Dublin, June 12, 2024 (GLOBE NEWSWIRE) -- The "Heavy Trucks Global Market Opportunities and Strategies to 2033" report has been added to ResearchAndMarkets.com's offering.
The global heavy trucks market reached a value of nearly $225.4 billion in 2023, having grown at a compound annual growth rate (CAGR) of 1.4% since 2018. The market is expected to grow from $225.4 billion in 2023 to $296.2 billion in 2028 at a rate of 5.6%. The market is then expected to grow at a CAGR of 4.9% from 2028 and reach $376.1 billion in 2033.
Growth in the historic period resulted from the surge in oil and gas exports, strong economic growth in emerging markets, increased production and consumption of chemicals and low interest rate environment. Factors that negatively affected growth in the historic period included fuel price volatility.
Going forward, the rising demand for raw materials from the manufacturing industries, rising urbanization, increase in trade and exports, rising regulations on vehicle emissions, growing demand for e-commerce will drive the market. Factors that could hinder the growth of the heavy trucks market in the future include disruptions in supply chain and increasing warehousing costs.
The heavy trucks market is segmented by type into class 3, class 4, class 5, class 6, class 7 and class 8. The class 8 market was the largest segment of the heavy trucks market segmented by type, accounting for 38.8% or $87.4 billion of the total in 2023. Going forward, the class 8 segment is expected to be the fastest growing segment in the heavy trucks market segmented by type, at a CAGR of 6.8% during 2023-2028.
The heavy trucks market is segmented by fuel into diesel, natural gas, hybrid electric and gasoline. The diesel market was the largest segment of the heavy trucks market segmented by fuel, accounting for 73.4% or $165.3 billion of the total in 2023. Going forward, the hybrid electric segment is expected to be the fastest growing segment in the heavy trucks market segmented by fuel, at a CAGR of 7.2% during 2023-2028.
The heavy trucks market is segmented by application into construction and mining, freight and logistics and other applications. The construction and mining market was the largest segment of the heavy trucks market segmented by application, accounting for 52.4% or $118 million of the total in 2023. Going forward, the freight and logistics segment is expected to be the fastest growing segment in the heavy trucks market segmented by application, at a CAGR of 6.2% during 2023-2028.
North America was the largest region in the heavy trucks market, accounting for 59.6% or $134.4 billion of the total in 2023. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the heavy trucks market will be South America and Africa, where growth will be at CAGRs of 8.6% and 7.7% respectively. These will be followed by the Middle East and North America, where the markets are expected to grow at CAGRs of 6.4% and 6.2% respectively.
The global heavy trucks market is concentrated, with a few large players dominating the market. The top ten competitors in the market made up 44.99% of the total market in 2022. Volvo Truck was the largest competitor with a 21.51% share of the market, followed by Hino Motors Ltd. with 20.22%, Tata Motors Limited with 1.60%, Volkswagen AG with 1.36%, PACCAR Inc. with 0.09%, Tesla Inc. with 0.07%, Daimler Truck Holding AG with 0.05%, Sinotruk Hong Kong Limited with 0.04%, Iveco Group N.V. with 0.03% and BYD Co. Ltd. with 0.01%.
The top opportunities in the heavy trucks market segmented by type will arise in the class 8 segment, which will gain $34.1 billion of global annual sales by 2028. The top opportunities in the heavy trucks market segmented by fuel will arise in the diesel segment, which will gain $51.4 billion of global annual sales by 2028. The top opportunities in the heavy trucks market segmented by application will arise in the construction and mining segment, which will gain $36.7 billion of global annual sales by 2028. The heavy trucks market size will gain the most in the USA at $42.4 billion.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider heavy trucks market; and compares it with other markets.
Major Market Trends
- Increasing Development of Hydrogen Refueling Stations for Heavy Trucks
- Focus on Adoption of Natural Gas Powertrains
- Strategic Collaborations to Expand Charging Infrastructure for Medium- And Heavy-Duty Vehicles
- Increasing Joint Ventures to Drive Industry Transformation
- Increasing Strategic Investments to Lead the Electric Vehicle (EV) Revolution
- Advancements in Commercial Vehicle Telematics Through Advanced 5G Modems
- Development of Innovative Telematics Devices with AI-Powered Solutions
Markets Covered:
- By Type: Class 3; Class 4; Class 5; Class 6; Class 7; Class 8
- By Fuel: Diesel; Natural Gas; Hybrid Electric; Gasoline
- By Application: Construction and Mining; Freight and Logistics; Other Applications
Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; heavy trucks indicators comparison.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 293 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value (USD) in 2023 | $225.4 Billion |
| Forecasted Market Value (USD) by 2033 | $376.1 Billion |
| Compound Annual Growth Rate | 5.3% |
| Regions Covered | Global |
Companies Profiled:
- Volvo Truck
- Hino Motors
- Tata Motors
- Volkswagen
- PACCAR Inc.
- Tesla Inc.
- Daimler Truck Holding
- Sinotruk Hong Kong
- Iveco Group
- BYD Co.
- Hybot
- China National Heavy Duty Truck Group Co.
- Dongfeng Motor Corporation
- First Automotive Works
- Foton Auman
- Hongyan
- OrtenBetriebs
- Volta Trucks
- Traton SE
- MAN Truck & Bus Deutschland
- Kamaz Inc
- Automecanica Media
- Intrall
- Astra (Romania)
- Roman Diesel (Romania)
- GAZ Group (Russia)
- McKevitt Trucking Limited
- Brian Kurtz Trucking Ltd
- Searcy Trucking Ltd
- Skelton Truck Lines
- JADE TRANSPORT
- TFI International
- Old Dominion
- Landstar System
- YRC Worldwide
- Knight-Swift Transport Services
- J.B. Hunt Transport Services
- XPO Logistics
- FedEx Corp
- UPS Inc
- Tupy S.A.
- MWM do Brasil
- Scania
- Ford Trucks
- Al-Futtaim Auto & Machinery Company (Famco)
- Qatar Navigation (Milaha)
- Gulf Agency Company - GAC Qatar
- MSC Mediterranean Shipping Company (Qatar) W.L.L
- Bin Yousef Cargo
- E2E Qatar
- DHL -Mall of Qatar
- Trans-Nationwide Express
- Admiral Trucker Limited
- Truckways Limited
- BTXpress Universal Limited
- Ekene Dili Chukwu Nigeria Limited
- Konek Group
For more information about this report visit https://www.researchandmarkets.com/r/llf03c
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