Demand from End User Industries Continue to Fuel Heavy Trucks Market Growth
Rapid industrial growth has translated into an upswell in distribution of large-scale material which has resulted in an increased adoption of heavy trucks. Expansion of construction activities coupled with development in supply chain and logistics management continue to drive the demand for heavy trucks on a large scale. Moreover, the growth of the heavy trucks market is also influenced by the increasing e-commerce activities that prevail on efficient and advanced channels of distribution. Likewise, there is a rise in demand for commercial vehicles in mining and infrastructure sectors. This has given an impetus to the use of heavy trucks with cargo-carrying capacities. Additionally, land excavations and earth moving activities are expected to further boost the heavy-duty vehicle demand, consequently fuelling the growth of the heavy trucks market.
Hybrid and Electric Heavy Trucks to Witness Increasing Demand
On the back of growing concerns regarding environment health, government authorities have laid stringent norms and regulations apropos to carbon emissions from passenger and commercial vehicles. For instance, companies in the heavy trucks market are investing heavily in modifying their current vehicle engine and making them compatible with the BS-6 emission standards in India. This transition has shifted focus of OEMs towards the development of hybrid commercial vehicles with an aim to reduce pollution by controlling emissions. New models of electric and hybrid electric heavy trucks have been developed by companies. For instance, in 2019, two new electric heavy truck models were introduced by Volvo – the Volvo FE and Volvo FL Electric. In this background, end user industries are relying on adopting hybrid electric and fully electric heavy trucks in their daily operations as an attempt towards improving and contributing towards environment health and reduction in carbon emissions. That said the sales of hybrid heavy trucks are likely to increase at a significant rate, largely contributing to the growth in valuation of the heavy trucks market on the global front.
LEAD to Revolutionize the Heavy Trucks Market
Modernization on the back of technological advancements has prevailed since the recent past, positively disrupting every industry in its wake. Modern advancements and technology have not left any industry untouched. That said, the automotive heavy weight trucks sector is influenced by various mega trends since the recent past. Trending LEAD (new Logistics, Electrification, Autonomous and Digitalization) is revolutionizing the automotive industry which is poised to bring a radical development in the heavy trucks segment worldwide. Logistics development is likely to influence heavy truck fleet growth. Likewise, electrification is expected to trigger optimization in emissions which is regulated by government authorities. Moreover, with automation and digitalization in the picture, driverless heavy trucks would be the next innovation in the field. Additionally, telematics and performance of heavy trucks would be greatly boosted in turn transforming the heavy truck service scenario in the following years. In this backdrop, these megatrends are expected to present a positive pathway, significantly bolstering growth of the heavy trucks market.
Asia Pacific Likely to Reign Supreme in the Heavy Trucks Market
Asia Pacific continues to remain a highly lucrative region with regards to automobile manufacturing and registrations. Various business friendly aspects such as labour availability, cheap workforce and land along with abundant raw material available at low costs have favoured several industries including but not limited to construction and logistics. This has presented potential opportunities for sales of heavy trucks that are used in heavy duty operations in these industries. Growth in manufacturing activities coupled with rising development of infrastructure has remained instrumental in driving the heavy trucks market growth. For instance, China’s fast paced industrialization has stimulated the use of heavy trucks in its major infrastructure projects such as the Sichuan-Tibet Railway project, Yarlung Zangbo River Dam, TaiwanStrait Tunnel project and the ZengCheng-Foshan Expressway. Such mega projects require material and heavy machinery which can be transported using heavy trucks.
On the other hand, the heavy trucks market in India underwent a complete overhaul owing to increasing initiatives taken by the government such as establishment of smart cities, special economic zones and manufacturing sectors. In addition, the advent of electrification in heavy trucks is another pivotal aspect influencing the market growth in the country. Growing prices of fuel is rubbing off on the need for electric commercial vehicles and heavy trucks are no exception. Such developments are expected to create ample opportunities of growth for the heavy trucks market in the region.
Heavy Trucks Market: Competitive Landscape
Few of the major players in the heavy trucks market include Volvo Trucks, Tata Motors, Daimler AG, Isuzu Motors Ltd., PACCAR, Eicher Motors Limited and Ashok Leyland.
Regional Classification of Global Heavy Trucks Market Can be Given as Below:
North America
- U.S.
