Global Heavy Duty Truck Market to 2031: Increasing Need for …

13/04/2023

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Dublin, April 13, 2023 (GLOBE NEWSWIRE) — The “Heavy Duty Truck Market by Tonnage Type, Propulsion, Application, Axle Type, Truck Type: Global Opportunity Analysis and Industry Forecast, 2021-2031”^[1] report has been added to ResearchAndMarkets.com’s offering.

The Heavy Duty Truck Market is expected to experience a significant growth rate of 4.8% from 2022-2031 owing to rising demand for high-performance mobility solutions for all terrains.

Key Market Players

PACCAR Inc.
Isuzu Motors Limited
Eicher Motors Ltd
Tata Motors
Ashok Leyland
NAVISTAR, INC.
China National Heavy Duty Truck Group Co., Ltd
freightliner
Scania
MAN
Dongfeng Commercial Vehicle Company Limited
AB Volvo

Heavy duty trucks are an essential vehicle for the transportation industry to transport large quantities of products or materials. These kinds of trucks are heavy and large, like concrete pump trucks and heavy duty dump trucks, capable of lifting and transporting heavy cargo, goods, loads and materials.

They are multi-purpose vehicles with various usages such as towing and moving houses, recovery of disabled and stranded vehicles, and delivery and transport. These trucks can work on both types of roads, off-roads as well as on-roads. These vehicles have exceptional power starting from 160 HP up to around 500 HP. At present, heavy duty trucks are more luxurious due to an ever-expanding list of features. Leather seats, high-quality infotainment systems and other niceties like folding running boards make the ride of heavy duty trucks comfortable.

The key factors driving the growth of the heavy duty truck market include increasing need for transportation mediums for rural and semi-urban areas, technology advancement in heavy duty trucks which creates lucrative opportunities for the growth of the market across the globe.

Moreover, the factors such as improvement of road infrastructure, greater availability of credit and financing options, and the high payload capacity also propels the market toward a positive growth across the globe. Moreover, the factors such as growing carbon emission from the burning of diesel fuel and rising fuel prices & high maintenance cost of trucks hamper the growth of the market across the globe.

The market also offers growth factors to the key players operating in the market due to the proliferation of transport & logistics activities which creates ample opportunities for the growth of the market across the globe. Online product ordering and delivery services have gained high traction in the last five years, which has propelled the market toward a positive growth.

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In addition, the due to increasing demand of electric trucks in freight & logistics industry, propels the heavy duty truck market growth in forecast year. For instance, in January 2022, Volvo Trucks launched fully electric heavy duty Volvo VNR electric truck with longer range. Volvo VNR Electric had an operating range of up to 240 km (150 miles). Now an enhanced version of the class 8* electric truck is launched, with an operational range of up to 440 km (275 miles) and increased energy storage of up to 565kWh.

Key Market Insights

By tonnage type, the more than 15 metric ton segment was the highest revenue contributor to the market, and is estimated to reach $204.49 billion by 2031, with a CAGR of 4.4%. However, the 10 to 15 metric ton segment is estimated to be the fastest growing segment with the CAGR of 5.4% during the forecast period.
By propulsion, the IC engine segment was the highest revenue contributor to the market, and is estimated to reach $280.82 billion by 2031, with a CAGR of 3.7%. However, the electric segment is estimated to be the fastest growing segment with the CAGR of 16.2% during the forecast period.
By application, the other segment dominated the global market, and is estimated to reach $102.68 billion by 2031, with a CAGR of 5.5%.
By axle type, the others segment was the highest revenue contributor to the market, and is estimated to reach $118.07 billion by 2031, with a CAGR of 4.8%. However, the 6X2 segment is estimated to be the fastest growing segment with the CAGR of 7.2% during the forecast period.
By truck type, the others segment was the highest revenue contributor to the market, and is estimated to reach $74.62 billion by 2031, with a CAGR of 5.4%. However, the rigid segment is estimated to be the fastest growing segment with the CAGR of 5.6% during the forecast period.
By region, Asia-Pacific was the highest revenue contributor, accounting for $78.46 billion in 2021, and is estimated to reach $128.02 billion by 2031, with a CAGR of 5.2%.

Key Topics Covered:

CHAPTER 1: INTRODUCTION

CHAPTER 2: EXECUTIVE SUMMARY

CHAPTER 3: MARKET OVERVIEW3.1. Market definition and scope3.2. Key findings3.2.1. Top investment pockets3.3. Porter’s five forces analysis3.4. Top player positioning3.5. Market dynamics3.5.1. Drivers3.5.2. Restraints3.5.3. Opportunities3.6. COVID-19 Impact Analysis on the market

CHAPTER 4: HEAVY DUTY TRUCK MARKET, BY TONNAGE TYPE

CHAPTER 5: HEAVY DUTY TRUCK MARKET, BY PROPULSION

CHAPTER 6: HEAVY DUTY TRUCK MARKET, BY APPLICATION

CHAPTER 7: HEAVY DUTY TRUCK MARKET, BY AXLE TYPE

CHAPTER 8: HEAVY DUTY TRUCK MARKET, BY TRUCK TYPE

CHAPTER 9: HEAVY DUTY TRUCK MARKET, BY REGION

CHAPTER 10: COMPANY LANDSCAPE10.1. Introduction10.2. Top winning strategies10.3. Product Mapping of Top 10 Player10.4. Competitive Dashboard10.5. Competitive Heatmap10.6. Key developments

CHAPTER 11: COMPANY PROFILES

For more information about this report visit https://www.researchandmarkets.com/r/lgvdmg ^[2]

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References

^{^} “Heavy Duty Truck Market by Tonnage Type, Propulsion, Application, Axle Type, Truck Type: Global Opportunity Analysis and Industry Forecast, 2021-2031” (www.researchandmarkets.com)
^{^} https://www.researchandmarkets.com/r/lgvdmg (www.researchandmarkets.com)