Heavy-Duty Trucks Market Impact of Industry Size, Shares, and Impact Y-o-Y

The Global Heavy-Duty Trucks Market is expected to grow at a CAGR of around 4.5% from 2022 to 2030 and reach the market value of over US$ 632.9 Billion by 2030.

The heavy-duty trucks market is segmented on the basis of propulsion type, application type, tonnage type, and geography. By propulsion type, market segments include IC engine, hybrid, and electric. The heavy-duty trucks have applications across freight & logistics, construction & mining, and other applications. Based on tonnage type, the market is bifurcated into 10-15 metric tons, and over 15 metric tons.

In 2019, the IC Engine segment on the basis of propulsion type accounted for the maximum revenue share (%). The heavy-duty trucks propelled by the diesel engine registered the maximum share and work efficiency. The cost efficiency and easy availability associated with diesel is supporting the segmental market value. Whereas, the increasing focus towards the environment-friendly solution for transportation is projected to hinder the growth of diesel vehicles over the forecast period.

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Additionally, the increasing production and development of electric trucks are projected to exhibit the fastest growth with a major CAGR (%) throughout the forecast timeframe from 2020 to 2027. The increasing focus towards electric vehicles to decrease the carbon footprints is supporting the segmental market value.

Asia Pacific is expected to hold the major share (%) in terms of revenue (US$ Mn) of the global heavy-duty trucks market. The region is gaining pace on account of its developing economies including China and India. The increasing production of commercial vehicles in the region due to expanding industrial sector along with the increasing import and export activities is propelling the regional market value. The presence of manufacturing plants of major global players in the region is additionally accelerating the regional market value. The rapid industrialization along with the increasing demand for industrial products in the region is bolstering the market growth.

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Some of the leading competitors are Ashok Leyland (India), China National Heavy Duty Truck Group, Daimler AG (Germany), Dongfeng Motor Corporation (China), FAW Group Corporation (China), Freightliner Trucks (US), Isuzu Motors Ltd (Japan), Kenworth Truck Company (US), PACCAR (US), Tata Motors Limited (India), Traton AG (Germany), and Volvo Trucks (Sweden). Heavy-duty truck companies have announced strategic mergers and acquisitions, partnerships & collaboration, and new product development to expand their position in the heavy-duty trucks industry. Major players are also moving into new regions with advanced technologies for gaining a competitive advantage.

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Some of the key observations regarding the heavy-duty trucks industry include:

• Voorhoeve, Volvo President has mentioned the plans of scaling the production of the vehicles at a company factory in Virginia by the end of 2020. Volvo has rolled out a fleet of 70 electric trucks in 2020 the company has a handful of battery-electric Volvo VNR heavy-duty trucks operated by its customers. The environmental agencies of California support the program with financial incentives and other funding.

• In August 2020, Utility Minnesota Power is planning to help mining companies to convert to electric mining vehicles. For the same, Minnesota Power has proposed a pilot project to state regulators, the project would help the region's iron and taconite mines by acquiring heavy-duty electric vehicles to help in reducing the carbon footprint.

• Xos, a startup building electric vehicles is developing a Class 8 heavy-duty truck, ET-One. The ET-One would be production-ready by the end of 2020. The startup has recently announced a partnership with automotive supplier Metalsa in 2020. It has also announced the funding of US$ 20 million backed by a group of investors that includes Proeza Ventures.

• Daimler AG has experienced the increased demand of 14,000 trucks in 2020 from the last year, particularly from the construction, mining, and e-commerce sectors. The company has added a second shift from august 2020 at its factory near the southern Indian city of Chennai. The factory outlet has a capacity of making 72,000 trucks and 4,000 buses a year.

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