Press release
Heavy Duty Trucks Market Overview, Growth Challenges Survey & Forecast to 2025
Heavy-Duty Trucks Market
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.
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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 heavy duty trucks market growth.
Heavy Duty Trucks Market by Class
• Class 5
• Class 6
• Class 7
• Class 8
Heavy Duty Trucks Market by Fuel
• Diesel
• Natural gas
• Hybrid electric vehicle
• Gasoline
Heavy Duty Trucks Market by Application
• Agriculture
• Logistics
• Construction
• Mining
• Others
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 market demand.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
Daimler, Tata Motors, General Motors, FAW Group, Volvo, Toyota, Freightliner, Ford, Volkswagen, ISUZU Motors, Peterbilt, PACCAR, Kenworth, Navistar, FCA, MAN, Scania and Ashok Leyland, Iveco, Dongfeng Motor Group, Hino, Anhui Jianghuai Automobile, KAMAZ, Beiqi Foton, Beijing Auto Industry and China First Automobile Works Group.
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Increasing domestic and international trading activities across the globe will significantly propel the heavy duty trucks market size over the forecast period. Road and rail lead the freight transport unit enhancing the overall business growth.
Upsurge in fleet size will positively support the logistics and construction sectors, which in turn will drive market share. Growing demand for heavy commercial vehicles used in agricultural and mining applications with improved transmission will further support the product penetration.
Development of road network coupled with rising global sourcing of vehicle components will support the product demand. Several manufacturing companies are focusing on enhancing the profit margins by relying on customers from logistics and construction applications over the forecast timespan.
Stringent government protocols pertaining to emission control with the requirement for replacing the old vehicles will further fuel the product sales. Majority of the customers rely on the core values of offering products along with high quality, safety and environmental care features. Products offering higher power required by the applications will boost the overall market 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 market players.
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Global Market Insights, Inc.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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