- Canada
Europe
- Germany
- France
- Spain
- U.K.
- Italy
- Russia
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East and Africa
- GCC
- South Africa
- Rest of Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Heavy Trucks Market
- Heavy Trucks Market by Product/Technology/Grade, Application/End-user, and Region
- Executive Summary (Opportunity Analysis and Key Trends)
- Historical Market Size and Estimates, Value and Volume, 2019 - 2022
- Volume Consumption at Regional and Country Level, 2023 - 2030
- Market Dynamics and Economic Overview
- Market Size in Value and Volume, Growth Rates, and Forecast Figures, 2023 - 2030
- Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies
- Regional and Product/Grade/Application/End-user Price Trends Analysis
- Production Output Analysis (Major Producing Regions)
- Value Chain and Five Force’s Analysis
- Regional/Sub-region/Country Market Size and Trend Analysis
- Company Market Share Analysis and Key Player Profiles
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Disclaimer:
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1. Executive Summary
1.1. Global Heavy Trucks Market Snapshot
1.2. Key Market Trends
1.3. Future Projections
1.4. Analyst Recommendations
2. Market Overview
2.1. Market Definitions and Segmentations
2.2. Market Dynamics
2.2.1. Drivers
2.2.1.1. Driver A
2.2.1.2. Driver B
2.2.1.3. Driver C
2.2.2. Restraints
2.2.2.1. Restraint 1
2.2.2.2. Restraint 2
2.2.3. Market Opportunities Matrix
2.3. Value Chain Analysis
2.4. Porter’s Five Forces Analysis
2.5. Covid-19 Impact Analysis
2.5.1. Pre-covid and Post-covid Scenario
2.5.2. Supply Impact
2.5.3. Demand Impact
2.6. Government Regulations
2.7. Technology Landscape
2.8. Economic Analysis
2.9. PESTLE
3. Production Output and Trade Statistics, 2018 – 2021
3.1. Regional Production Statistics
3.1.1. North America
3.1.2. Europe
3.1.3. Asia Pacific
3.1.4. Latin America
3.1.5. Middle East & Africa
3.2. Trade Statistics
4. Price Trends Analysis and Future Projects, 2018 – 2029
4.1. Key Highlights
4.2. Prominent Factors Affecting Prices
4.3. By Class
4.4. By Region
5. Global Heavy Trucks Market Outlook, 2018 – 2029
5.1. Global Heavy Trucks Market Outlook, by Class, Volume (‘000 Units) and Value (US$ Mn), 2018 – 2029
5.1.1. Key Highlights
5.1.1.1. Class 7
5.1.1.2. Class 8
5.1.1.3. Class 9
5.2. Global Heavy Trucks Market Outlook, by Fuel Type, Volume (‘000 Units) and Value (US$ Mn), 2018 – 2029
5.2.1. Key Highlights
5.2.1.1. Diesel
5.2.1.2. Petrol
5.2.1.3. Alternate Fuels
5.2.1.4. Hybrid Electric
5.2.1.5. Electrically Chargeable
5.3. Global Heavy Trucks Market Outlook, by End-user, Volume (‘000 Units) and Value (US$ Mn), 2018 – 2029
5.3.1. Key Highlights
5.3.1.1. Construction
5.3.1.2. Mining
5.3.1.3. Agriculture
5.3.1.4. Freight and Logistics
5.3.1.5. Misc.
5.4. Global Heavy Trucks Market Outlook, by Region, Volume (‘000 Units) and Value (US$ Mn), 2018 – 2029
5.4.1. Key Highlights
5.4.1.1. North America
5.4.1.2. Europe
5.4.1.3. Asia Pacific
5.4.1.4. Latin America
5.4.1.5. Middle East & Africa
5.4.2. BPS Analysis/Market Attractiveness Analysis
6. North America Heavy Trucks Market Outlook, 2018 – 2029
6.1. North America Heavy Trucks Market Outlook, by Class, Volume (‘000 Units) and Value (US$ Mn), 2018 – 2029
6.1.1. Key Highlights
