2018 - 2026
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The Heavy-duty trucks market was valued at USD 190.47 billion in 2020 and is expected to reach USD 280.54 billion by 2026 registering a CAGR of around 7.34%, during the forecast period (2021-2026).
The Heavy-Dutymarket is expected to witness a nominal growth during the forecast period (2021 - 2026) as the transportation industry has completely been shut due to the COVID-19 pandemic creating new challenges for the cargo and production houses to shift their goods from one place to another. The outbreak of the Coronavirus (COVID-19) has acted as a massive restraint on the Heavy Duty vehicle market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally.
However, the market is expected to grow during the forecast period as Original equipment manufacturers (OEMs) are trying to restart production by bringing heavy investments to the market.
The other factors such as increasing demand for powerful vehicles with higher carrying capacity to handle weights and strong suspension system,rising need for fuel-efficient trucks coupled with strict laws & regulations related to carbon footprint as well as emission expected to fuel the market growth durin g forecast period.For instance, the U.S. National Highway Traffic Safety Administration has set the new standards for fuel economy for heavy-duty truck engines driven by diesel, natural gas and substitute fuels.
Asia pacific countries exhibits the fastest economic growth rates in the entire world. The Asia-Pacific region is expected to be a major market propelling the global construction industry, with augment construction activities in countries, such as India and ASEAN countries.North America will register considerable growth in the heavy-duty trucks market owing to the presence of the major manufacturers including Freightliner, Kenworth, International, Peterbilt, Volvo, and Mack. Surging freight demand in that region.
Scope of the Report
Heavy-duty trucks can be defined as commercial vehicles and these vehicles are an integral part of the any commercial activities such as transportation, agriculture, construction and many other functions. Increasing customer demand for services, quality and features are surging the growth of heavy-duty truck.The Heavy- Duty Trucks market report covers the latest trends, covid-19 impact followed by technological developments in the market.
The scope of the report covers segmentation based on Tonnage type, Class , Fuel type,Application and geography.By Tonnage type ,the market is segmented into 10 to 15 metric ton and More than 15 metric ton.By class the market segmented into class 5, class 6, class 7, and class 8.By Fuel type the market segmented into diesel, natural gas, hybrid electric vehicle, and gasoline.
By application type the market is sgemented into (Construction and Mining, Freight and Logistics, and Other Applications) and By Geography market segmented into Europe, North America, Asia Pacific and Rest of the world.For each segment, the market sizing and forecast have been done on basis of value (USD billion).
|10 to 15 metric ton|
|More than 15 metric ton|
|Hybrid Electric Vehicle|
|Construction and Mining|
|Freight and Logistics|
Key Market Trends
Demand for Hybrid and Electric Heavy Duty Trucks to Increase
The high market growth in the hybrid electric segment will be driven by stringent emission norms established by governments. The European Commission (EC) is also developing new software solutions to determine fuel consumption and CO2 emissions.
In response to these policy changes across North America and Europe, the market players are introducing new models of hybrid electric and fully electric heavy-duty trucks. For instance, in October 2019, Volvo introduced two new models of electric trucks, Volvo FL and Volvo FE Electric. These models are expected to have a significant and positive effect on the air quality in cities with many ongoing construction projects.
Companies such as mining and e-commerce face the daily challenge of meeting the deadlines of the customers and due to competition among these companies the early delivery has become a cutting-edge strategy to maintain a good position in the market. Due to the rapid increase in demand for early deliveries and short-term deliveries for raw materials, the heavy-duty vehicle market has tremendously grown and is expected to grow at a significant rate during the forecast period
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Asia-Pacific to Majorly Influence the Overall Market
The expansion of the heavy-duty trucks industry in the Asia Pacific zone over the estimated timespan is due to increase in the product sales along with huge presence of reputed players in the region. Apart from this, easy availability of workforce at reduced wages and access to abundant raw materials at lower costs will steer the construction & automotive sectors resulting in huge product penetration on Asia Pacific. Countries like Thailand, China, India, Malaysia, and Indonesia are predicted to contribute sizably towards the regional market revenue over the estimated timespan.
