How Has the Heavy Duty Trucks Market Evolved Historically and What is its Current Size?
The heavy duty trucks market has seen considerable growth due to a variety of factors.
• The market size of heavy-duty trucks has experienced robust growth in the recent past. The market is expected to expand from $229.16 billion in 2024 to $242.93 billion in 2025, indicating a compound annual growth rate (CAGR) of 6.0%.
Factors that have historically contributed to this growth include the expansion of industrial operations, escalating freight demand, stricter pollution regulations, the evolution of vehicle safety and elevated demand from end-users.
What Does Future Hold for The Heavy Duty Trucks Market By 2029?
The heavy duty trucks market is expected to maintain its strong growth trajectory in upcoming years.
• In the upcoming years, a consistent rise is expected in the size of the heavy-duty trucks market. The expectation is that it will escalate to $291.39 billion in 2029 with a compound annual growth rate (CAGR) of 4.7%.
Factors contributing to the increased forecast include a high demand for robust vehicles, sector-specific intensified product requirements, growth in both local and international trade, strict emission control laws, and growing purchasing power. Key trends anticipated during this period encompass an upswing in electrification, incorporation of telematics and connectivity, implementation of weight reduction technology, last-mile delivery solutions, and predictive maintenance.
What Are The Primary Growth Drivers In The Heavy Duty Trucks Market?
The growth of the heavy-duty truck market is projected to be fueled by the rise in infrastructure development and construction. This refers to the processes of planning, funding, and instituting the basic physical systems that cater to a society or community. Heavy-duty trucks play a significant role in infrastructure construction by supporting the movement of the indispensable materials, equipment, and goods needed for construction tasks, with their large load capacity and the capability for long-haul transportation. For example, data from the Office for National Statistics in November 2023 revealed that the construction value in Great Britain surged by 15.8% during 2022, reaching an all-time high of $168,236 (£132,989) million. Similarly, annual new orders that same year increased by 11.4%, hitting another record high of $102,261 (£80,837) million. The primary contributors to this increase were private infrastructure, private commercial, and other public non-housing sectors, escalating by 85.1%, 10.2%, and 17.5% respectively. As a result, the surge in infrastructure development and construction is stimulating the growth of the heavy-duty truck market.
What Is The Segmentation Of The Global Heavy Duty Trucks Market?
The heavy duty trucks market covered in this report is segmented –
1) By Truck Type: Rigid, Articulated
2) By Propulsion: IC Engine, Electric, FCEV
3) By Application: Construction And Mining, Freight And logistics
Subsegments:
1) By Rigid Trucks: Straight Trucks, Box Trucks, Flatbed Trucks, Dump Trucks, Garbage Trucks
2) By Articulated Trucks: Tractor-Trailer Combinations, Truck And Trailer Units, Semi-Trailer Trucks, Tanker Trucks, Car Carrier Trucks
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How Are Emerging Trends Reshaping The Dynamics Of The Heavy Duty Trucks Market?
Prominent businesses in the heavy-duty truck industry are enhancing technology, including hydrogen-powered trucks featuring internal combustion engine (ICE) technology, to solidify their market standing. Hydrogen-powered trucks propose substantial and eco-friendly solutions for the heavy-duty truck sector, mitigating environmental issues, offering operational benefits, and underpinning the industry's future feasibility. In a notable example, the Indian automobile manufacturer, Ashok Leyland, in association with Reliance Industries Limited, an Indian conglomerate enterprise, launched their H2-ICE heavy-duty truck series (19–35 ton) in February 2023, powered by hydrogen – a pure and renewable form of energy. The structure of the vehicle is akin to a standard diesel engine, supporting a cost-effective progression towards a greener energy. Virtually zero-emission, this hydrogen technology is poised to transform the green mobility sector, with efficiency equivalent to conventional diesel trucks, besides reducing noise and curtailing operational costs.
Who Are the Key Players In The Heavy Duty Trucks Market?
Major companies operating in the heavy duty trucks market report are:
• Toyota Motor Corporation
• Fait Chrysler Automobile
• Mercedes-Benz Group
• Ford Motor Company
• General Motors
• Nissan Motor Co.Ltd.
• Volvo AB
• Traton Group
• Tata Motors Limited
• Paccar Inc.
• Peterbilt
• Scania AB
• Mahindra & Mahindra Limited
• Isuzu Motors Limited
• Dongfeng Motor Group
• MAN.SE
• Hino Motors Ltd.
• Oshkosh Corporation
• Mitsubishi Fuso Truck and Bus Corporation
• Eicher Motors Ltd
• Ashok Leyland
• Mack Trucks
• Western Star TrucksInc.
• Navistar International Corporation
What Are The Regional Insights Into The Heavy Duty Trucks Market?
North America was the largest region in the heavy duty trucks market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the heavy duty trucks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
