Selbyville, Delaware, Dec. 13, 2021 (GLOBE NEWSWIRE) --
The heavy-duty trucks market revenue is anticipated to record a valuation of USD 450 billion by 2027, according to the most recent study by Global Market Insights Inc. The industry is estimated to show remarkable expansion owing to increasing material transportation and proliferation of heavy-duty truck rental platforms. The rising adoption of electric heavy-duty trucks to curb carbon emissions is also contributing to market growth.
COVID-19 pandemic from November 2019 has impacted negatively on the heavy-duty truck market globally. To mitigate the virus transmission, majority of governments around the globe imposed strict lockdown in 2020. These strict lockdowns resulted in temporary suspension of various commercial & industry activities such as mining, construction, and transport due to which market demand was declined. Additionally, heavy-duty truck manufacturing was halted owing to the suspension of production facilities, shortage of raw materials due to disturbance in the global supply chain, and unavailability of labor. The market is anticipated to witness slow recovery post-pandemic
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Integration of autonomous driving technologies and increase in road transport due to growing e-commerce companies are creating the demand for high-performance trucks in Europe. Automotive technology providers are expanding their business operations in this region to gain higher profit. For instance, in October 2021, Plus.ai, a self-truck driving technology provider, outlined the strategy of accelerating its business expansion in Europe by partnering with local established truck manufacturers and suppliers.
Industry participants in the heavy-duty trucks market are adopting different marketing and business strategies such as partnership, new technology innovation, dealer acquisition or product launch to accelerate their net sales. Land transport companies are expanding their heavy-duty truck fleet size to expand their business operations. For instance, in June 2021, Renault Trucks delivered 10 units of heavy-duty construction trucks K 480 to AL Jadawel Land Transport company in Fujairah, UAE.
Some major findings in the heavy-duty trucks market report include:
- Supportive government regulations for infrastructure development and increasing construction activities are driving the market growth in North America. The government is emphasizing heavily on accelerating the construction projects to boost the economy, further driving the industry growth.
- Increasing road transportation activities due to the proliferation of e-commerce companies and heavy government investments in the development of the residential sector are creating market expansion opportunities in Europe. Additionally, shifting OEMs focus toward electric vehicles and stringent government rules against emission are accelerating the sale of electric heavy-duty trucks.
- The availability of prominent players and urbanization at a significant pace are fueling the heavy-duty truck sales in the Asia Pacific region. Furthermore, OEMs are introducing new truck models with multiple features and technologies to stay competitive in this potential market.
- Growing mining and oil & gas extraction activities are propelling the heavy-duty truck demand in the MEA region. Government initiatives for smart city construction and road construction project will further propel the heavy-duty truck adoption in the region.
- Growing population is resulting in significant real-estate construction, creating favorable environment for heavy-duty trucks in the Latin America region. Energy plant construction and logistics sector development will create robust growth opportunities in the region.
- Key players operating in the heavy-duty trucks market include Kenworth, Ashok Leyland, Isuzu Motors, Freightliner, Volvo Group, MAN SE, China National Heavy-Duty Group, Navistar, Tata Motors, Ford Motor Company, Dongfeng, Peterbilt, Scania AB, and Eicher Motors Limited.
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Partial chapters of report table of contents (TOC):
Chapter 3 Industry Insights
3.1 Industry segmentation
3.2 Impact of COVID-19 on heavy-duty trucks industry landscape
3.2.1 Global outlook
3.2.2 Regional impact
3.2.2.1 North America
3.2.2.2 Europe
3.2.2.3 Asia Pacific
3.2.2.4 Latin America
3.2.2.5 MEA
3.2.3 Industry value chain
3.2.3.1 Research & development
3.2.3.2 Manufacturing
3.2.3.3 Marketing
3.2.3.4 Supply
3.2.4 Competitive landscape
3.2.4.1 Strategy
3.2.4.2 Distribution network
3.2.4.3 Business growth
3.3 Industry ecosystem analysis
3.3.1 Component suppliers
3.3.2 Technology providers
3.3.3 Manufacturers
3.3.4 End use landscape
3.3.5 Distribution channel analysis
3.3.6 Vendor matrix
3.4 Technology & innovation landscape
3.5 Regulatory landscape
3.5.1 ISO standards
3.5.2 North America
3.5.3 Europe
3.5.4 Asia Pacific
3.5.5 Latin America
3.5.6 MEA
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.1.1 Increasing demand for electric & hybrid heavy-duty trucks across the globe
3.6.1.2 Groing freight transportation activities across North America
3.6.1.3 Implementation of stringent emission regulations in Europe
3.6.1.4 Rising investments in infrastructure development activities in Asia Pacific
3.6.1.5 Groiwng demand for heavy-duty trucks from mining and, oil & gas sector in MEA
3.6.1.6 Rising real estate construction actvities in Latin America
3.6.2 Industry pitfalls & challenges
3.6.2.1 High initial and maintenance costs
3.7 Growth potential analysis
3.8 Porter's analysis
3.8.1 Supplier power
3.8.2 Buyer power
3.8.3 Threat of new entrants
3.8.4 Threat of substitutes
3.8.5 Internal rivalry
3.9 PESTEL analysis
About Global Market Insights
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.