6.1.1.1. Class 7
6.1.1.2. Class 8
6.1.1.3. Class 9
6.2. North America Heavy Trucks Market Outlook, by Fuel Type, Volume (‘000 Units) and Value (US$ Mn), 2018 – 2029
6.2.1. Key Highlights
6.2.1.1. Diesel
6.2.1.2. Petrol
6.2.1.3. Alternate Fuels
6.2.1.4. Hybrid Electric
6.2.1.5. Electrically Chargeable
6.3. North America Heavy Trucks Market Outlook, by End-user, Volume (‘000 Units) and Value (US$ Mn), 2018 – 2029
6.3.1. Key Highlights
6.3.1.1. Construction
6.3.1.2. Mining
6.3.1.3. Agriculture
6.3.1.4. Freight and Logistics
6.3.1.5. Misc.
6.4. North America Heavy Trucks Market Outlook, by Country, Volume (‘000 Units) and Value (US$ Mn), 2018 – 2029
6.4.1. Key Highlights
6.4.1.1. U.S.
6.4.1.2. Canada
6.4.2. BPS Analysis/Market Attractiveness Analysis
7. Europe Heavy Trucks Market Outlook, 2018 – 2029
7.1. Europe Heavy Trucks Market Outlook, by Class, Volume (‘000 Units) and Value (US$ Mn), 2018 – 2029
7.1.1. Key Highlights
7.1.1.1. Class 7
7.1.1.2. Class 8
7.1.1.3. Class 9
7.2. Europe Heavy Trucks Market Outlook, by Fuel Type, Volume (‘000 Units) and Value (US$ Mn), 2018 – 2029
7.2.1. Key Highlights
7.2.1.1. Diesel
7.2.1.2. Petrol
7.2.1.3. Alternate Fuels
7.2.1.4. Hybrid Electric
7.2.1.5. Electrically Chargeable
7.3. Europe Heavy Trucks Market Outlook, by End-user, Volume (‘000 Units) and Value (US$ Mn), 2018 – 2029
7.3.1. Key Highlights
7.3.1.1. Construction
7.3.1.2. Mining
7.3.1.3. Agriculture
7.3.1.4. Freight and Logistics
7.3.1.5. Misc.
7.4. Europe Heavy Trucks Market Outlook, by Country, Volume (‘000 Units) and Value (US$ Mn), 2018 – 2029
7.4.1. Key Highlights
7.4.1.1. Germany
7.4.1.2. France
7.4.1.3. U.K.
7.4.1.4. Italy
7.4.1.5. Spain
7.4.1.6. Russia
7.4.1.7. Rest of Europe
7.4.2. BPS Analysis/Market Attractiveness Analysis
8. Asia Pacific Heavy Trucks Market Outlook, 2018 – 2029
8.1. Asia Pacific Heavy Trucks Market Outlook, by Class, Volume (‘000 Units) and Value (US$ Mn), 2018 – 2029
8.1.1. Key Highlights
8.1.1.1. Class 7
8.1.1.2. Class 8
8.1.1.3. Class 9
8.2. Asia Pacific Heavy Trucks Market Outlook, by Fuel Type, Volume (‘000 Units) and Value (US$ Mn), 2018 – 2029
8.2.1. Key Highlights
8.2.1.1. Diesel
8.2.1.2. Petrol
8.2.1.3. Alternate Fuels
8.2.1.4. Hybrid Electric
8.2.1.5. Electrically Chargeable
8.3. Asia Pacific Heavy Trucks Market Outlook, by End-user, Volume (‘000 Units) and Value (US$ Mn), 2018 – 2029
8.3.1. Key Highlights
8.3.1.1. Construction
8.3.1.2. Mining
8.3.1.3. Agriculture
8.3.1.4. Freight and Logistics
8.3.1.5. Misc.
8.4. Asia Pacific Heavy Trucks Market Outlook, by Country, Volume (‘000 Units) and Value (US$ Mn), 2018 – 2029
8.4.1. Key Highlights
8.4.1.1. China
8.4.1.2. Japan
8.4.1.3. South Korea
8.4.1.4. India
8.4.1.5. Southeast Asia
8.4.1.6. Rest of Asia Pacific
8.4.2. BPS Analysis/Market Attractiveness Analysis
9. Latin America Heavy Trucks Market Outlook, 2018 – 2029
9.1. Latin America Heavy Trucks Market Outlook, by Class, Volume (‘000 Units) and Value (US$ Mn), 2018 – 2029
9.1.1. Key Highlights
9.1.1.1. Class 7
9.1.1.2. Class 8
9.1.1.3. Class 9
9.2. Latin America Heavy Trucks Market Outlook, by Fuel Type, Volume (‘000 Units) and Value (US$ Mn), 2018 – 2029
9.2.1. Key Highlights
9.2.1.1. Diesel
9.2.1.2. Petrol
9.2.1.3. Alternate Fuels
9.2.1.4. Hybrid Electric
9.2.1.5. Electrically Chargeable
