Heavy-Duty Trucks Market to Grow at Stellar CAGR During the Forecast Period

The heavy-duty trucks market is set to garner a considerable valuation by 2027 on account of surging product demand across the booming mining and oil & gas industries.Vehicles that weigh more than 26,001 pounds and fall under class 7-8 trucks are classified as heavy-duty trucks/vehicles. 
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These trucks consist of cement mixers, dry vans, and tractors that are intended to haul refrigerated trailers, among other uses. Heavy-duty trucks are commonly utilized for long-distance transportation and are extensively used in mining, construction, and oil & gas industries. Rising construction activities across key regions have fueled product adoption in recent years.
Notably, to capitalize on emerging trends in the market, industry participants have been employing profitable strategies, which has positively impacted overall business outlook. For instance, in July 2020, Navistar International Corporation, a major manufacturer of proprietary diesel engines and commercial trucks under the brand name International, entered into a partnership agreement with TuSimple, a leading self-driving technology company. According to the deal, both firms agreed to combine their expertise and resources to co-develop SAE Level 4 self-driving trucks, which have been targeted for production in 2024.
The heavy-duty trucks market has been categorized on the basis of horsepower, class, fuel, and region. In terms of class, the market has further been bifurcated into class 7 and class 8. The class 7 sub-segment is speculated to progress at more than 3% CAGR over the forecast period. Class 7 trucks offer several advantages, including lower body weight, low cost, and enhanced fuel efficiency as compared to class 8 trucks, which is set to drive product demand in the coming time period.
From the fuel point of view, the heavy-duty trucks market has been segregated into gasoline, diesel, hybrid electric, and natural gas. The natural gas sub-segment is anticipated to observe sturdy expansion through the review period. Increasing focus of construction companies towards low emission operations is likely to accelerate the adoption of natural gas-powered heavy-duty trucks.
With respect to horsepower, the market has been divided into below 300hp, 300hp - 400hp, 400hp - 500hp, and above 500hp. The heavy-duty trucks market from the above 500hp sub-segment is expected to gain significant traction over 2021-2027 owing to the proliferating requirement of maximum HP trucks in transportation of machineries and debris at mining locations.
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From the regional point of view, the MEA heavy-duty trucks market is poised to exhibit a robust growth trajectory over the study timeline. Growing mining and oil & gas extraction activities in the Middle East & Africa region would boost the sales of heavy-duty trucks, which is set to foster market growth over the assessment timeframe.
Report Content
Chapter 1   Methodology and Scope
1.1    Methodology
1.1.1    Initial data exploration
1.1.2    Statistical model and forecast
1.1.3    Industry insights and validation
1.1.4    Scope, definition and forecast parameters
1.1.4.1    Definitions
1.1.4.2    Assumptions, methodology and forecast parameters
1.2    Region wise impact analysis of COVID-19
1.2.1    North America
1.2.2    Europe
1.2.3    Asia Pacific
1.2.4    Latin America
1.2.5    MEA
1.3    Data Sources
1.3.1    Secondary
1.3.2    Primary
Chapter 2   Executive Summary
2.1    Heavy-duty trucks industry 360° synopsis, 2017 – 2027
2.1.1    Business trends
2.1.2    Regional trends
2.1.3    Class trends
2.1.4    Fuel trends
2.1.5    Horsepower trends
Chapter 3   Industry Insights
3.1    Industry segmentation
3.2    Impact of COVID-19 on heavy-duty trucks industry landscape
3.2.1    Global outlook
3.2.2    Regional impact
3.2.2.1    North America
3.2.2.2    Europe
3.2.2.3    Asia Pacific
3.2.2.4    Latin America
3.2.2.5    MEA
3.2.3    Industry value chain
3.2.3.1    Research & development
3.2.3.2    Manufacturing
3.2.3.3    Marketing
3.2.3.4    Supply
3.2.4    Competitive landscape
3.2.4.1    Strategy
3.2.4.2    Distribution network
3.2.4.3    Business growth
3.3    Industry ecosystem analysis
3.3.1    Component suppliers
3.3.2    Technology providers
3.3.3    Manufacturers
3.3.4    End use landscape
3.3.5    Distribution channel analysis
3.3.6    Vendor matrix
3.4    Technology & innovation landscape
3.5    Regulatory landscape
3.5.1    ISO standards
3.5.2    North America
3.5.3    Europe
3.5.4    Asia Pacific
3.5.5    Latin America
3.5.6    MEA
3.6    Industry impact forces
3.6.1    Growth drivers
3.6.1.1    Increasing demand for electric & hybrid heavy-duty trucks across the globe
3.6.1.2    Groing freight transportation activities across North America
3.6.1.3    Implementation of stringent emission regulations in Europe
3.6.1.4    Rising investments in infrastructure development activities in Asia Pacific
3.6.1.5    Groiwng demand for heavy-duty trucks from mining and, oil & gas sector in MEA
3.6.1.6    Rising real estate construction actvities in Latin America
3.6.2    Industry pitfalls & challenges
3.6.2.1    High initial and maintenance costs
3.7    Growth potential analysis
3.8    Porter's analysis
3.8.1    Supplier power
3.8.2    Buyer power
3.8.3    Threat of new entrants
3.8.4    Threat of substitutes
3.8.5    Internal rivalry
3.9    PESTEL analysis
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