Fact.MR’s report predicts the global heavy-duty trucks market to be valued at US$ 91.1 Bn, exceeding a CAGR of 10% across the 2021-2031 forecast period. Mining, construction industry and the demand for transportation of consumer goods has increased over time. With the use of heavy-duty trucks, transportation has become affordable and agile.
Historically, from 2016 to 2020, the sales of heavy-duty trucks surpassed a market value of US$ 35 Bn by the end of the aforementioned period. The COVID-19 pandemic affected the sales of heavy-duty trucks due to the decrease in demand in the worldwide lockdown period. As the work stations gain momentum, the sales of heavy-duty trucks are expected to retrieve.
Heavy-duty truck companies are focusing on reducing carbon emissions by using hybrid model vehicles and electric vehicles. In addition, increasing efficiency of heavy-duty trucks is expected to boost the sales of the same.
Key Takeaways from the Market Study
• Global market for heavy duty trucks to expand 2.6x by 2031
• Diesel-powered heavy duty trucks to remain dominant, accounting for 60% of global demand
• By class, class 7 heavy duty trucks to generate over 3 out of 10 sales through 2031
• Demand to remain strong in the construction segment, expanding at around 5% CAGR until 2031
• Asia and Europe to collectively generate over 45% revenue until 2031
• Heavy-duty trucks industry expected to register a CAGR around 5% in the U.S.
• Heavy-duty trucks industry expected to register a CAGR around 5.5% throughout Asia
“Unceasing technological progress in the global automotive industry is prompting heavy duty truck manufacturers to install highly advanced systems, including ADAS and autonomous driving systems, opening up new growth frontiers,” says a Fact.MR analyst.
What Growth Prospects Abound in Asia?
China and India are two major countries undergoing rapid change. The expeditious growing nature of industrialization and manufacturing units has positively influenced the sales of heavy-duty trucks.
In addition, the governments of the countries are investing in road improvement and manufacturing units. Thus, the market is projected to exhibit a high growth with a CAGR of over 5.5% during the forecast period.
Along with Europe, the Asian market will account for 45% of the global heavy duty trucks industry revenue by 2031. The market is developing at a rapid pace with an increasing application of heavy-duty trucks across all major sectors.
Competitive Landscape
Manufacturers of heavy-duty trucks are designing fuel efficient engines and focusing on automation and reducing carbon emissions.
In July 2021, Kenworth introduced a near zero emissions natural gas engine that is instilled in T680 heavy duty truck.
Daimler, Dongfeng, Eicher Motors Limited, Fiat Chrysler Automobiles, Ford Motor Company, Freightliner, General Motors, Kenworth, Navistar, Nissan, Oshkosh Corporation, Paccar, Peterbilt, Scania, Tata Motors, Toyota, Volkswagen, Volvo are prominent manufacturers of heavy-duty trucks.
