New York, USA, March 20, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global heavy-duty trucks market is anticipated to garner a revenue of $538.2 billion, and grow at a CAGR of 4.3% over the analysis timeframe from 2022 to 2031.
As per our analysts, the increasing promotion of governments through various programs on the development of electric trucks to reduce greenhouse gas emissions is expected to bolster the growth of the heavy-duty trucks market during the forecast period. Moreover, the increasing technological advancements in heavy-duty trucks such as the introduction of GPS tracking and ADAs features along with the expansion in the logistics industry, are expected to create immense growth opportunities for the market over the analysis timeframe. Additionally, due to the rapid growth of urbanization and industrialization, many manufacturers and companies are focusing on focusing on the production of electric-powered vehicles, and hybrid heavy-duty trucks are expected to propel the growth of the market during the forecast period. However, the high cost of heavy-duty trucks may hamper the growth of the market throughout the analysis timeframe.
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Segments of the Heavy-Duty Trucks Market
The report has divided the market into segments based on class, horsepower, fuel type, and region.
Class: Class 8 Sub-Segment to be Most Lucrative
The class 8 sub-segment generated the highest market share in 2021. The increasing demand for class 8 heavy-duty trucks by the mining industry and the increase in funding for the creation of cutting-edge trucks are expected to bolster the growth of the market sub-segment over the analysis timeframe.
Horsepower: Above 500HP Sub-Segment to be Most Productive
The above 500HP sub-segment accounted for the highest revenue in 2021. The increasing demand for heavy-duty trucks with more than 500HP due to their significant load-carrying capacities and range of terrain compatibility is predicted to foster the growth of the market sub-segment during the estimated period.
Fuel-Type: Diesel Sub-Segment to be Most Profitable
The diesel sub-segment registered the largest market share in 2021. The increasing use of diesel as a safer fuel for commercial vehicles and because of its various benefits such as increased performance, greater efficiency, and safety are the factors expected to augment the growth of the market sub-segment over the forecast period.
Asia-Pacific Region to Have Massive Growth Opportunities
The Asia-Pacific region of the heavy-duty trucks market generated the biggest market share in 2021. The rising demand for heavy-duty trucks for the transportation of commodities due to the increasing income levels among individuals, rapid urbanization, increasing population, and expansion of e-commerce in this region is expected to drive the regional growth of the market over the analysis period.
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Covid-19 Impact on the Heavy-Duty Trucks Market
The rise of the Covid-19 pandemic has negatively impacted the heavy-duty trucks market, likewise various other industries. This is mainly because of the social-distancing norms, shortage of labor, strict lockdown measures, and shutdown of many manufacturing units during the pandemic. Moreover, the disruption of the supply chain and shutdown of the transportation sector have interrupted the manufacturing of large vehicles which has further declined the market growth over the pandemic.
Key Players of the Heavy-Duty Trucks Market
The major players of the market include
- Ford Motor Company
- General Motors
- Freightliner
- Fiat Chrysler Automobiles
- Kenworth
- Eicher Motors Limited
- Navistar
- Dongfeng
- Nissan
- Daimler
These players are widely working on the development of new business tactics and strategies such as mergers and acquisitions, partnerships and collaborations, and product development to sustain a leading position in the global industry.
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For instance, in August 2023, Volvo Trucks, a truck manufacturing division of Volvo announced its acquisition of JMC Heavy Duty Vehicle Co., Ltd., a Chinese truck manufacturer. With this acquisition, the companies aimed to produce new heavy-duty Volvo FH, Volvo FM, and Volvo FMX trucks for expanding their businesses and helping customers in China.
Further, the report also summarizes other important aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
More about Heavy-Duty Trucks Market:
- Assessing the Role of Electric Heavy-Duty Trucks in Tackling Environmental Pollution and Energy Insecurity
- Growing Investment in the Development of Electric Trucks by Governments to Propel the Growth of the Global Heavy-Duty Trucks Market by 2031
