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Heavy-Duty Trucks Market size worth over $450 billion by 2027

  • Published Date: January 12, 2022

Heavy-Duty Trucks Market size is set to surpass USD 450 billion by 2027, according to a new research report by Global Market Insights Inc. The global shipments are expected to reach 4.5 million units by 2027.
 

Heavy-duty trucks are witnessing a significant demand due to increasing residential construction and industry proliferation by growing population. Market players are heavily investing in their R&Ds for new heavy-duty truck innovations.

 

Government initiatives to accelerate the economy growth amid pandemic by significant investments in the construction sector will increase the net sale of high-performance trucks. For instance, in June 2021, New Zealand government announced to invest USD 700 million in project “built-ready land” to speed up the housing and infrastructure development across the country.
 

Heavy-duty Trucks Market Size, By Class

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Increasing demand for high performance trucks is encouraging OEMs to outline unique marketing strategies to target potential business clients. OEMs are partnering with each other for new technology innovations in the heavy-duty trucks market.
 

Analyst view: “Rising construction & road transport activities and supportive government regulations to boost economy growth are driving the market demand. The emergence of advanced technologies, such as electric hybrid powertrains, fleet connectivity solutions, and autonomous driving, will create robust market expansion opportunities.”
 

High fuel consumption and carbon emission are vital factors challenging the heavy-duty trucks sales. Furthermore, the mishandling of trucks resulted in serious vehicle accidents & fatal injuries, hampering the industry growth. Strict regulatory standards for heat dissipation & carbon emission are restricting the sale of gasoline and diesel-powered high-performance trucks. To tackle these challenges, OEMs are inventing new truck models powered by natural gas engines or electric batteries equipped with advanced safety & telematics technologies to increase the vehicle life expectancy.
 

Stringent lockdown restrictions imposed by majority of governments across the world in early 2020 owing to COVID-19 pandemic impacted the overall heavy-duty trucks market. Industry participants are still facing raw material, skilled labor, and electronic chips & systems shortage by international supply chain disruption. The demand till mid-2020 was declined drastically by shutdown of truck dealer stores and suspension of construction & mining activities. However, high performance trucks witnessed upward trend in early 2021 led by government initiatives to enhance the infrastructure development to revive economy post-pandemic.
 

Browse key industry insights spread across 350 pages with 783 market data tables & 21 figures & charts from the report, “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), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 - 2027” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/heavy-duty-trucks-market
 

High maneuverability and lightness of class 7 trucks

Over 10% of heavy-duty trucks market share was held by class 7 trucks in 2020. Class 7 is further categorized into 4X2, 6X4, and 6X2 axle type. Power train developing companies are unveiling their new designs with multi-axle support for class 7 trucks to improve their market statistics. For instance, in September 2021, Dana Incorporated launched a new e-powertrain Spicer for class 7 and class 8 electric trucks with 4X2, 6X2 & 6X4 e-axle multi-speed systems.
 

Wider availability of diesel trucks

The diesel-powered trucks segment valued at around USD 300 billion in 2020. Diesel engine equipped trucks have acquired a significant market share propelled by their affordable cost and wider availability. Companies are launching new diesel engine powered trucks with low emission level to comply with government standards.
 

Transport and logistics companies’ preference toward 300 - 400 HP trucks for quick material transport

The 300 - 400 hp high-performance truck segment is likely to account for about USD 100 billion by 2027. Their high-speed capability by lightweight and robust vehicle frame structure is accelerating their net sales in transport and logistics sectors. Industry participants are partnering with truck engine manufacturing companies to spur their revenue.
 

OEMs are showcasing their new trucks in trade shows in North America

The North America heavy-duty trucks market is estimated to grow at above 5% CAGR by 2027. The unit sale is poised to exceed nearly 400,000 units by 2027. Increasing government investments in infrastructure development and growing freight transportation activities are fueling high performance truck sales in North America. Truck manufacturers are participating in various truck shows to introduce their new heavy-duty trucks to potential clients.
 

Companies are investing in their R&Ds for the development of advanced trucks powered by electric power train systems, creating robust market growth opportunities. Players, such as Volvo Group and Scania AB, are developing their electric mobility infrastructure for heavy & medium-duty trucks to expand their consumer base. For instance, in July 2021, Daimler Truck, Volvo Group and Triton Group signed an agreement to invest USD 570 million to establish 1,700 charging stations for transport trucks across Europe.
 

The major players operating in the heavy-duty trucks market include Ashok Leyland, Volvo Group, Tata Motors, Scania AB, Eicher Motors Limited, Dongfeng, China National Heavy-Duty Group, Peterbilt, Ford Motor Company, Navistar, Freightliner, MAN SE, Isuzu Motors, and Kenworth.
 

Authors: Preeti Wadhwani, Prasenjit Saha