NEW YORK, June 8, 2023 /PRNewswire/ -- As per Facts and Factors study, 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.
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Heavy Duty Trucks Market: Overview
Heavy trucks are used to haul large building materials and bulky automobiles or pull big loads. These trucks weigh around 33,000 lb. These trucks are more often used in the business sector, particularly to serve the construction sector. However, these tracks can tow weights of more than 20,000 pounds, and therefore, these are used to transport bulky goods in other sectors too. These are made of powerful engines and transmission parts, and therefore, these trucks are of huge importance in the transportation sector.
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Key Insights:
- As per the analysis shared by our research analyst, the global Heavy Duty Trucks Market is estimated to grow annually at a CAGR of around 7.6% over the forecast period (2023-2030).
- In terms of revenue, the global Heavy Duty Trucks Market size was valued at around USD 250 billion in 2022 and is projected to reach USD 315.85 billion by 2030.
- An increase in infrastructure development is likely to fuel the growth of the global Heavy Duty Trucks Market.
- Based on the tonnage type, the segment with more than 15 metric-ton trucks accounts for the largest share of the global market.
- Based on propulsion, the IC engine segment dominates the global market.
- Based on the application, the construction and mining segment is the fastest-growing segment in the global market.
- Based on the class, the class 8 segment holds the largest share of the global market.
- Based on region, Asia Pacific is likely to dominate the market during the forecast period.
Facts and Factors published the latest report titled "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" into their research database.
Industry Dynamics:
Global Heavy Duty Trucks Market: Growth Drivers
- Growth in infrastructure development is likely to fuel the market's growth.
Both emerging and established economies around the globe are making investments to modernize their infrastructure, including road and air networks. This results in the requirement of heavy-duty vehicles to dump and carry loads. And such a growing demand for heavy-duty vehicles due to the exponential growth in global infrastructure development is likely to expedite the growth of the global Heavy Duty Trucks Market.
Also, the ease in availability of credit and financing options is likely to support the growth trajectory of the global market. Government initiatives and policies further strengthen the market's capitalists and investors. For instance, the government of India has invested around $1.4 trillion until 2025 for infrastructure development. Moreover, the high demand for these heavy-duty trucks in semi-rural and rural areas in emerging economies is another prominent factor fueling the growth of the global market. Also, the growing advancements in research and technology are likely to contribute heavily to the growth of the global market.
Global Heavy Duty Trucks Market: Restraints
- The high cost of heavy-duty trucks is likely to hamper the growth of the global market.
High consumer demand refers to a high-profit probability. And many of these model trucks are offered to large enterprises and commercial fleets, which are uncommonly high-end clients. Therefore, the manufacturers of these heavy trucks demand high prices for these vehicles.
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Heavy Duty Trucks Market: Opportunities
- Surging demand for 400 HP- 500 HP trucks is likely to offer lucrative opportunities in the global market.
The 400 HP to 500 HP segment is likely to rise with a 7% growth rate during the forecast period due to the growing speed limits on interstate highways. The engines of these tracks bear high torque-producing capacity, which helps maintain smooth driving with heavier loads. Therefore, it is likely to offer many new opportunities in the global Heavy Duty Trucks Market in the years to come.
Heavy Duty Trucks Market: Challenges
- Growing carbon emission levels is a major challenge in the global market.
The surging demand for heavy-duty trucks all across the globe is contributing to the increasing carbon emission levels owing to the high consumption of diesel fuel. Diesel produces three times more carbon emissions when compared to gasoline. Therefore, it is likely to slow down the growth of the global heavy truck industry.
Global Heavy Duty Trucks Market: Segmentation
- The global Heavy Duty Trucks Market can be segmented on the basis of tonnage type, propulsion, application, class, and region.
On the basis of tonnage type, the market can be segmented into 10 to 15 metric and more than 15 metric tons. The segment with more than 15 metric-ton trucks dominates the global market due to its ability to bear heavy loads.
On the basis of 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 due to the presence of supporting government norms and regulations.
On the basis of application, the market can be segmented into long haul, freight & logistics, construction & mining, and others. The construction and mining segment is the fastest-growing segment in the global market due to the growing infrastructure development all across the globe.
On the basis of class, the market can be segmented into class 7 and class 8. The class 8 segment holds the largest share of the global market because of the high accessibility of broad truck models to a wide customer base.
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List of Key Players in Heavy Duty Trucks Market:
- 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.
- Others
Key questions answered in this report:
- What are the growth rate forecast and market size for Heavy Duty Trucks Market?
- What are the key driving factors propelling the Heavy Duty Trucks Market forward?
- What are the most important companies in the Heavy Duty Trucks Market Industry?
- What segments does the Heavy Duty Trucks Market cover?
- How can I receive a free copy of the Heavy Duty Trucks Market sample report and company profiles?
Report Scope:
Report Attribute | Details |
Market size value in 2022 | USD 250 Billion |
Revenue forecast in 2030 | USD 315.85 Billion |
Growth Rate | CAGR of almost 7.6% 2023-2030 |
Base Year | 2022 |
Historic Years | 2016 - 2021 |
Forecast Years | 2023-2030 |
Segments Covered | By Tonnage Type, Propulsion, Application, Class, and Region |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2023 to 2030 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Companies Covered | 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. |
Report Coverage | Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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Regional Dominance:
- Asia Pacific to lead the global market during the forecast period
Asia Pacific is the largest consumer of heavy-duty trucks. The expansion of these heavy-duty vehicles in the region is because of the presence of strong players. Also, the increase in product sales, along with the easy availability of workforce and raw materials at low wages, is further likely to positively shape the trajectory of the regional market.
North America is also likely to witness a high growth rate in the coming years due to the growing opportunities in established markets. Also, the advancement in technology in the region is further likely to contribute towards regional market growth.
Asia Pacific is expected to dominate the market during the forecast period.
Global Heavy Duty Trucks Market is segmented as follows:
Heavy Duty Trucks Market: By Tonnage Type Outlook (2023-2030)
- 10 to 15 metric
- more than 15 metric tons
Heavy Duty Trucks Market: By Propulsion Outlook (2023-2030)
- Electric
- IC engine
- Fuel Cell Electric Vehicles
Heavy Duty Trucks Market: By Application Outlook (2023-2030)
- Long Haul
- Freight & Logistics
- Construction & Mining
- Others
Heavy Duty Trucks Market: By Class Outlook (2023-2030)
- Class 7
- Class 8
Heavy Duty Trucks Market: By Region Outlook (2023-2030)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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