Global Heavy Duty Trucks Market Share Is Likely To Reach At A CAGR Value Of Around 7.6% By 2030

06-Jun-2023 | Facts and Factors

According to the Facts & Factors report, the global Heavy Duty Trucks Market size was valued at USD 250 billion in 2022 and is anticipated to surpass USD 315.85 billion by the end of 2030. The market is expected to grow at an annual compound rate of 7.6% during the forecast period. The global Heavy Duty Trucks Market report is a comprehensive study of market definitions for drivers' opportunities and challenges. It covers the geographical and competitive dynamics of the global marketplace.

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Heavy trucks are commercial motor vehicles that carry loads without a trailer. These heavy automobiles are more commonly used for long-haul transportation. These are classified as vehicles that exceed the Gross Vehicle Weight Rating (GVWR) of more than 26,001 pounds. These heavy trucks provide secure and convenient transportation, with huge spaces and specialized trailers for carrying bulky items. Construction, logistics, and dump trucks are a few sectors utilizing heavy-duty trucks on a large scale. Some of the popular heavy-duty trucks include multi-car trailers or double-decker trailers.

Browse the full report “Heavy Duty Trucks Market Size, Share, Growth Analysis Report By Tonnage Type (10 to 15 Metric and More Than 15 metric tons), By Propulsion (Electric, IC engine, and Fuel Cell Electric Vehicles), By Application (Long Haul, Freight & Logistics, Construction & Mining, And Others), By Class (Class 7 and Class 8), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030”  at https://www.fnfresearch.com/heavy-duty-trucks-market

The rapid growth of the logistics, e-commerce, and retail sectors is likely to drive the demand for heavy-duty trucks in the coming years. Additionally, there is a vast requirement for powerful vehicles with higher carrying capacity to support robust suspension systems and handle weights due to the rapidly increasing infrastructure development globally.

Moreover, the growing research and development activities in the sector are further likely to support the growth of the global Heavy Duty Trucks Market. Advancements in research and technology are helping manufacturers to overcome the challenges arising in the making process of these heavy automobiles.

However, the initial high investment and maintenance costs are significant factors limiting the growth of the heavy truck industry. Furthermore, the costs incurred in replacing the damaged components and repairing them are likely to slow down the growth trajectory of the global market. In addition, the growing concerns about carbon emission levels are further a significant challenge in the global Heavy Duty Trucks Market.

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Segmental Overview:

The global Heavy Duty Trucks Market can be segmented into tonnage type, propulsion, application class, and region.

By tonnage type, the market can be segmented into 10 to 15 metrics and more than 15 metrics. The segment with more than 15 metric tonnage is likely to dominate the growth of the global market due to its heavy payload capacity.

By propulsion, the market can be segmented into electric, IC engine, and fuel cell electric vehicles. The IC engine segment holds the largest share of the global market. However, the electric and fuel cell electric vehicles segments are also expected to witness huge growth in the coming years.

By application, the market can be segmented into long haul, freight & logistics, construction & mining, and others. The construction & mining segment accounts for the largest share of the global market.

By class, the market can be segmented into class 7 and class 8. Class 8 segment holds the largest share in the global market owing to its cost advantages and increases in the efficiency of the commercial trucks fleet. These trucks are widely used for transporting cargo goods over long distances.

Regional Overview:

Asia Pacific accounts for the largest share of the global Heavy Duty Trucks Market due to the availability of workforce at lower wages along with the presence of abundant raw materials. Additionally, the growing foreign direct investment due to spurring talent in the region is likely to support the regional market growth.

North America is also likely to witness massive growth during the forecast period due to the increasing number of freight transportation projects in the region. Rapid industrialization and the exponential rise in purchasing power of people in the region have also amplified the need for these heavy trucks in the region.

Report Scope

Report Attribute

Details

Market Size in 2022

USD 250 Billion

Projected Market Size in 2030

USD 315.85 Billion

CAGR Growth Rate

7.6% CAGR

Base Year

2022

Forecast Years

2023-2030

Key Market Players

Hindustan Motors, Iveco, KamAZ, Eicher Motors, Dongfeng Motor Group, Scania AB, Tesla Motors, MAN SE, Beiqi Foton, FAW Group Corp., First Automotive Works (FAW), Isuzu Motors Ltd., Mahindra Motors, Volvo Trucks, Paccar, Hino Motors, Navistar International, Ashok Leyland, Tata Motors Limited, Renault Trucks, China National Heavy Duty Truck Group Co. Ltd., and others.

Key Segment

By Tonnage Type, Propulsion, Application, Class, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

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Competitive Landscape:

The global Heavy Duty Trucks Market key players include Hino Motors, Ford Motor Company, Isuzu Motors Ltd., Iveco, KamAZ, Dongfeng Motor Group, Volkswagen, Scania AB, MAN SE, First Automotive Works (FAW), Beiqi Foton, Paccar, Ashok Leyland, Tata Motors Limited, China National Heavy Duty Truck Group Co. Ltd, Navistar International, Volvo Trucks, Oshkosh Corporation, Daimler Group, and others.

Recent Development:

  • Ford Motor Company, in January 2022, commenced the production of an e-Transit, an all-electric van. It claims zero tailpipe emissions and holds an all-electric powertrain.
  • Tata Motors, in September 2021, announced to invest over USD 1 billion in the next five years to recreate its roadmap for the commercial vehicle business. However, a large segment of this includes electric vehicles, especially buses.
  • The Delhi government, in March 2021, sanctioned a proposal to establish 300 new low-floor electric (AC) bus vehicles to grow the number of bus vehicles in the city.
  • Daimler Truck, Traton Group, and Volvo Group, in March 2022, successfully signed an agreement to start a joint venture to operate a high-performance public charging network for heavy-duty long-haul trucks and coaches across Europe.

The global Heavy Duty Trucks Market is segmented as follows:

By Tonnage Type

  • 10 to 15 metric
  • more than 15 metric tons

By Propulsion

  • Electric
  • IC engine
  • Fuel Cell Electric Vehicles

By Application

  • Long Haul
  • Freight & Logistics
  • Construction & Mining
  • Others

By Class

  • Class 7
  • Class 8

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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