(2019-2024) | Heavy Duty Trucks Market | General Motors, Daimler AG, Eicher Trucks and Buses, Ford Motor Company, Nissan Motor Corporation, Tata Motors, Volvo Trucks, Volkswagen AG, Toyota Motor Corporation
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Logistics segment is anticipated to witness a substantial growth rate with a rate of 4.9% up to 2024. Increasing orders for new lorries due to enhanced recovery of equipment manufacturers from tumbling freight market will support product penetration. Bulking up of new orders and specialized balance in inventory levels will positively impact the heavy duty trucks market size.
Natural gas will generate demand at over 160 thousand units in the heavy duty trucks market by 2024. Improved fuel efficiency and growing preference toward low emissions will support the industry expansion. Rising number of natural gas filling stations coupled with superior mileage offered by the product will propel the industry demand.
Technological interference in the vehicle design along with shifting trend toward energy efficient trucks is deemed to be a positive indicator for heavy duty trucks industry growth. However, economic uncertainties across European countries along with fluctuations in raw materials price trends is somewhat having a deterring influence on the market infrastructure. Nonetheless, leading giants have been increasingly investing in research activities to come up with cost-effective solutions. Driven by the extensive product penetration across mining, construction, agriculture, and logistics sector.
Heavy Duty Trucks Market by Class
• Class 5
• Class 6
• Class 7
• Class 8
Heavy Duty Trucks Market by Fuel
• Natural gas
• Hybrid electric vehicle
Heavy Duty Trucks Market by Application
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Asia Pacific is projected to register the maximum revenue share over the forecast timeframe due to the increasing production across the region, particularly in emerging economies including China and India. High availability of cheap labor and raw materials will foster heavy duty trucks market growth across the region.
Upsurge in fleet size will positively support the logistics and construction sectors, which in turn will drive heavy duty trucks market share. Growing demand for heavy commercial vehicles used in agricultural and mining applications with improved transmission will further support the product penetration.
In 2016, class 5 contributed to over 12% of the overall industry share in terms of volume. This can be credited to superior features including wide usage in construction and logistic sectors. Furthermore, sturdy development in the manufacturing, particularly from emerging countries, is anticipated to further support the industry growth.
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Daimler, Tata Motors, General Motors, FAW Group, Volvo, Toyota, Freightliner, Ford, Volkswagen, ISUZU Motors, Peterbilt, PACCAR, Kenworth, Navistar, FCA, MAN, Scania and Ashok Leyland are key heavy duty trucks market players. Other significant companies in terms of geographical presence includes Iveco, Dongfeng Motor Group, Hino, Anhui Jianghuai Automobile, KAMAZ, Beiqi Foton, Beijing Auto Industry and China First Automobile Works Group.
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