The heavy trucks market has shown strong growth, increasing from $217.23 billion in 2023 to $228.49 billion in 2024, with a CAGR of 5.2%. This growth is supported by industrialization, infrastructure development, and global trade expansion. The market is projected to reach $282.26 billion by 2028, at a CAGR of 5.4%. Future growth drivers include advancements in electrification, regulatory pressures on emissions, and digitalization. Major trends include electric heavy trucks, autonomous trucking technology, and telematics solutions.
Major Driver In The Heavy Trucks Market
The heavy trucks market is experiencing growth driven by increased demand from end-users, particularly in construction, mining, and other sectors. Notably, executives of leading truck makers attribute the rise in construction activities to heightened sales of tipper trucks, concrete mixers, and other heavy vehicles. Additionally, the American Trucking Association reported a substantial revenue of $875.5 billion for the trucking industry in 2021. As of June 2021, there were approximately 4.06 million Class 8 trucks in operation, marking a 2.3% increase from the previous year. The surge in demand for heavy trucks from end-users is poised to fuel the growth of the heavy trucks market, with the market size expected to be [2023 Market Size] in 2023, and projected growth to [2024 Market Size] and [2028 Market Size] in 2024 and 2028, respectively.
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Heavy Trucks Market Competitive Landscape
Volkswagen AG, Kamaz Inc., Ford Motor Company, Ram Trucks, China National Heavy Duty Truck Group Co. Ltd., Daimler Truck AG, Traton SE, Volvo Group, Paccar Inc., Isuzu Motors Limited, Tata Motors Limited, Dongfeng Motor Corporation, Iveco S.p.A., Hino Motors Ltd., Sinotruk Hong Kong Limited, Oshkosh Corporation, Navistar International Corporation, Fuso Truck and Bus Corporation, Ashok Leyland Limited, Mack Trucks Inc., Eicher Motors Limited, Kenworth Truck Company, Peterbilt Motors Company, Sterling Trucks Corporation, Western Star Trucks Sales Inc., UD Trucks Corporation, Freightliner Trucks, MAN SE, Scania AB, First Automotive Works Ltd.
Key Heavy Trucks Market Trend
Advanced driver-assistive technologies and safety features are emerging trends in the heavy trucks market. Features such as Collision Mitigation Systems (CMS) and Lane Departure Warning Systems (LDWS) aim to improve road safety and reduce accidents. In 2022, Tata Motors, an Indian commercial vehicle manufacturer, launched India’s first CNG-powered medium and heavy commercial vehicle truck, incorporating advanced driver assistance systems (ADAS) including collision mitigation, lane departure warnings, and driver monitoring in its popular truck models, enhancing driving comfort.
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Heavy Trucks Market Segmentation
The heavy trucks market covered in this report is segmented –
1) By Type: Class 5, Class 6, Class 7, Class 8
2) By Fuel: Diesel, Natural Gas, Hybrid Electric, Gasoline
3) By Application: Construction and Mining, Freight and Logistics, Other Applications
By Geography:The regions covered in the heavy trucks market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
North America was the largest region in the heavy trucks market in 2023.
The Heavy Trucks Global Market Report 2024 furnishes information about the global heavy trucks market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
