Heavy Duty Trucks Market Growth Opportunities and Forecast 2024-2030
Heavy Duty Trucks Market size was valued at US$ 392.56 Bn. in 2023 and the total revenue is expected to grow at 5.2% of CAGR through 2023 to 2030, reaching US$ 551.90 Bn.
Heavy Duty Trucks Market Overview:
The Heavy Duty Trucks Market analysis provides a comprehensive picture of competition, including the market share and company profiles of the worldwide industry’s top rivals. The research scope covers a complete analysis of the Heavy Duty Trucks Market, as well as the causes for variances in the industry’s growth in various places
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Heavy Duty Trucks Market Scope:
To identify and collect material suitable for this study, this research study makes considerable use of secondary sources, directories, and databases, such as annual reports, press releases, journals, corporate websites, and databases.
Heavy Duty Trucks Market Drivers:
The strict emission norms set by governments are expected to drive the market for the hybrid electric segment in the forecast period. Advanced software programs are being created by the European Commission (EC) to calculate fuel use and CO2 emissions. Market players are releasing new models of fully electric and hybrid heavy-duty trucks in response to these policy changes in North America and Europe. Thanks to rising infrastructure and ongoing need for freight loading in North America, India, and Japan, electric truck segment is expected to witness high growth. The impact of these drivers is studied and analyzed to present in dollars value in the report.
Since, due to the global economic slowdown in 2019, most countries witnessed a decline in truck sales. This trend continued in 2020 as a result of the COVID-19 outbreak. The growth curve in this segment is interestingly different and expected huge demand from some countries.
Companies including Tesla, BYD, Volvo and Mercedes-Benz have introduced electric truck versions are expected to eventually replace diesel and gasoline-powered in upcoming years.
Heavy Duty Trucks Market Segmentation:
by Vehicle Type
Medium
Heavy-Duty
Pickup
by Fuel Type
Diesel
CNG
LNG
by Application
Distribution
Container
Dumping
Refrigeration
Tanker
RMC
Special Application
Logistic
Agriculture
defense
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Heavy Duty Trucks Market Key Players: The key players are
North America
1. Oshkosh Corporation (US)
2. Mack Trucks (US)
3. Navistar (US)
4. Kenworth (US)
5. Tesla Motors (US)
6. Paccar Inc. (US)
Asia Pacific
7. Mahindra Motors (India)
8. Ashok Leyland (India)
9. TATA motors (India)
10. Eicher Motors (India)
11. Hindustan Motors (India)
12. Hino Motors (Japan)
13. Mitsubishi Fuso (Japan)
14. Isuzu Motors Ltd (Japan)
15. Dongfeng Motor Group Company Ltd (China)
16. Hyundai (South Korea)
Europe
17. Daimler AG (Germany)
18. Ford Motor Company(Germany)
19. Volkswagen (Germany)
20. Scania AB (Sweden)
21. Volvo Trucks (Sweden)
22. MAN Truck (UK)
23. Renault Trucks (France)
24. DAF Trucks (Netherland)
25. IVECO (Netherland)
Regional Analysis:
Individual market influencing elements and changes in market legislation that affect current and future market trends are also included in the regional component of the Heavy Duty Trucks Market study. Current and future trends are examined to assess the entire market potential and uncover profitable trends to get a more stable footing. The geographical market assessment is based on the present environment and expected developments.
Key Questions Answered in the Heavy Duty Trucks Market Report are:
Which sub-segment had the largest share in the Heavy Duty Trucks Market?
How is the competitive landscape of the Heavy Duty Trucks Market in 2023?
Which are the key drivers impacting the Heavy Duty Trucks Market growth?
Which region holds the maximum share in the Heavy Duty Trucks Market?
What will be the CAGR of the Heavy Duty Trucks Market during the forecast period (2023-2029)?
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