Heavy-duty Trucks Market - Growth, Trends, and Forecast (2019 - 2024)

The Heavy-duty Trucks Market has been segmented by Tonnage Type (10 – 15 metric ton and More than 15 metric ton), Application Type (Construction and Mining, Freight and Logistics, and Other Applications), and Geography.

Market Snapshot

Market Summary
Study Period:


Base Year:


Fastest Growing Market:

Asia Pacific

Key Players:

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Market Overview

The heavy-duty trucks market is expected to register a CAGR of around 4%, during the forecast period, 2019-2024.

  • Heavy-duty trucks have been in the market for more than a century, however, they were never meant to be high-performance vehicles. The primary characteristics of heavy-duty trucks are large cargo capacities, heavy-duty components, and high ground clearance.
  • Some of the major factors driving the growth of the market are growth in the industrial and construction sector, improvement in the road infrastructure, and consistent rise in the freight and logistics sectors (due to the growing e-commerce industry across the world).
  • APAC region witnessed a strong demand for heavy trucks, due to the higher number of construction projects in the pipeline, globally, worth ~ USD 4.9 trillion. Exports of heavy machinery, including trucks from Singapore to the rest of the APAC region, have grown steadily over the years, which is supported by the key drivers led by the investments in construction projects in the region. Philippines and Indonesia are a few examples of high growth opportunity markets in the region.
  • The demand for downsized engines, along with the deployment trend of multi-axle vehicles, is anticipated to boost vehicle performance. Volvo Trucks, Paccar, and ISUZU are some of the prominent players in the industry, capturing significant market share.

Scope of the Report

The heavy-duty trucks market has been segmented by tonnage type, application type, and geography.

By Tonnage Type
10 – 15 metric ton
More than 15 metric ton
By Application Type
Construction and Mining
Freight and Logistics
Other Applications
North America
United States
Rest of North America
United Kingdom
Rest of Europe
Rest of Asia-Pacific
Rest of the World
South Africa
Other Countries

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Key Market Trends

Growth in Construction Activities to Drive the Demand for Heavy-duty Trucks

The heavy-duty commercial vehicle market, which is driven by logistics and the developments in the construction industry, is expected to witness significant growth in the coming years, with good opportunities opening in infrastructure, residential, and non-residential sectors. Some of the major factors driving the market are increasing construction of multi-family houses (with the growing trend of nuclear families); and increasing investments in the construction of roads, highways, smart cities, metros, bridges, and expressways, due to growing population and urbanization.

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.

ASEAN countries are expected to be a major market for propelling the heavy-duty truck industry, due to augmented demand for construction activities in Thailand, Vietnam, Indonesia, and other countries.

Thailand is one of the most significant hubs for contractors in Southeast Asia, with a huge construction sector base to invest in. With the rise in public infrastructure projects, such as the construction of transit lines and subway infrastructure, the demand for residential construction has been consistently increasing.

Additionally, the growing tourism industry, irrespective of political turmoil, is also increasing the demand for commercial buildings, such as shopping malls, restaurants, and hotels. For instance, the Thai Shopping Center Association is planning to invest in expanding the number of stores in the country in the next two years.

Moreover, with the allotment of Special Economic Zones (SEZ) in the country, a number of investors are getting attracted to the region, as the government is continually offering tax incentives and special funds for new construction activities.

The construction sector in Indonesia has a huge demand, owing to the increase in the spending on infrastructure and population growth. The middle-income segment population has grown and is expected to grow further, during the forecast period.

Trend 1

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Asia-Pacific Expected to Lead the Global Market

Asia-Pacific is expected to dominate the global heavy-duty trucks market and witness high growth rate in the coming years.

In the Asia-Pacific region, the demand is being driven by countries, like China, India, and ASEAN countries. Some of the major factors driving the growth of the market in the region are increasing construction, mining, and logistics activities. The increasing number of construction and e-commerce activities resulted in an increase in demand for material transportation, which, in turn, resulted in increased sales of heavy-duty trucks.

In China, the e-commerce business is continually growing. Local technology companies, such as Alibaba Group, Tencent, and JD dominate a rapidly growing e-commerce ecosystem in the country. The rapid development of this industry, combined with a large and growing digital consumer base, has fueled tremendous growth both domestically and abroad via cross-border trade. Other factors driving the e-commerce business in the country are –

  • Establishment of e-commerce special trade zones in the country
  • Rise in Chinese social media influencers

In India, the e-commerce industry is likely to reach ~USD 125 billion by the financial year 2020, primarily due to increased internet penetration (cheap mobile data tariffs), convenience, promotional prices, improved supply side, and availability of numerous payment options. The country had over 500 million active internet users in 2018, of which 110 million shopped online at least once, and this trend is expected to increase in the coming years. This, in turn, is likely to increase the demand for heavy-duty trucks in the country.

The North American region is expected to witness slow growth rate in the demand for heavy-duty trucks. In the United States, the market for heavy-duty trucks has been experiencing a sluggish growth rate in the last three years, for which the rate of success is expected to be tentative.

The growth in the heavy-duty trucks in the country is expected to remain below historical trends. The forecast for GDP growth is below the historic levels to some extent, in the range of 2.5-3%, primarily due to the result of slower-than-expected global growth.

As far as truck sales are concerned, the majority of high-performance trucks built in North America are sold in the United States alone.

The US Environmental Protection Agency and the Department of Transportation’s National Highway Traffic Safety Administration (NHTSA) have finalized the standards for medium- and heavy-duty vehicles, to improve fuel efficiency, as well as reduce carbon pollution to minimize the impacts of climate change.


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Competitive Landscape

Some of the major players dominating the market are Volvo Trucks, Daimler Trucks, Isuzu Motors Ltd, PACCAR Inc., Tata Motors, and FAW Group Corp.

Major Players

  1. Volvo Trucks
  2. Daimler AG
  4. Isuzu Motors Ltd
  5. Tata Motors

* Complete list of players covered available in the table of contents below

Market Concentration

Table of Contents


    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry


    1. 5.1 By Tonnage Type

      1. 5.1.1 10 – 15 metric ton

      2. 5.1.2 More than 15 metric ton

    2. 5.2 By Application Type

      1. 5.2.1 Construction and Mining

      2. 5.2.2 Freight and Logistics

      3. 5.2.3 Other Applications

    3. 5.3 Geography

      1. 5.3.1 North America

        1. United States

        2. Canada

        3. Rest of North America

      2. 5.3.2 Europe

        1. Germany

        2. United Kingdom

        3. France

        4. Italy

        5. Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. China

        2. Japan

        3. India

        4. Rest of Asia-Pacific

      4. 5.3.4 Rest of the World

        1. Brazil

        2. South Africa

        3. Other Countries


    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 Volvo Trucks

      2. 6.2.2 Daimler AG

      3. 6.2.3 Traton AG

      4. 6.2.4 PACCAR

      5. 6.2.5 Tata Motors Limited

      6. 6.2.6 Ashok Leyland

      7. 6.2.7 FAW Group Corporation

      8. 6.2.8 China National Heavy Duty Truck Group

      9. 6.2.9 Dongfeng Motor Corporation

      10. 6.2.10 Isuzu Motors Ltd


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