Heavy Duty Trucks Market Size was valued at USD 206.8 Billion in 2022. The heavy duty trucks market industry is projected to grow from USD 218.17 Billion in 2023 to USD 334.828 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.50% during the forecast period (2023 - 2032). A significant market driver that will accelerate market growth over the next ten years is the growing need for tough vehicles with high transportation capacity as well as the ability to handle enormous weights & suspension tools.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The market for heavy duty truck manufacturing is expanding as a result of an increase in demand for heavy trucks from end customers in the construction, mining, and other industries. Leading truck manufacturers' executives claim that a rise in construction activity increased demand for heavy vehicles like tipper trucks and concrete mixers. Additionally, the American Trucking Association estimated that the trucking sector will generate $ 875.5 billion in sales in 2021. There were over 4.06 million Class 8 trucks in use in June 2021, a 2.3% increase from 2020. The market for heavy duty trucks is anticipated to expand over the forecast period due to an increase in end-user demand.
Heavy-duty vehicles are capable of hauling a lot of goods. No matter the size of the trailer, it increases carrying capacity because every square inch from floor to ceiling can be used. Thus, using heavy-duty trucks to transport goods and commodities including perishable groceries, building supplies, bulky loads, and loose materials is a cost-effective solution. Due to the benefits of transporting several automobiles from one area to another, the popularity of heavy-duty trucks with multi-car trailers, such as single-decker and double-decker trailers, is also steadily expanding in the automotive sector. For instance, the Union Ministry of Road Transport and Highway (India) permitted trailers and rigid trucks to have a maximum of three decks in February 2022 in order to transport two-wheelers. Similar to this, the Indian government increased commercial vehicles' load carrying capability by 20–25%. The change aims to bring regulations in line with worldwide standards and will help save logistical costs by 2%. Therefore, during the projected period, such factors are anticipated to fuel the expansion of the heavy-duty truck market.
New developments in the heavy duty truck industry include vehicles with cutting-edge driver-assistance systems and safety measures. The Collision Mitigation System (CMS) and a Lane Departure Warning System (LDWS) are examples of advanced driver-assistive technologies that aim to lessen traffic accidents and improve vehicle safety. For instance, Tata Motors, an Indian commercial vehicle manufacturer, introduced a cutting-edge, ADAS including collision mitigation system, lane departure warning system, and driver monitoring system in its best-selling range of trucks including Prima, Signa, and Ultra trucks in 2022. This system was designed to improve driving comfort. Tata Motors also introduced India's first CNG-powered heavy duty truck. Thus, driving the heavy duty trucks market revenue.
The Heavy Duty Trucks Market segmentation, based on weight limit includes 8000-11000 Kg, 11000-15000 Kg and 15000 Kg & Above. The 11000-15000 Kg segment dominated the market. These vehicles are frequently used for local or short-distance transportation as well as numerous professional uses like construction, delivery, and agricultural. Depending on the manufacturer and the region, several models and features may be offered in this category.
The Heavy Duty Trucks Market segmentation, based on truck class, includes Class-6, Class-7 and Class-8. The class-8 category generated the most income. These trucks have extraordinarily large loading and carrying capacity and are available in a wide range of truck variants, catering to a wide range of customers. Additionally, due to the expanding efficiency of the commercial truck fleet and the cost advantages based on weight, these vehicles are also employed to deliver goods over great distances.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Heavy Duty Trucks Market segmentation, based on application, includes Construction & Mining, Freight & Logistics and Others. The store-based category generated the most income due to the requirement for effective and efficient networks for logistics and transportation. The market is expanding due to increased globalization and trade. The logistics of trucking can involve a variety of factors, including picking the fleet's most efficient routes, the best fuel for the fleet, the best truck to meet the needs of the particular service, and the needs of the consumers.
