Heavy-Duty Truck Market size worth over $430 Bn by 2026

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

The heavy-duty trucks industry is driven by increasing developments in road infrastructure across the globe. Smooth developed roads with strategically built fuel stations are encouraging freight movement, augmenting the demand for heavy-duty trucks.

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Technological advancements in the field of IoT and Advanced Driver Assistance Systems (ADAS) are boosting the market trends. Several benefits provided by ADAS, such as peripheral object detection with IoT sensors and timely alerts with haptic feedback, are augmenting its adoption in heavy-duty trucks, enhancing 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 growth of heavy-duty trucks 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, hampering the market growth. 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, hampering the overall revenue of fleet operators.

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 truck market.”

The demand for heavy-duty trucks is expected to witness a temporary decline in 2020 owing 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, hampering the market size of heavy-duty trucks in 2020.

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:

High demand for class 7 trucks owing to enhanced fuel efficiency

Class 7 heavy-duty truck market segment in Europe was valued at over USD 1.5 billion in 2019. Increasing regional revenue can be attributed to factors, such as low body weight and enhanced maneuverability, as compared to class 8 trucks. Low body weight also significantly enhances the fuel consumption in these trucks, augmenting their adoption in day-to-day transportation activities.

The growing deployment of 6x2 axle trucks to transport heavy loads on smooth & paved road conditions is boosting 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 truck market players are launching new models of class 7 heavy-duty 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 driving the demand for diesel trucks

North America diesel trucks segment is expected to grow at 4% CAGR through 2026 due to high power output and relatively low fuel consumption as compared to gasoline heavy-duty trucks. Abundantly present fuel refilling stations make it convenient for fleet owners to operate diesel trucks. However, emergence of stringent vehicular emission policies is driving the consumer shift toward hybrid-electric trucks, hampering the demand of diesel trucks.

Growing demand for 400HP – 500HP trucks owing to high torque

Latin America 400HP – 500HP segment held over 45% heavy-duty truck market share in 2019. The high torque producing capability of 400HP to 500HP engines will drive their adoption in heavy-duty trucks. The increase in GVW standards to 80,000 pounds resulted in heavy-duty trucks demanding for higher power to maintain drivability with increased loads. The gradual increase in speed limits for heavy trucks is also driving the demand for 400HP - 500HP trucks.

Integration of advanced technologies driving the Europe heavy-duty truck market

The European market was accounted for more than USD 58 billion revenue in 2019. Incorporation of advanced technologies, such as truck platooning systems and fleet management in heavy-duty trucks, is fueling the regional market growth. Truck platooning contributes significantly toward lowering fuel consumption and reducing carbon emissions. In April 2017, the European Truck Platooning supported European Commission launched the Truck Platooning Vision 2025 that aims at promoting truck platooning across the region, positively influencing the market.

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 market include Ford Motor Company, Daimler Group, Volvo, Navistar, International Trucks, Tata Motors, Eicher Motors Ltd., Kenworth, and Peterbilt.

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