9.3. Latin America Heavy Trucks Market Outlook, by End-user, Volume (‘000 Units) and Value (US$ Mn), 2018 – 2029
9.3.1. Key Highlights
9.3.1.1. Construction
9.3.1.2. Mining
9.3.1.3. Agriculture
9.3.1.4. Freight and Logistics
9.3.1.5. Misc.
9.4. Latin America Heavy Trucks Market Outlook, by Country, Volume (‘000 Units) and Value (US$ Mn), 2018 – 2029
9.4.1. Key Highlights
9.4.1.1. Brazil
9.4.1.2. Mexico
9.4.1.3. Rest of Latin America
9.4.2. BPS Analysis/Market Attractiveness Analysis
10. Middle East & Africa Heavy Trucks Market Outlook, 2018 – 2029
10.1. Middle East & Africa Heavy Trucks Market Outlook, by Class, Volume (‘000 Units) and Value (US$ Mn), 2018 – 2029
10.1.1. Key Highlights
10.1.1.1. Class 7
10.1.1.2. Class 8
10.1.1.3. Class 9
10.2. Middle East & Africa Heavy Trucks Market Outlook, by Fuel Type, Volume (‘000 Units) and Value (US$ Mn), 2018 – 2029
10.2.1. Key Highlights
10.2.1.1. Diesel
10.2.1.2. Petrol
10.2.1.3. Alternate Fuels
10.2.1.4. Hybrid Electric
10.2.1.5. Electrically Chargeable
10.3. Middle East & Africa Heavy Trucks Market Outlook, by End-user, Volume (‘000 Units) and Value (US$ Mn), 2018 – 2029
10.3.1. Key Highlights
10.3.1.1. Construction
10.3.1.2. Mining
10.3.1.3. Agriculture
10.3.1.4. Freight and Logistics
10.3.1.5. Misc.
10.4. Middle East & Africa Heavy Trucks Market Outlook, by Country, Volume (‘000 Units) and Value (US$ Mn), 2018 – 2029
10.4.1. Key Highlights
10.4.1.1. GCC
10.4.1.2. South Africa
10.4.1.3. Rest of Middle East & Africa
10.4.2. BPS Analysis/Market Attractiveness Analysis
11. Competitive Landscape
11.1. Company Market Share Analysis, 2021
11.2. Competitive Dashboard
11.3. Company Profiles
11.3.1. Daimler Trucks
11.3.1.1. Company Overview
11.3.1.2. Product Portfolio
11.3.1.3. Financial Overview
11.3.1.4. Business Strategies and Development
(*Note: Above details would be available for below list of companies based on availability)
11.3.2. Volvo Global Trucks
11.3.3. Paccar
11.3.4. Dongfeng
11.3.5. FAW Group
11.3.6. Scania AB
11.3.7. Beijing Automotive Group Co. Ltd. (BAIC)
11.3.8. MAN SE
11.3.9. Hino Motors
11.3.10. Iveco
11.3.11. Navistar
11.3.12. Shaanxi Automobile Holding Group
11.3.13. KAMAZ
11.3.14. Sinotruk Group (CNHTC)
11.3.15. TATA Motors
12. Appendix
12.1. Research Methodology
12.2. Report Assumptions
12.3. Acronyms and Abbreviations
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2022 - 2029 |
Value: US$ Mn Volume: ‘000 Units |
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REPORT FEATURES |
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Class Coverage |
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Fuel Type Coverage |
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End-user Coverage |
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Geographical Coverage |
Rest of Middle East & Africa |
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Leading Market Companies |
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Report Highlights |
Market Estimates and Forecast, Market Dynamics, Industry Trends, Production Output, Trade Statistics, Competition Landscape, Class-, Fuel Type-, End-user-, Region-, Country-wise Trends & Analysis, COVID-19 Impact Analysis (Demand and Supply), Key Market Trends |
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