Factors such as the increase in manufacturing activities and improvement in road infrastructure are driving the demand for Heavy-duty trucks market in Asia pacific region. Geographically, China leads the global heavy duty truck sales, amongst the various other regions. The fast pace of industrialization in China is stimulating the production and sales of heavy-duty truck market. Ongoing mega projects in China needs a lot of machinery and materials to be displaced from one part of the country to the other. Projects like Tianhuangping hydroelectric project, South North water transfer project and Beijing airport are some of the many projects that will deploy a large number of heavy-duty trucks.
Indian heavy duty truck market is also growing at a strong rate due to rising population and growing government initiatives in the country. India is investing huge amount of money in its ambitious smart city project and development of Special Economic Zones and National Investment and Manufacturing zones.
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The market is neither fragmented nor consolidated as Heavy-duty truck market accommodates both major regional players and new players providing equal opportunities. Manufacturers of heavy-duty trucks are engaged in developing effective supplier relations for ensuring timely delivery of high-quality products to meet the growing demand of consumers. For instance,
- in March 2019, Navistar launched its new Diamond Partner Program to connect trucks manufacturers with international dealers in the heavy-duty trucks market, providing them with benefits aimed at streamlining installation efforts. This aided the company to strengthen its relationship with truck dealers.
- In Consumer Electronics Show 2019, Daimler announced to invest more than USD 570 million towards the development of autonomous trucks.
- In December 2018, PACCAR Inc. (US) recognized the top-performing suppliers under its Supplier Performance Management (SPM) program, thereby encouraging other suppliers to offer higher quality products.
Some of the major players dominating the market include Volvo Trucks, Daimler Trucks, Isuzu Motors Ltd, PACCAR Inc., Tata Motors, and FAW Group Corp.
- In April 2020, Volvo group and Daimler truck AG signed a non-binding agreement to form a new joint venture with focus on development of advanced fuel cell systems for heavy duty commercial vehicle applications in Europe.
- In November 2020, Volkswagen’s TRATON group and Navistar announced a merger agreement in which TRATON will acquire all outstanding shares of Navistar to improve profitability and long-term market share improvement within the Class 8 truck segment.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Driver
4.2 Market Restraint
4.3 Industry Attractiveness-Porter's Five Force Analysis
4.3.1 Bargaining power of suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Tonnage Type
5.1.1 10 to 15 metric ton
5.1.2 More than 15 metric ton
5.2.1 Class 5
5.2.2 Class 6
5.2.4 Class 8
5.3 Fuel Type
5.3.2 Natural Gas
5.3.3 Hybrid Electric Vehicle
5.4 Application Type
5.4.1 Construction and Mining
5.4.2 Freight and Logistics
5.4.3 Other Applications
5.5.1 North America
18.104.22.168 United states
22.214.171.124 Rest of North america
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
5.5.3 Asia Pacific
184.108.40.206 South Korea
220.127.116.11 Rest of Asia Pacific
5.5.4 Rest of the World
18.104.22.168 South America
22.214.171.124 Middle East&Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Volvo Trucks
6.2.2 Daimler AG
6.2.3 Traton AG
6.2.5 Tata Motors Limited
6.2.6 Ashok Leyland
6.2.7 FAW Group Corporation
6.2.8 China National Heavy Duty Truck Group
6.2.9 Dongfeng Motor Corporation
6.2.10 Isuzu Motors Ltd
6.2.11 Freightliner Trucks
6.2.12 Kenworth Truck Company
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Heavy -Duty Trucks Market market is studied from 2018 - 2026.
What is the growth rate of Heavy -Duty Trucks Market?
The Heavy -Duty Trucks Market is growing at a CAGR of >7.34% over the next 5 years.
What is Heavy -Duty Trucks Market size in 2018?
The Heavy -Duty Trucks Market is valued at 185 Billion USD in 2018.
What is Heavy -Duty Trucks Market size in 2026?
The Heavy -Duty Trucks Market is valued at 321 Billion USD in 2026.
Which region has highest growth rate in Heavy -Duty Trucks Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Heavy -Duty Trucks Market?
Europe holds highest share in 2020.
Who are the key players in Heavy -Duty Trucks Market?
- Volvo Trucks
- Daimler AG
- Isuzu Motors Ltd
- Tata Motors
Are the major companies operating in Heavy -Duty Trucks Market.