Selbyville, Delaware, April 30, 2024 (GLOBE NEWSWIRE) --
The trucks market valuation is predicted to cross USD 16 trillion by 2032, as reported in a research study by Global Market Insights Inc.
The market is experiencing a surge in demand driven by the influx of innovative launches from industry leaders. As transportation needs evolve, leading companies continually strive to meet the demand for efficiency, sustainability, and safety.
These innovative launches introduce advancements such as electric and autonomous vehicles, enhanced fuel efficiency, and integrated connectivity solutions. For instance, in April 2024, Daimler India Commercial Vehicles (DICV), known for producing Bharat Benz trucks, announced its plans to launch the all-electric light truck eCanter in the Indian market within the upcoming six to twelve months. Furthermore, as economies expand, there's an increased demand for the transportation of goods, driving the need for the market.
The medium-duty trucks market could exhibit a decent growth rate over 2023-2032, claims the report. Medium-duty trucks, with their versatility and adaptability, cater to a wide range of applications such as local delivery, construction, and utility services. As urbanization and infrastructure projects continue to expand globally, the need for reliable medium-duty trucks grows. Additionally, the rise of e-commerce and the increasing demand for last-mile delivery services further fuel the demand for medium-duty trucks. With their capacity to balance payload capacity, maneuverability, and fuel efficiency, medium-duty trucks remain a crucial asset for businesses across various industries, driving sustained market demand.
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Class 5 trucks market will register a noteworthy CAGR from 2023 to 2032, as per the report. Class 5 trucks, known for their versatility and performance, cater to a broad spectrum of applications, including urban delivery, landscaping, and utility services. As cities expand and urbanization accelerates, the need for efficient and maneuverable vehicles for local operations grows. Moreover, with increasing emphasis on sustainability, Class 5 trucks offer viable alternatives with advanced fuel-efficient and low-emission technologies. Their capability to navigate through congested urban environments while maintaining substantial payload capacity makes Class 5 trucks indispensable assets for businesses, contributing to sustained demand in the market.
Europe trucks market will register a robust CAGR from 2024 to 2032. The continent's extensive network of roadways and trade routes necessitates a reliable fleet of trucks for transportation and logistics operations. Moreover, stringent emissions regulations and sustainability initiatives push companies to upgrade their truck fleets with newer, eco-friendly models. Additionally, the growth of e-commerce and the need for efficient last-mile delivery services further propel demand. As European economies continue to expand and modernize, the Trucks Market remains a vital component of the region's infrastructure, supporting various industries and driving economic growth through efficient goods transportation.
Some of the top firms engaged in the market include Embark Cars, Inc., Scania, PlusAI, Inc., AB Volvo, Daimler Cars, PACCAR Inc., TuSimple, Inc., Waymo (Alphabet Inc.), Kodiak Robotics, Navistar, Inc., Hino Cars, Tesla, among others.
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Companies in the Trucks Market are actively driving demand through targeted efforts tailored to this sector. These initiatives include research and development investments to introduce innovative features such as advanced safety technologies, fuel-efficient engines, and connectivity solutions. By focusing on the specific needs and challenges of the trucking industry, these company efforts stimulate market demand and foster long-term partnerships with customers.
For instance, in April 2024, The Volvo Group revealed intentions to construct a new manufacturing facility for heavy-duty trucks in Mexico, augmenting its existing production capabilities in the United States. This forthcoming plant is poised to bolster capacity and bolster the expansion strategies of Volvo Trucks and Mack Trucks in the markets of the United States and Canada.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation.
1.4 Data Sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Truck market 360º synopsis, 2018 - 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2023-2032
2.3 Regional trends
2.4 Class trends
2.5 Propulsion type trends
2.6 Type
2.7 Application trends
Chapter 3 Truck Market Insights
3.1 Impact on COVID-19
3.2 Russia- Ukraine war impact
3.3 Industry ecosystem analysis
3.4 Vendor matrix
3.5 Profit margin analysis
3.6 Technology & innovation landscape
3.7 Patent analysis
3.8 Key news and initiatives
3.8.1 Partnership/collaboration
3.8.2 Merger/acquisition
3.8.3 Investment
3.8.4 Product launch/innovation
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
3.10.1.1 Rising need to transport raw materials and finished goods
3.10.1.2 Rising truck manufacturing in North America
3.10.1.3 Expanding e-commerce sector in Asia Pacific
3.10.1.4 Limited truck drivers in Europe
3.10.1.5 Increasing adoption of self-driving technologies in Latin America and the Middle East & Africa
3.10.2 Industry pitfalls & challenges
3.10.2.1 High cost of insurance premiums and maintenance
3.10.2.2 Safety & security concerns
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
Chapter 4 Competitive Landscape, 2022
4.1 Introduction
4.2 Company market share, 2022
4.3 Competitive analysis of major market players, 2022
4.4 Competitive positioning matrix, 2022
4.5 Strategic outlook matrix, 2022
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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
