Selbyville, Delaware, Aug. 28, 2024 (GLOBE NEWSWIRE) --
The class 8 truck market size will reach USD 432.6 billion by 2032, as reported in a research study by Global Market Insights Inc.
The market is significantly driven by evolving safety and emission standards. With increasing emphasis on safety features and adherence to strict emission regulations, fleet operators prioritize trucks that meet these criteria. For instance, the National Highway Traffic Safety Administration (NHTSA) reported a 5% decrease in truck-related accidents in 2023, on account of enhanced safety features.
These standards shape truck specifications and influence purchasing decisions, driving manufacturers to innovate in safety technology and emissions control. As regulations tighten, the class 8 truck industry witnesses a shift towards safer, cleaner vehicles, reflecting broader industry trends toward sustainability and operational efficacy.
For instance, in May 2024, at the Waste Expo in Las Vegas, Hyzon and New Way Trucks introduced North America's first hydrogen fuel cell-powered electric refuse truck. This launch follows their February joint venture agreement to pioneer a zero-emission solution for refuse collection.
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The natural gas segment will acquire a considerable class 8 truck market share till 2032, owing to growing environmental concerns and stringent emission regulations. Natural gas trucks produce lower emissions compared to their diesel counterparts, making them a cleaner alternative that aligns with global efforts to reduce carbon footprints. In addition, the increasing availability of natural gas fueling infrastructure and the potential for lower fuel costs contribute to the demand. Fleet operators are attracted by the potential for long-term savings and the positive public image associated with using more sustainable energy sources.
The day cab sector will register a prominent CAGR from 2024 to 2032. The demand for class 8 trucks in the day cab segment is spurring due to increased short-haul and regional freight activities driven by e-commerce growth and just-in-time delivery requirements. Day cabs, lacking sleeper compartments, are ideal for these shorter routes, offering better maneuverability and lower operating costs. Fleet operators prefer day cabs for their efficiency in urban and regional logistics, aligning with the rising demand for rapid, localized deliveries.
North America's class 8 truck market is proliferating because of a robust economy and the surge in e-commerce, which has increased freight volumes and the need for efficient transportation. Stricter environmental regulations are escalating the adoption of newer, cleaner models, while technological innovations in fuel efficiency and autonomous driving systems improve operational efficiency and safety. The expansion of infrastructure projects and the booming construction industry contribute to the rising demand for heavy-duty trucks to support these sectors' logistical needs.
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Major class 8 truck market vendors include Freightliner, Peterbilt, Kenworth, Daimler, Navistar, Mack Trucks, Scania AB, MAN, Isuzu Motors, Volvo Trucks, and others.
Leading class 8 truck providers are strengthening their market presence through substantial investments in research and development to enhance vehicle efficiency and emissions standards. By forming strategic alliances and pursuing acquisitions, these firms expand their product portfolios and market reach. The class 8 truck vendors focus on integrating advanced technologies such as electric and autonomous driving systems, positioning themselves at the forefront of innovation. Emphasizing customer needs and sustainability, these class 8 truck companies aim to deliver cutting-edge, reliable, and eco-friendly transportation solutions, solidifying their competitive edge in the industry.
In April 2024, Volvo Group will build a heavy-duty truck factory in Mexico, supplementing its United States production. This initiative might make Volvo the last significant player in the U.S. class 8 industry to have a production unit in Mexico by 2026.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates and calculations
1.2.1 Base year calculation
1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research & validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market definitions
Chapter 2 Executive Summary
2.1 Industry 3600 synopsis, 2021 - 2032
Chapter 3 Class 8 truck Market Insights
3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 Raw material suppliers
3.2.2 Component suppliers
3.2.3 Manufacturers
3.2.4 Service providers
3.2.5 Distribution channel
3.2.6 End users
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Key news & initiatives
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Escalating demand for autonomous driving technologies in class 8 trucks
3.8.1.2 Increasing long-haul freight activities bolstering class 8 truck utilization
3.8.1.3 Introduction of advanced emission control systems due to strict regulations
3.8.1.4 Expansion of logistic networks and e-commerce globally
3.8.1.5 Technological advancements in trucking efficiency and safety features
3.8.2 Industry pitfalls & challenges
3.8.2.1 High cost of advanced technology integration
3.8.2.2 Economic slowdown affecting freight demand
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