The Heavy Duty Trucks Market segmentation, based on fuel cell, includes Diesel, Natural Gas, Gasoline, Hybrid, Electric and Fuel Cell. The electric category generated the most income due to shifting consumer tastes, the growth of the charging infrastructure, the accessibility of fast-charging stations, and additional advantages of electric trucks over trucks with IC engines.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American heavy duty trucks market area will dominate this market due to the rising product sales and the significant presence of well-known players in the area. The construction and automotive industries may benefit from the simple availability of a workforce at lower rates and access to an abundance of raw materials at lower costs, leading to enormous product penetration that is predicted to contribute significantly to the regional market's revenue during the forecast period.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe heavy duty trucks market accounts for the second-largest market share. The European region's increased industrialization, commercial activity, and trade, together with an increase in the number of truck part suppliers, are creating several opportunities for the heavy truck manufacturing business to prosper. Further, the German heavy duty trucks market held the largest market share, and the UK heavy duty trucks market was the fastest growing market in the European region
The Asia-Pacific Heavy Duty Trucks Market is expected to grow at the fastest CAGR from 2023 to 2032 attributable to the region's developing countries' quick urbanization and high player presence. Moreover, in order to preserve their potential market position, certain OEMs are releasing new truck models with cutting-edge technologies. Moreover, China’s heavy duty trucks market held the largest market share, and the Indian heavy duty trucks market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the heavy duty trucks market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, heavy duty trucks industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global heavy duty trucks industry to benefit clients and increase the market sector. In recent years, the heavy duty trucks industry has offered some of the most significant advantages to medicine. Major players in the heavy duty trucks market are attempting to increase market demand by investing in research and development operations includes AB Volvo (Sweden), Daimler AG (Germany), PACCAR Inc. (U.S.), Tata Motors Limited (India), Traton Group (Volkswagen) (Germany), Eicher Motors (India), Dongfeng Motor Group (China) , MAN.SE (Germany), Scania AB (Sweden) and Navistar International Corporation (U.S.).
Commercial vehicle maker Scania AB (Scania) is a Volkswagen Truck & Bus GmbH subsidiary. Its product line consists of long-haul trucks, distribution trucks, construction trucks, marine engines, buses and coaches, special-purpose vehicles, power generation engines, and industrial engines. Among the services the business provides are fleet management, driver training, technology-related services, workshop services, and customer operations support services.
Commercial vehicles and motorbikes are produced and marketed by Eicher Motors Ltd (EML). It provides accessories for motorcycles, spare parts, and clothing. A second area of expertise for EML is the production of mid-size adventure and leisure motorcycles. The business sells motorcycles under the Royal Enfield label. Thunderbird, Continental GT, Bullet, Classic, Interceptor, and Himalayan are among its product lines. The business also develops, produces, and sells dependable, fuel-efficient vehicles and buses.
September 2022: The Hi-Way heavy truck with a compressed natural gas (CNG) powertrain will now be manufactured at Iveco's plant in Sete Lagoas, Brazil. A six-cylinder FPT Cursor 13 engine with 460 horsepower powers the vehicle. The ZF Traxon gearbox has 12 speeds, and Meritor provided the Hi-Way's rear axle.
March 2022: Traton Group, Daimler Truck, and Volvo Group have entered into a legally binding agreement to form a joint venture (JV) to build and manage a high-performance public charging network for battery-powered, heavy-duty long-haul trucks and coaches throughout Europe.
September 2021: In order to redesign its roadmap for the commercial vehicle market, which includes a significant portion of electric vehicles, mainly buses, Tata Motors stated its ambitions to invest over $1 billion, or an amount above INR 7,500 crore, over the next 4-5 years.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 206.8 Billion |
| Market Size 2023 | USD 218.17 Billion |
| Market Size 2032 | USD 334.828 Billion |
| Compound Annual Growth Rate (CAGR) | 5.50% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Weight Limit, Truck Class, Application, Fuel Type, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | AB Volvo (Sweden), Daimler AG (Germany), PACCAR Inc. (U.S.), Tata Motors Limited (India), Traton Group (Volkswagen) (Germany), Eicher Motors (India), Dongfeng Motor Group (China) , MAN.SE (Germany), Scania AB (Sweden) and Navistar International Corporation (U.S.) |
| Key Market Opportunities | Increased investments in infrastructure developmentImplementation of stricter emission rules |
| Key Market Dynamics | Escalating demand for robust trucks with large transportation capacities, as well as the capability to bear extremely heavy loads & suspension equipmentWith increased globalization comes an increase in freight transport activity, which will lead to business expansion |
Heavy Duty Trucks Market Highlights:
Frequently Asked Questions (FAQ) :
The Heavy Duty Trucks Market size was valued at USD 206.8 Billion in 2022.
The global market is projected to grow at a CAGR of 5.50% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are AB Volvo (Sweden), Daimler AG (Germany), PACCAR Inc. (U.S.), Tata Motors Limited (India), Traton Group (Volkswagen) (Germany), Eicher Motors (India), Dongfeng Motor Group (China) , MAN.SE (Germany), Scania AB (Sweden) and Navistar International Corporation (U.S.).
The class-8 category dominated the market in 2022.
The 11000-15000 Kg category had the largest share in the global market.
Analyst Explore the profile of garvit vyas, one of our esteemed authors at market research future, and access their expert research contributions in the field of market research and industry analysis
Get in Touch
ยฉ 2024 Market Research Future ยฎ (Part of WantStats Reasearch And Media Pvt. Ltd.)
