Heavy-Duty Trucks Market 2020 Will Grow at Healthy CAGR of 4.4% by 2030 With Global Players - Scania,VolvoL,MAN Group,Kamaz,Gaz Group,Daimler Trucks,IVECO,Ganja Auto Plant

The global Heavy-Duty Trucks Market is poised to reach USD 365 billion and CAGR 4.4% by 2030. Heavy-Duty Trucks industry report provides crucial industry insights that will help your business exponentially growth.

The Global Heavy-Duty Trucks Market generated revenue of US$ 365 billion in 2019 and will reach a value of US$ 560 billion by 2030 at a CAGR of 4.4%. Trucks are mainly categorized into Light Duty Trucks, Medium Duty Trucks and Heavy-Duty Trucks, depending upon their Gross Vehicle Weight Rating (GVWR). Gross Vehicle weight rating is weight of the vehicle and its maximum carrying capacity in terms of accessories, weight, cargo or passengers. Based on the vehicle’s GVWR rating, 9 classes have been formed. Heavy duty trucks based on their load carrying capacity are classified into class 7, 8 and 9. Heavy duty trucks are mainly used for construction, mining, cargo transportation, logistics, towing etc. In construction sites heavy duty concrete mixers are used in order to mix concrete and carry it within and outside construction site. Other than this roll-off trucks, manipulator trucks and water trucks are also used for construction and civil engineering purposes. Heavy duty trucks also experience a great demand from the mining sector. Haul trucks, dump trucks and excavation trucks are some of the heavy-duty trucks used for mining purposes. These trucks are used for excavation purpose and to carry the raw materials towards and from the mining site. For logistics and cargo transportation semi-trailer trucks, refrigerated trucks and jumbo trailer trucks are some of the common heavy-duty trucks used.

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Climatic changes and emission norms will force the truck industry to reduce carbon emission, NOx, and other harmful gases, as well as exhaust noise. In order to find a solution to these problems, companies are shifting their focus towards electric heavy duty trucks. Electric Trucks will be propelled by an electric motor which will require onboard batteries. These trucks will improve efficiency, reduce maintenance costs, and will make less noise as compared to diesel trucks. In upcoming years, the concept of electric heavy-duty vehicles will be accepted globally and hence will lead to a start of new era of electric heavy-duty trucks.

Mining Sector contributes reasonably to the growth of Heavy-Duty Trucks

Mining companies all over the globe require high payload capacity dumping trucks with less fuel consumption and higher efficiency in order to achieve day to day mining activities with ease. Exploration of new coal fields have led to increase in demand for heavy-duty trucks. Heavy-Duty for mining trucks are designed in such a way that these trucks can withstand high shocks, heavy load, and can be used inroads and off roads. There are two types of mining : underground mining and Open-Pit Mining. Open pit mining is a technique of extracting rocks from earth in open air while underground mining is technique of excavating precious metals, and gems by mining underground. Based on the type of mining the type of Heavy-duty truck is selected (rear dump trucks, bottom dump trucks, lube trucks, tow trucks, water trucks, etc). Growth of the mining sector will also lead to the growth of heavy-duty trucks market. Asia pacific plays a major role in contributing the growth of Heavy-duty trucks market.

Demand from developing nations’ mining sector is propelling the heavy duty trucks market drastically. Governments are approving new mining sites with increasing capacity thus resulting in rising demand for heavy duty trucks as well. For instance, in 2020, government of China approved two new coal mine projects having about 3.6 million tons of annual capacity. China’s coal production during the time period of January to May reached 1.47 billion tones which is 0.9% more than the previous year.

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Electric Heavy-Duty Trucks will be a game changer of Heavy-Duty Trucks

Internal Combustion heavy-duty trucks are capable of transporting heavy loads, (above 26001 pounds) but they also tend to increase pollution by emitting harmful gases such as CO2, NOx, HC, etc. which can impact the atmosphere negatively. Also, they produce a lot of noise which can cause sound pollution. In order to overcome these problems many global automobile manufacturers are now shifting their focus to electric vehicles. Electric Heavy-Duty trucks will propel with the use of rotors which itself will be driven with the help of batteries. By using this concept engine, transmission and exhaust will be replaced by rotors, batteries and other electrical components. A big advantage of Electric Heavy-duty trucks is that it will reduce maintenance cost as there will be a smaller number of mechanical linkages and parts. Volvo Trucks have launched a new program named Low-Impact Green Heavy Transport Solutions which will produce more than 50 electrical vehicles and is a US$90 million program which is funded by 15 partners. Production of these vehicles is expected to start by 2021.

Major players active in the global heavy duty trucks market include Daimler Group, Tata Motors Limited, Dongfeng Motor Corporation , Navistar International Corp, Volvo Group, PACCAR Inc, MAN SE, Scania AB, IVECO S.p.A., and Hino Motors, Ltd.

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