Heavy Duty Trucks Market Size (2024 - 2029)

The market size of the heavy-duty trucks industry is projected to grow significantly in the coming years, despite experiencing a decline during the COVID-19 pandemic due to disruptions in the transportation industry and global supply chains. The anticipated growth is attributed to factors such as stringent vehicle emission regulations, advancements in vehicle safety, and the expansion of the logistics, retail, and e-commerce sectors globally. The demand for powerful, fuel-efficient trucks with higher carrying capacity is also expected to boost the market. Regions like Asia-Pacific and North America are anticipated to significantly contribute to the market expansion, with Asia-Pacific being driven by growing construction activities and North America by the surging freight demand.

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Market Size of Heavy Duty Trucks Industry

Heavy-Duty Trucks Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR (2024 - 2029) 7.40 %
Fastest Growing Market Asia Pacific
Largest Market Europe
Market Concentration Medium

Major Players

Heavy-Duty Trucks Market Major Players

*Disclaimer: Major Players sorted in no particular order
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Heavy Duty Trucks Market Analysis

The Heavy Duty Trucks Market is expected to register a CAGR of 7.40% during the forecast period.

Currently, The heavy-duty trucks market is valued at USD 204.56 billion and it is expected to reach USD 313.95 billion in the next five years.

Amid the COVID-19 pandemic, major OEMs experienced a significant decline in the heavy-duty trucks market. The transportation industry completely shut down due to the pandemic, creating new challenges for the cargo and production houses to shift their goods from one place to another. Severe disturbances in global logistics and supply chain systems during the pandemic caused in decline in the production of heavy-duty trucks. However, the market is expected to grow during the forecast period as OEMs are trying to restart production by bringing heavy investments to the market.

Over the long term, the rising regulations on vehicle emissions, advancement in vehicle safety, and rapidly growing logistics, retail, and e-commerce sectors are expected to drive demand for new and advanced trucks across the world. Growing demand for powerful vehicles with higher carrying capacity to handle weights and strong suspension systems, as well as rising need for fuel-efficient trucks, may further boost the demand in the market. For example, the US National Highway Traffic Safety Administration set new standards for fuel economy for heavy-duty truck engines driven by diesel, natural gas, and substitute fuels.

Asia-Pacific exhibits the fastest economic growth rates in the world. The region is expected to be a major market propelling the global construction industry, with growing construction activities in India and ASEAN countries. North America may register considerable growth in the heavy-duty trucks market due to the presence of major manufacturers, such as Freightliner, Kenworth, International, Peterbilt, Volvo, and Mack, with the surging freight demand in the region.

Heavy Duty Trucks Industry Segmentation

Heavy-duty trucks can be defined as commercial vehicles that are an integral part of any commercial activities such as transportation, agriculture, construction, and other functions.

The Heavy-duty Trucks Market has been Segmented by Tonnage Type (10 - 15 tons and More than 15 tons), Class (Class 5, Class 6, Class 7, and Class 8), Fuel Type (Gasoline, Diesel, Electric, and Alternative Fuels), Application Type (Construction and Mining, Freight and Logistics, and Other Applications), and Geography (North America, Europe, Asia-Pacific, and Rest of the World). the report offers market size and forecast for the heavy-duty truck market in value (USD billion) for the above-mentioned segments.

Tonnage Type
10 to 15 tons
More than 15 tons
Class
Class 5
Class 6
Class 7
Class 8
Fuel Type
Gasoline
Diesel
Electric
Alternative Fuels
Application Type
Construction and Mining
Freight and Logistics
Other Applications
Geography
North America
United States
Canada
Rest of North America
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Rest of the World
South America
Middle East & Africa

Heavy Duty Trucks Market Size Summary

The Heavy Duty Trucks Market is currently experiencing significant growth, projected to continue into the next five years. The market faced a downturn during the COVID-19 pandemic due to disruptions in global logistics and supply chains, but is expected to recover as manufacturers invest heavily in production. Market growth is being driven by factors such as increasing regulations on vehicle emissions, technological advancements in vehicle safety, and the expansion of logistics, retail, and e-commerce sectors. Demand for fuel-efficient trucks with higher carrying capacities is also on the rise, further boosting market growth. The market is also being influenced by the increasing popularity of hybrid and electric heavy-duty trucks, driven by stringent emission norms established by governments. Market players are introducing new models of hybrid electric and fully electric heavy-duty trucks in response to these policy changes. The expansion of the heavy-duty trucks industry in the Asia-Pacific region is contributing to the overall market growth, with increasing product sales and the presence of reputed players. The easy availability of a workforce at reduced wages and access to abundant raw materials at lower costs is boosting the construction and automotive sectors in this region, resulting in significant product penetration.

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Heavy Duty Trucks Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

    2. 1.2 Market Restraints

    3. 1.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.3.1 Bargaining Power of Suppliers

      2. 1.3.2 Bargaining Power of Consumers

      3. 1.3.3 Threat of New Entrants

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size in Value - USD billion)

    1. 2.1 Tonnage Type

      1. 2.1.1 10 to 15 tons

      2. 2.1.2 More than 15 tons

    2. 2.2 Class

      1. 2.2.1 Class 5

      2. 2.2.2 Class 6

      3. 2.2.3 Class 7

      4. 2.2.4 Class 8

    3. 2.3 Fuel Type

      1. 2.3.1 Gasoline

      2. 2.3.2 Diesel

      3. 2.3.3 Electric

      4. 2.3.4 Alternative Fuels

    4. 2.4 Application Type

      1. 2.4.1 Construction and Mining

      2. 2.4.2 Freight and Logistics

      3. 2.4.3 Other Applications

    5. 2.5 Geography

      1. 2.5.1 North America

        1. 2.5.1.1 United States

        2. 2.5.1.2 Canada

        3. 2.5.1.3 Rest of North America

      2. 2.5.2 Europe

        1. 2.5.2.1 Germany

        2. 2.5.2.2 United Kingdom

        3. 2.5.2.3 France

        4. 2.5.2.4 Italy

        5. 2.5.2.5 Rest of Europe

      3. 2.5.3 Asia-Pacific

        1. 2.5.3.1 China

        2. 2.5.3.2 India

        3. 2.5.3.3 Japan

        4. 2.5.3.4 South Korea

        5. 2.5.3.5 Rest of Asia-Pacific

      4. 2.5.4 Rest of the World

        1. 2.5.4.1 South America

        2. 2.5.4.2 Middle East & Africa

Heavy Duty Trucks Market Size FAQs

The Heavy Duty Trucks Market is projected to register a CAGR of 7.40% during the forecast period (2024-2029)

AB Volvo, Daimler AG, PACCAR Inc., Tata Motors Limited and Traton Group are the major companies operating in the Heavy Duty Trucks Market.

Heavy Duty Truck Market Report Snapshots

Heavy Duty Trucks Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)