Heavy-Duty Trucks Market size worth over $430 BN by 2026

Heavy-Duty Trucks Market size is set to exceed USD 430 billion by 2026, according to a new research report by Global Market Insights Inc.
 

Increasing developments in road infrastructure across the globe is likely to augment the heavy-duty trucks industry growth. Smooth developed roads with strategically built fuel stations are encouraging freight movement to spur market demand.
 



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Technological advancements in the field of IoT and Advanced Driver Assistance Systems (ADAS) are boosting the market revenue. Several benefits provided by ADAS, such as peripheral object detection with IoT sensors and timely alerts with haptic feedback, are boosting its adoption in heavy-duty trucks to enhance safety. Increasing number of road accidents with heavy trucks at high speeds is creating a high demand for safe, ADAS-integrated trucks.
 

Industry challenges for the heavy-duty trucks market growth include high fuel costs incurred for fuel and replacement parts. Increasing oil prices over the past years led to a steep increase in fuel prices is hampering the industry. The heavy vehicle weight coupled with high power & torque output contributes toward lowering the fuel efficiency, thereby increasing fuel consumption significantly. The replacement of components & parts replacements in heavy-duty trucks owing to accidents and repairs also increases the maintenance costs.
 

North America Heavy-Duty Truck Market

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Analyst view: “Increasing demand for safety of drivers, pedestrians, and other vehicles on road is driving the adoption of semi-autonomous driver assisted heavy-duty trucks market.”
 

The demand for heavy-duty trucks is expected to witness a temporary decline in 2020 due to the outbreak of COVID-19 pandemic in several countries. OEMs in the industry are facing several challenges such as shortage of raw materials and suspension of manufacturing operations. Rising financial insecurities and decreasing consumer disposable income are restricting the growth of the overall automobile industry.
 

Browse key industry insights spread across 340 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), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:

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

High demand for class 7 trucks propelled by enhanced fuel efficiency

Class 7 heavy-duty trucks market in Europe valued at over USD 1.5 billion in 2019. Low body weight and enhanced maneuverability, as compared to class 8 trucks are the factors driving the regional market demand. Low body weight also significantly enhances the fuel consumption in these trucks, spurring the adoption in day-to-day transportation activities.
 

The growing deployment of 6x2 axle trucks to transport heavy loads on smooth & paved road conditions is set to support the market size. This axle configuration consists of a single drive axle with two-powered wheels among six-wheel positions, thereby reducing the vehicle weight, saving fuel, and reducing the overall purchase cost of the truck.
 

The heavy-duty trucks market participants are launching new models of class 7 trucks integrated with technologically advanced features to cater to the demand from various industry sectors. For instance, in January 2020, Mack Trucks launched the MD7, its new class 7 heavy-duty truck model to expand its product lineup.
 

High power output and fuel economy is fostering the diesel trucks demand

North America diesel trucks market is projected to grow at around 4% CAGR through 2026 on account of high power output and relatively low fuel consumption as compared to gasoline trucks. Abundantly present fuel refilling stations make it convenient for fleet owners to operate diesel trucks. However, emergence of stringent vehicular emission policies is bolstering the consumer shift toward hybrid-electric trucks, negatively impacting the market growth.
 

Growing demand for 400HP – 500HP trucks impelled by high torque

Latin America 400HP – 500HP segment captured over 45% of the heavy-duty trucks market share in 2019. The high torque producing capability of 400HP to 500HP engines will drive the adoption in heavy-duty trucks. The gradual increase in speed limits for heavy trucks is also fueling the demand.
 

Integration of advanced technologies to enhance the Europe heavy-duty trucks industry

The European market accounted for about USD 58 billion revenue in 2019 led by incorporation of advanced technologies, such as truck platooning systems and fleet management in heavy-duty trucks. Truck platooning contributes significantly toward lowering fuel consumption and reducing carbon emissions.
 

Market leaders are expanding their geographic presence to increase their production capabilities and cater to a large customer base. For instance, in February 2020, Kenworth announced the opening of a parts and service facility in Saint-Augustin, Quebec to serve truck fleets with emergency assistance. Similarly, in May 2020, Peterbilt announced the opening a new full service Peterbilt dealership in Gray, Louisiana, U.S.
 

The key players in the heavy-duty trucks market include Ford Motor Company, Daimler Group, Volvo, Navistar, International Trucks, Tata Motors, Eicher Motors Ltd., Kenworth, and Peterbilt.
 

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