Pune, Feb. 17, 2023 (GLOBE NEWSWIRE) -- As per Maximize Market Research, a global Automotive and Transportation research firm, the total market opportunity for Heavy Duty Trucks was valued at USD 364 Bn to reach USD 541.9 Bn by 2029 at a CAGR of 5.1 percent. The “Heavy Duty Trucks Market” report recently published by Maximize Market Research is available in the market, indicating immense growth for the manufacturers during the forecast period.
Heavy Duty Trucks Market Report Scope and Research Methodology
| Market Size in 2021 | USD 364 Bn. |
| Market Size in 2029 | USD 541.9 Bn. |
| CAGR | 5.1 percent (2022-2029) |
| Forecast Period | 2022-2029 |
| Base Year | 2021 |
| Number of Pages | 269 |
| No. of Tables | 109 |
| No. of Charts and Figures | 103 |
| Segment Covered | Vehicle Type, Fuel Type and Application |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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The bottom-up approach has been used to estimate the Heavy Duty Trucks Market size. To collect the data for the Heavy Duty Trucks Market report, primary and secondary research methods were used and the data collected by using these methods were combined to make the report authentic. SWOT analysis was used to provide the strengths and weaknesses of the market and key players. The report provided by Maximize Market Research includes a PESTLE analysis that helps clients to form their business strategy. Porter’s five forces analysis was used to provide a detailed analysis of the competitive landscape, new entrants in the market, supplier power, end-user power, and the threats of substitutes for services in the Heavy Duty Trucks Market.
Heavy Duty Trucks Market to have a high payload capacity
Heavy-duty trucks have a large cargo payload capacity. Increased carrying capacity from floor to ceiling brought to utilization regardless of the size of the trailer. Transporting goods and commodities such as processed food, construction materials, and heavy-load trucks is an affordable option. Electric heavy-duty trucks are having high demand, and strict emission norms set by the government are expected to drive the market growth. Growing carbon emission from the burning of diesel fuel is fuelling market growth.
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The high cost of the trucks is expected to hinder the Heavy Duty Trucks market. Hybrid electric heavy-duty trucks are expected to be driven by the stringent emission norms established by the government.
Asia Pacific to grow at the highest growth rate during the forecast period
The high performance of trucks in terms of volume and transportation sector is expected to influence the regional Heavy Duty Trucks market growth. Revised emission standards, axle, loading and premium trucks are expected to drive the market growth. Easy availability of the workforce at reduced wages and access to abundant raw materials at a lower cost may boost the overall market growth.
Thailand, China, India, Malaysia, and Indonesia are the countries projected to contribute to the regional market revenue during the forecast period. Robust expansion adopted by OEMs in the region has increased the demand for the automotive industry in China. Electric buses are included in India by the state government to reduce operational costs and carbon emissions to improve air quality.
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Heavy Duty Trucks Market Segmentation
By Vehicle Type
- Medium
- Heavy-Duty
- Pickup
By Fuel Type
- Diesel
- CNG
- LNG
By Application
- Distribution
- Container
- Dumping
- Refrigeration
- Tanker
- RMC
- Special Application
- Logistic
- Agriculture
- Defense
By Vehicle Type, Pickup trucks are expected to be the largest growing segment of the Heavy Duty Trucks Market. It is employed as reliable transport and they are also useful for personal transportation. North America is the leading region in the segment. By Fuel Type, LNG fuel type segment of the Heavy Duty Trucks Market is expected to grow majorly because it provides benefits across a wide range of parameters. The abundance of LNG is the major factor in the increasing demand for LNG. By Application Type, the largest market share was held by the agriculture type segment in 2021. This is because trucks play an important role in the agriculture sector.
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Heavy Duty Trucks Market Key Players include:
- Mahindra Motors (India)
- Ashok Leyland (India)
- TATA motors (India)
- Eicher Motors (India)
- Hindustan Motors (India)
- Daimler AG (Germany)
- Ford Motor Company(Germany)
- Volkswagen (Germany)
- Oshkosh Corporation (US)
- Mack Trucks (US)
- Navistar (US)
- Kenworth (US)
- Tesla Motors (US)
- Paccar Inc. (US)
- Hino Motors (Japan)
- Mitsubishi Fuso (Japan)
- Isuzu Motors Ltd (Japan)
- Scania AB (Sweden)
- Volvo Trucks (Sweden)
- MAN Truck (UK)
- Dongfeng Motor Group Company Ltd (China)
- Renault Trucks (France)
- DAF Trucks (Netherland)
- IVECO (Netherland)
- Hyundai (South Korea)
Key questions answered in the Heavy Duty Trucks Market are:
- What are the global trends in the Heavy Duty Trucks Market?
- What are the upcoming industry applications and trends for the Heavy Duty Trucks Market?
- What are the factors contributing to the final price of Heavy Duty Trucks?
- What is the expected demand for different types of products in the Heavy Duty Trucks Market during the forecast period?
- What are the recent industry trends that can be implemented to generate additional revenue streams for Heavy Duty Trucks Market?
- How is the intervention from regulatory authority is shaping the Heavy Duty Trucks Market?
- What growth strategies are the players considering to increase their presence in Heavy Duty Trucks Market?
- What are the major challenges that the Heavy Duty Trucks Market could face in the future?
- Who held the largest market share in Heavy Duty Trucks Market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Market Segmentation – A detailed analysis by Vehicle Type, Fuel Type, Application and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
Maximize Market Research is leading Automotive and Transportation research firm, has also published the following reports:
High Performance Trucks Market: The total market size is expected to reach USD 2.66 Mn by 2027, at a CAGR of 3.8 percent during the forecast period. Demand for reduced engines, together with the widespread use of additional powertrains is expected to drive the market growth.
Dump Truck Market: The total market size was valued at USD 8.28 Bn in 2021 and is expected to witness a growth rate of 7.1 percent through the forecast period. Growth of the Construction sector and Vehicle Digitalization is driving the market growth.
Boom Trucks Market: The total market is anticipated to reach USD 2.91 Bn by 2027 from USD 2.00 Bn in 2021 at a CAGR of 5.5 percent during a forecast period. Rising government and private sector building investment worldwide are driving market growth.
Forklift Trucks Market: The total market was valued at USD 45 Bn in 2021 and is expected to grow at a CAGR of 6.8 percent through the forecast period. Production and sales of electric vehicles due to technological advances are expected to drive market growth.
Fire Trucks Market: The total market was valued at USD 5.54 Bn in 2021 and is estimated to grow at a CAGR of 3.6 percent over the forecast period. Quality and teamwork in the built environment and increased production of fire trucks are driving the market growth.
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
