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Heavy-Duty Trucks Market to cross $400 Bn by 2032

  • Published Date: March 15, 2023

Heavy-Duty Trucks Market size is projected to exceed USD 400 billion by 2032, according to the latest research report by Global Market Insights Inc.

The implementation of stringent emission regulations, especially in Europe, is likely to act as a major factor driving the heavy-duty trucks industry trends. The European Union's establishment of stricter laws for monitoring carbon emissions and truck efficiency has enabled truck manufacturers to invest in alternative engine technologies, thereby increasing business revenues. As per European Automobile Manufacturers Association, the new CO2 emission control standards proposed by the EU in February 2023 for heavy-duty vehicles will aid manufacturers to introduce advanced trucks and achieve better product sales.

Benefits in commercial use to amplify class 7 industry share

The heavy-duty trucks market share from the Class 7 segment surpassed USD 30 billion. These trucks are ranged up to 15.9 tons of GVWR that are extensively used for commercial uses, including street sweeping, garbage collecting, and furniture transits, among others. The soaring infrastructural investments in highways, bridges, tunnels & roads have bolstered the demand for class 7 trucks. Moreover, these trucks are capable of shipping large cargo over long distances even with cost-effective components. The class 7 segment is bifurcated into three axles segments viz., 4X2, 6X4, and 6X2.

Strong demand for reduced noise and high power engine to push hybrid-electric trucks

The hybrid electric sector is projected to expand at 8% CAGR from 2023 to 2032, Propelled by the advantages of these trucks including reduced noise and greater engine power and torque, the hybrid-electric trucks are set to gain substantial traction by 2032. Additionally, the advanced hybrid technologies, such as regenerative braking systems and batteries to supplement engine power supply is positively influencing truck efficiency.

Browse key industry insights spread across 400 pages with 787 market data tables & 29 figures & charts from the report, “Heavy-Duty Trucks Market Size By Class (Class 7, Class 8, Cab {Day Cab, Sleeper}), By Fuel (Diesel, Natural Gas, Hybrid Electric, Gasoline), By Horsepower (Below 300HP, 300HP - 400HP, 400HP - 500HP, Above 500HP) & Forecast 2023 – 2032” in detail along with the table of contents:

Advancements in engines to bolster demand for 300HP-400HP engines

The 300HP-400HP heavy-duty trucks market exceeded USD 57 billion in revenue in 2022. The inexpensive cost of these trucks compared to engines with greater horsepower, together with recent innovations in engines that allow 400 hp engines to produce the same power as 600 hp engines, is slated to fuel heavy-duty truck engines with 300 to 400 HP. Furthermore, the growth of e-commerce and last-mile delivery has led to a rise in demand for smaller and more maneuverable trucks, shifting interest towards small engines with high fuel efficiency.

Wide variety of new truck models with varied price ranges to push North America market growth

The North America heavy-duty trucks industry amassed USD 35 billion in 2022 and is further said to observe remarkable growth during 2023-2032 owing to the booming logistics industry across the region. Recently, the high availability of a wide range of competitively priced truck models by various manufacturers is anticipated to provide lucrative opportunities to the market. In January 2023, Daimler Trucks, a heavy-duty truck manufacturer, partnered with Oregon State University College of Engineering researchers to create a zero-emissions heavy-duty truck efficient for long-haul freight carriages.

Widespread adoption of automation to remain a chief growth approach

Top players in the heavy-duty trucks market include Daimler Group, Paccar, Ford Motor Company, Volvo, Oshkosh Corporation, Volkswagen, Navistar, and more. These firms primarily engage in a series of strategic business expansion tactics such as introducing new features and technology for better truck functionality.

Authors: Preeti Wadhwani, Shamal Gawande