Growth opportunities in the Heavy-Duty Trucks Market look promising over the next six years. This is mainly due to the increasing inclination towards the e-commerce sector and growing prudent initiatives by government.
Heavy-Duty Trucks Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
Heavy-duty trucks are acknowledged for the burden they can carry in one round trip in less time with more safety. Thereby, the governmental bodies across the nations are involved in raising the loading capabilities through various strategic measures, which has proliferated the market growth. For example, the Indian government’s approach to increasing the loading volume of substantial vehicles by 20-25% will minimize overloading and augment the sales of heavy-duty trucks. In addition, the widespread outbreak of the coronavirus pandemic has shifted the preference towards e-commerce which has strengthened the market size. Moreover, the expansion in the sales of commercial automotive across the emerging nations is another factor contributing to the market growth. For example, India has a magnificent perspective on commercialized vehicles, and as per a report by IBEF, the nation is ranked among the top five producers of these commercial vehicles throughout the world, with an increase in their export at a rate of 1.3% in 2020. This is forecasted to enlarge the market share. In addition, the evolution of automated heavy-duty trucks will stimulate market growth. Leading market players are involved in the introduction of modernized trucks, which will drive market growth. For example, Volvo Group is forecasted to inaugurate its electric truck in the market by the end of 2021. However, their high cost, along with the issues of truckload carrying capability, will hinder the heavy-duty trucks market share.
End-Use Industry Segment Drivers
Based on the end-use industry, logistics are projected to lead the market over the forecast period. This is primarily attributed to their growing application to serve the need of food-beverage, automotive, transportation verticals. In addition, they impart safe and secure transportation of the goods and materials in bulk at a time, which reduces the time for both consumers and producers.
Heavy-Duty Trucks Market’s leading Manufacturers:
- ISUZU MOTORS LIMITED
- China National Heavy Duty Truck Group
- ASHOK LEYLAND
- PACCAR Inc
- Daimler AG
- Dongfeng Motor Company
- FAW Group Co., Ltd
- Tata Motors.
- TRATON GROUP
- Volvo Group
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)
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