Rockville, MD, Oct. 09, 2024 (GLOBE NEWSWIRE) -- According to this updated industry report by Fact.MR, a market research and competitive intelligence provider, the global heavy duty truck market is approximated at a value of US$ 194.82 billion in 2024 and is projected to reach US$ 305.46 billion by 2034.
The e-Commerce boom and growing number of freight transportation projects across the world are primarily driving the demand growth for heavy duty trucks. Increasing industrial activities and construction & mining projects are further driving the need for heavy duty trucks for various purposes.
Environmental consciousness and sustainable practices are transforming the construction sector. Use of tractors and dump trucks is crucial for transferring construction materials and debris. These types of vehicles are ideal and cost-effective for carrying heavy materials and waste. Sustainability trend coupled with strict regulations imposed by governments on greenhouse gas emissions will benefit electric heavy-duty truck companies.
As governments are also imposing strict rules on automotive gas emissions, manufacturers are focusing on advancing the powertrain of trucks. Advancements in electric car battery technology and integration of lightweight components are leading to the development of eco-friendly electric heavy duty trucks. Battery-powered trucks have emerged as more efficient and cost-effective variants compared to their counterparts such as diesel-powered trucks and gasoline-powered trucks.
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Key Takeaways from Market Study
- Worldwide sales of heavy duty trucks are forecasted to rise at a CAGR of 6% during the forecasted period.
- The United States market is projected to reach US$ 51.44 billion by 2034.
- The South Korea market is set to register a CAGR of 7% through 2034.
- Class 8 heavy duty trucks are estimated to account for 2% of the global market share in 2024.
“Advancements in forklift technology such as automated speed control and braking systems are pushing the demand for advanced forklift heavy duty trucks,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Heavy Duty Truck Market
Key players in the heavy duty truck market are Daimler, Fiat Chrysler Automobiles, Ford Motor Company, Freightliner, Nissan, Oshkosh Corporation, Dongfeng, Eicher Motors Limited, General Motors, Kenworth, Tata Motors, Toyota, Paccar, Peterbilt, Scania, Navistar, Volvo.
East Asia to be High-Growth Market for Heavy Duty Truck Companies
China is one of the leading markets for heavy duty truck producers in East Asia. Rapid industrialization and e-Commerce boom are increasing the usage of heavy duty trucks for freight transportation. The county is also expected to witness high demand for automated trucks due to their ability to carry out logistic activities in a cost-effective manner.
Japan, like any other developed countries, is seeing the growing need for the development of aged infrastructure. Advanced road networks and intelligent transportation systems are supporting the sales growth of automated heavy duty trucks. South Korea, being an export-oriented economy, will also be a key heavy duty truck market to watch out for.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global heavy duty truck market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights on the market based on class (class 7, class 8, others), fuel (diesel, natural gas, hybrid, electric, gasoline), application (logistics, construction, agriculture, defense, mining, others), and truck type (box/cab trucks, dump trucks, flatbed trucks, tractors/haulers, refrigerated trucks, others), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
Check out More Related Studies Published by Fact.MR:
Electric Truck Market: Stands at US$ 19.5 billion in 2023 and is projected to reach US$ 78 billion by 2033-end, expanding at a noteworthy CAGR of 14.5% from 2023 to 2033.
Automated Truck Market: Size is valued at US$ 381.32 million in 2023 and is set to swell to a size of US$ 2.78 billion by 2033, rising at an astonishing CAGR of 22% from 2023 to 2033 (forecast period).
Forklift Truck Market: Size is estimated to be valued at US$ 62,252.2 million in 2024. Sales of forklift trucks are expected to incline at a CAGR of 7.5% through 2034. A valuation of US$ 128,303.7 million is anticipated for the forklift truck market by 2034.
Automotive Actuator Market: Size is estimated to reach US$ 22.45 billion in 2024. The market has been analyzed to climb to a value of US$ 42.53 billion by the end of 2034, expanding at a CAGR of 6.6% over the next ten years.
Automotive Fuel Filter Market: Size at a value of US$ 2.77 billion in 2024. Worldwide sales of automotive fuel filters are projected to increase to US$ 5.09 billion by the end of 2034, rising at 6.3% CAGR between 2024 and 2034.
Exhaust System Market: Size is estimated to reach US$ 63.02 billion in 2024. The global exhaust system market is projected to expand at 5.9% CAGR to climb to a value of US$ 111.8 billion by the end of 2034.
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