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.
Global Heavy Trucks Market is Segmented as Below:
By Fuel Type
By End Use Industry
Key Elements Included In The Study: Global Heavy Trucks Market
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