Heavy-Duty Trucks Market 2021-2026; Industry Growth & Business Statistics Report
Global heavy-duty trucks market is anticipated to depict a CAGR of 4% through 2026, having recorded a valuation of USD 360 billion in 2019. By 2026, the market is expected to hit a remuneration of USD 430 billion.
The heavy-duty trucks market is projected to observe tremendous growth over the coming years, majorly due to the rapid expansion of the e-commerce industry across the world. An upsurge in the goods distribution and delivery, as a consequence, has resulted in the growth of heavy duty trucks demand globally.
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Apart from their use as transport and delivery trucks, heavy duty trucks are also used in other applications such as towing, moving, hauling, garbage collection, and recycling. The extensive applications of these trucks across so many avenues should further propel their demand in the coming years. The high level of reliability offered by these trucks is the primary factor that ensures their wide application scope. The reliability also equates to cost-effectiveness when it comes to transporting goods and low time-to-delivery, which is further complimenting industry demand.
In terms of horsepower, the advanced load carrying capacity offered by the above 500HP heavy duty trucks across all types of terrains is expected to fuel the above 500HP segment share. Furthermore, various natural factors like low supply of oxygen at high altitudes as well as extreme temperatures, hampers the engine power, which is compelling fleet managers to increase their investments in engines with horsepower above 500HP.
With respect to class, the class 8 heavy duty trucks segment is likely to observe substantial growth attributing to their optimal performance when it comes to long-haul travel and frequent development of newer models. Growing use of these trucks across the mining sector and increasing investments towards the development of advanced trucks would further stimulate the segment share. The 4x2 axle configuration of these trucks enables four wheels to be assisted by one drive axle. This configuration essentially provides two single drive axles in a heavy duty truck that restricts the load-carrying capacity, which is likely to further augment the segment size.
Geographically, increasing infrastructure development and expanding construction industry is likely to foster the Asia Pacific heavy-duty trucks market share over the coming years. In addition, the increasing investments from the private and government sector for the development of various residential and commercial real estate projects are increasing the demand for heavy duty trucks, thereby stimulating the regional market share.
Several market players are increasingly focusing on introducing new products with additional features with an eye on safety and cost-efficiency to gain a competitive edge and boost revenues. Taking February 2020 for instance, Volvo, a renowned automotive company reportedly launched four new trucks; Volvo FH, FM, FH16, and FMX. The heavy duty trucks focus on driver environment, productivity, and safety. These trucks are Volvo’s attempt at attracting more skilled drivers to the transportation and logistics industry, which is undergoing a severe shortage of skilled truck drivers, given the stressful nature of the job. The new Volvo trucks specifically focus on improving the cabin environment and offer attractive working tools to bring in more driver attention to the logistics sector.
The competitive landscape of the heavy-duty trucks market is inclusive of players such as Oshkosh Corporation, Mack Trucks, Eicher Motors Ltd., Kenworth, International Trucks, Peterbilt, Volvo, Tata Motors, Navistar, and Daimler Trucks among others.
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Some Point from Table of Contents:
Chapter 6. Heavy-Duty Trucks Market, By Fuel
6.1. Key trends by fuel
6.2. Diesel
6.2.1. Market estimates and forecast, 2016 - 2026
6.3. Natural gas
6.3.1. Market estimates and forecast, 2016 - 2026
6.4. Hybrid electric
6.4.1. Market estimates and forecast, 2016 - 2026
6.5. Gasoline
6.5.1. Market estimates and forecast, 2016 - 2026
Chapter 7. Heavy-Duty Trucks Market, By Horsepower
7.1. Key trends by horsepower
7.2. Below 300HP
7.2.1. Market estimates and forecast, 2016 - 2026
7.3. 300HP – 400HP
7.3.1. Market estimates and forecast, 2016 - 2026
7.4. 400HP – 500HP
7.4.1. Market estimates and forecast, 2016 - 2026
7.5. Above 500HP
7.5.1. Market estimates and forecast, 2016 - 2026
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