The GMI Research expects the heavy duty trucks market to expand at a significant rate. From a regional perspective, the Asia-Pacific is predicted to lead the market due to the rapid industrialization, which has led to the increased production and adoption of heavy-duty trucks, particularly in China. The government of China is focusing on improving its economy through various initiatives.
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Heavy Duty Trucks Market Dynamics (including market size, share, trends, forecast, growth, and industry analysis)
Key Drivers
Heavy-duty trucks have the ability to carry a load in one round trip with better safety and in less time. Thereby, the government of various economies is planning to increase these vehicles’ loading capacity, which is the major factor that is likely to drive the global heavy duty trucks market size. For instance, the Indian governments’ strategy for increasing the loading capacity of heavy vehicles by 20-25% will decrease overloading and boost the sales of heavy duty trucks. Due to the outbreak of the COVID-19, the e-commerce industry has expanded, which in turn will surge the demand for heavy trucks for the transportation of products from one place to another. According to the heavy duty truck market statistics, the growing sales of commercial vehicles across emerging countries will further stimulate the growth of heavy duty trucks. For instance, the Indian market has a huge scope for commercial vehicles, and as per IBEF, in 2020, India is among the top five players of commercial vehicles worldwide, and export for commercial vehicles has increased by 1.3%, which will further accelerate the market growth.
Electric heavy-duty truck is one of the emerging heavy duty truck market trends that is fuelling the growth of the market. The major leading players in the market are planning to introduce new electric heavy trucks in the market, thus bolstering the demand for the market. For instance, Volvo Group is introducing its electric truck in the market by 2020. As per the heavy duty market forecast, the high cost of heavy-duty trucks, followed by the major concerns regarding truckload carrying capacity across various countries, will hinder the growth of the global heavy duty trucks market share in terms of revenue.
Heavy Duty Trucks Market’s leading Manufacturers:
- Volvo Group
- Daimler AG
- TRATON GROUP
- PACCAR Inc.
- Tata Motors.
- ASHOK LEYLAND
- FAW Group Co., Ltd.
- China National Heavy Duty Truck Group
- Dongfeng Motor Company
- ISUZU MOTORS LIMITED
Heavy Duty Trucks Market Segmentation:
Segmentation by Class:
- Class 6
- Class 7
- Class 8
Segmentation by End-Use Industry:
- Logistics
- Construction
- Mining
- Agriculture
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that provides syndicated research reports, consulting services, and customized market research reports. Our reports are based on market intelligence studies to ensure relevant and fact-based research across numerous sectors, including healthcare, automotive, information technology & communication, FMCG, and other industries. GMI Research’s deep understanding related to the business environment helps us in generating objective strategic insights. Our research teams consisting of seasoned analysts and researchers have hands-on experience in various regions, including Asia-pacific, Europe, North America, and the Rest of the World. The market research report offers in-depth analysis, which contains refined forecasts, a bird’s eye view of the competitive landscape, factors impacting the market growth, and several other market insights to aid companies in making strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to help our clients to stay ahead of the curve.
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