Heavy-Duty Trucks Market will surpass 2 million units by 2024

Natural gas will demand for over 160 thousand units in the heavy-duty trucks industry over the forecast timeframe. Enhanced fuel efficiency and rising preference towards reduction of carbon emissions will support in overall business growth. Increasing number of natural gas refueling stations coupled with superior mileage served by the product will drive the industry.

Increase in fleet size will support the construction and logistics segments thereby spurring heavy-duty trucks market share. Increasing demand for heavy commercial automobiles utilized in mining and agricultural applications with enhanced transmission features will support the industry growth.
Innovative business models are revolutionizing the product penetration by reducing cost of ownership, improving safety, and enhancing convenience levels for owners. Thus, boosting the heavy-duty trucks industry growth rate over the study period.

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Tata Motors, Daimler, General Motors, Volvo, FAW Group, Ford, Freightliner, Toyota, ISUZU Motors, Volkswagen, PACCAR, Peterbilt, MAN, Scania, Ashok Leyland, and Navistar are prominent OEMs of the heavy-duty trucks market.
Other significant players in terms of geographical spread are Beijing Auto Industry, Dongfeng Motor Group, Anhui Jianghuai Automobile, Hino, Beiqi Foton, KAMAZ, and China First Automobile Works Group.

Asia Pacific is predicted to hold highest revenue share over the projected time span owing to the increasing manufacturing across the region, especially in developing countries such as India and China. High availability of raw materials and low-cost labors will promote heavy-duty trucks industry across the region.

Logistics sector is estimated to witness an exponential growth rate of approximately 5% over the projected time line. Increasing number of new lorries owing to improved recovery of equipment producers from declining freight industry will aid in product adoption. Bulking up of new orders and balance in inventory levels will positively affect the heavy-duty trucks market demand.

Increasing international and local trading activities world-wide will fuel the heavy-duty trucks industry growth over the projected timeframe. Roadways and railways are the most common means of freight transport resulting in enhancement of the industry.

Increasing global sourcing of auto components and development of road network will enhance the product adoption rate. Multiple manufacturing companies focus on improving their profit margins by relying on construction and logistics applications. This will drive the heavy-duty trucks market over the estimated time span.

Stringent government rules and regulations associated with emission control and the requirement for replacing traditional automobiles will further accelerate the product sales. Majority of the customers depend on the core values of providing products coupled with safety, high quality, and environmental care features. Products serving higher power needed by the several applications will escalate the overall business growth.

Rising labor cost especially in developed countries, along with fluctuating raw material costs may act as challenge for the heavy-duty trucks market growth over the projected time span. Additionally, economic uncertainty in various European countries may hinder the industry expansion.

In 2016, class 5 accounted for over 12% of the total industry share in terms of volume. This can be attributed to enhanced features and broad usage in logistic and construction sectors. In addition, robust development in the manufacturing activities particularly in developing countries is expected to improve the industry.

Industry participants focus on research activities to develop the product. For instance, in October 2017, Mitsubishi Fuso Truck and Bus Corporation announced to electrify its complete product line of buses and trucks over the next few years. It also launched Electric Truck Brand E-Fuso.

Heavy-Duty Trucks Market Size By Class (Class 5, Class 6, Class 7, Class 8), By Fuel (Diesel, Natural Gas, Hybrid Electric Vehicle, Gasoline), By Application (Agriculture, Logistics, Construction, Mining) Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Belgium, Finland, France, Germany, Italy, Lithuania, Spain, Russia, Sweden, UK, Norway, China, Japan, India, South Korea, Thailand, Malaysia, Singapore, Vietnam, Indonesia, Brazil, Argentina, Peru, Iran, Turkey, KSA, UAE, South Africa, Egypt), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024

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