What's driving the Heavy-Duty Trucks Market, Industry Growth? Volvo Trucks(EU), Volkswagen AG(EU), Scania Group(EU), PACCAR(US), Navistar(US), Kenworth Truck(US), Ford Motor Company(US), Daimler AG(EU)

Asia Pacific heavy-duty truck market will exhibit significant growth over the forecast period owing to rising commercialization, establishment of new manufacturing plants, and adoption of technological advanced vehicles across the region. Additionally, increasing demand from countries including China, Japan, and India with high concentration of industry participants coupled with rising truck production will further proliferate the industry size.

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Natural gas will witness over 2% CAGR from 2019 to 2025 owing to higher efficiency and lower carbon emission. Stringent government regulations for regulating emissions from these vehicles along with higher costs associated with upgrading diesel engines to advanced Euro norms further strengthens the market expansion over the study timeframe. Additionally, the presence of expanded network of natural gas infrastructure and fueling stations across major countries are boosting the heavy-duty truck market share over the study timeframe.

Company Profiled:

1. Ashok Leyland
2. Daimler AG
3. Dongfeng
4. Eicher Motors Limited
5. Ford Motor Company
6. Freightliner
7. Isuzu Motors
8. Kenworth
9. MAN SE
10. Navistar
11. Oshkosh Corporation
12. Paccar
13. Peterbilt
14. Scania AB
15. Tata Motors
16. Volkswagen
17. Volvo

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The truck industry is also witnessing the advent of multiple technological advancements including active and passive safety technologies, autonomous driving, improvements in engine systems, along with advanced driver assistance systems, that contributes significantly towards improving the overall truck driving experience along with enhancing safety. For instance, in 2017, Volvo introduced its Wave Piston technology that enables for efficient burning and delivery of power, thereby improving the vehicle efficiency along with engine performance at diversified conditions significantly.

Heavy-Duty Truck Market, By Class

Class 5
Class 6
Class 7
Class 8

Heavy-Duty Truck Market, By Fuel

Diesel
Natural gas
Hybrid electric vehicle
Gasoline

Heavy-Duty Truck Market, By Application

Agriculture
Logistics
Construction
Mining
Others

The proliferating demand for Class 8 trucks is attributed to its increasing applications across a wide range of industries including construction, mining, and agricultural applications. Additionally, industry participants are continuously investing in R&D for developing alternative powertrains for powering such trucks. For instance, in 2018, Nikola announced the launch of its class 8 trucks that are powered by both electricity and hydrogen fuel cell, offering a combined range of up to 1,200 miles per charge.

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Key industry players in the heavy-duty truck market place include Daimler AG, VW Group, Scania, MAN and Volvo Trucks. Strategic joint ventures and partnerships are among the prominent strategies adopted by industry players for improving their market share. For instance, in September 2018, Traton Group announced its expansion plan by establishing a joint venture with CNHTC Group. This strategy enabled the company to felicitate localization of its trucks and improve its presence in the Chinese market.

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