupled with integration of automated driving and communication technology.
 

Browse key industry insights spread across 300 pages with 618 market data tables & 10 figures & charts from the report, “Heavy-Duty Truck 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, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/heavy-duty-trucks-market

 

The higher costs associated with the acquisition and maintenance of such vehicles along with stringent government regulations pertaining to the emission from such vehicles may limit the heavy-duty truck market share over the study timeframe. However, the improvements in engine technologies along with incorporation of hybrid and electric powertrain will contribute significantly towards improving the efficiency and emission from such trucks thereby supporting the market penetration over the projected timeframe.
 

The proliferating demand for Class 8 trucks is attributed to its increasing applications across a wide range of industries including construction, mining, and agricultural applications. Additionally, industry participants are continuously investing in R&D for developing alternative powertrains for powering such trucks. For instance, in 2018, Nikola announced the launch of its class 8 trucks that are powered by both electricity and hydrogen fuel cell, offering a combined range of up to 1,200 miles per charge.
 

Natural gas will witness over 2% CAGR from 2019 to 2025 owing to higher efficiency and lower carbon emission. Stringent government regulations for regulating emissions from these vehicles along with higher costs associated with upgrading diesel engines to advanced Euro norms further strengthens the market expansion over the study timeframe. Additionally, the presence of expanded network of natural gas infrastructure and fueling stations across major countries are boosting the heavy-duty truck market share over the study timeframe.
 

Increasing usage of heavy-duty truck for felicitating construction activities is supporting the segment share over the forecast timeframe. The higher loading capacities of these vehicles along with superior torque and power makes them ideal for such operations, thereby contributing significantly towards market expansion. Additionally, technological innovations in these vehicles for improving the overall trucking experience is providing a positive outlook for the industry proliferation. For instance, in 2018, UD Trucks unveiled a heavy-duty truck ideal for construction applications, with advanced level 4 automation.
 

Asia Pacific heavy-duty truck market size will exhibit significant growth over the forecast period owing to rising commercialization, establishment of new manufacturing plants, and adoption of technological advanced vehicles across the region. Additionally, increasing demand from countries including China, Japan, and India with high concentration of industry participants coupled with rising truck production will further proliferate the industry size. Industry players are involved in regional expansion by increasing its investments in R&D. For instance, in March 2019, Daimler Trucks announced the opening of a new product design center in Japan offering large scale modernization, improved working environment and advanced functional design center.
 

Key industry players in the heavy-duty truck market place include Daimler AG, VW Group, Scania, MAN and Volvo Trucks. Strategic joint ventures and partnerships are among the prominent strategies adopted by industry players for improving their market share. For instance, in September 2018, Traton Group announced its expansion plan by establishing a joint venture with CNHTC Group. This strategy enabled the company to felicitate localization of its trucks and improve its presence in the Chinese market.
 

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Heavy-duty truck market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in units and revenue in USD million from 2013 to 2025, for the following segments:

Heavy-Duty Truck Market, By Class

  • Class 5
  • Class 6
  • Class 7
  • Class 8

Heavy-Duty Truck Market, By Fuel

  • Diesel
  • Natural gas
  • Hybrid electric vehicle
  • Gasoline

Heavy-Duty Truck Market, By Application

  • Agriculture
  • Logistics
  • Construction
  • Mining
  • Others

The above information is provided on a regional and country basis for the following:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Belgium
    • Finland
    • France
    • Germany
    • Italy
    • Lithuania
    • Spain
    • Russia
    • Sweden
    • UK
    • Norway
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Thailand
    • Malaysia
    • Singapore
    • Vietnam
    • Indonesia
  • Latin America
    • Brazil
    • Argentina
    • Peru
  • Middle East & Africa
    • Iran
    • Turkey
    • KSA
    • UAE
    • South Africa
    • Egypt

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