Heavy Duty Truck Market is Projected to Reach USD 328678.9 million by 2030: Cognitive Market Research

Global Heavy Duty Truck Market Overview:
A heavy-duty truck is categorized as a vehicle that has or exceeds a Gross Vehicle Weight Rating (GVWR) of more than 26,001 pounds. It includes polished stainless steel for brilliant finishes, aluminum for lightweight and corrosion resistance, steel for strength and durability, and molded plastics for intricate shapes. Heavy-duty trucks are frequently utilized in the commercial sector, particularly on construction sites to transport bulky building supplies or carry massive loads. These vehicles are built with strong transmissions and powerful engines.

Summary:
As per the study of CMR, The Global Heavy Duty Truck market size reached USD 209,987.8 million in 2022 and will reach USD 328678.9 million by 2030, growing at a CAGR of 4.9% from 2022 to 2030.

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Global Heavy-Duty Truck Market Dynamics:
An increase in demand for goods along with an increase in construction and development of infrastructure is a major factor driving the demand for the heavy-duty trucks market. Governments in both developed and developing countries around the world are making large investments in improving and updating their road network infrastructure, which depends on heavy trucks to transport the bulk of the world's largest goods.
Furthermore, increasing urbanization in developing and developed economies coupled with rising consumer preference towards utilizing vehicles with innovative technology will create growth opportunities for the market.

What are the restraining factors for the global Heavy-Duty Truck Market?
However, a lack of technological expertise in developing and underdeveloped economies will pose a major challenge to the market growth rate. High costs involved with technological innovations and research and development proficiencies, poor infrastructural facilities in underdeveloped economies, and manufacturing challenges faced by original equipment manufacturers organizations will hamper the market growth rate.

Global Heavy Duty Truck Market Segmentation:
Class:
• Class 5
• Class 6
• Class 7
• Class 8
Based on Class, the market is segmented into Class 5, Class 6, Class 7, and Class 8. Class 8 segment dominates the growth of the global market, due to class 8 heavy-duty trucks having a great load-carrying capacity, and its ability to drive long distances will increase demand for the target market.

Fuel:
• Diesel
• Natural Gas
• Hybrid Electric Vehicle
• Gasoline
Based on Fuel, the market is segmented into a hybrid electric vehicles, diesel, natural gas, and gasoline. The hybrid-electric market dominates the global market, due to strict emission standards set by the governments of several nations throughout the world

Application:
• Agriculture
• Logistics
• Construction
• Mining
Based on Application, the market is segmented into agriculture, logistics, construction, and mining. The construction segment dominates the global market This is attributed to an increase in infrastructure development and construction dominates the global heavy-duty trucks market.

Competitive Analysis of Heavy Duty Truck Market: Scania, Volvo, MAN Group, Kamaz, Gaz Group, Daimler Trucks, IVECO, Ganja Auto Plant, Otokar, Dongfeng Trucks, SINOTRUK, FAW Group, Foton Motor Group

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North America has the highest revenue share in the global heavy-duty truck market
North America region is forecasted to dominate the global heavy-duty truck market with the highest growth rate. This is attributed to the rising research and development activities to increase the product lines and growth of the automotive sector. Furthermore, Asia Pacific is forecasted to dominate the target market in terms of revenue share. This is attributed to the increasing demand for commercial vehicles, and the growing number of end-user industry verticals such as rising buildings, automotive, heavy machinery, and construction activities in countries like India, Japan, and China.

Global Heavy Duty Truck Market News:
Volvo Trucks launched Volvo VNR electric truck with a longer range.
In January 2022, Volvo Trucks introduced the longer-range Volvo VNR electric truck. The operating range of the Volvo VNR Electric was up to 240 kilometers (150 miles). With an expanded operating range of up to 440 km (275 miles) and higher energy storage of up to 565 kWh, the business introduced an improved version of class 8* electric truck. A new six-battery package option and enhanced battery architecture, among other things, are responsible for the increased performance.

Browse Here For Full TOC:
Table of Content (Revenue USD Edition), (Enquire about Volume/Consumption Edition Data)
Chapter 1 Industrial Insight and Market Scope
• 1.1 Global Heavy Duty Trucks Industry Introduction
• 1.2 Objectives of the Study
• 1.3 USP of the Report
• 1.4 Who is this report for?
• 1.5 Designing of Market Scope
1.5.1 Heavy Duty Trucks Market Segmentation
1.5.1 Heavy Duty Trucks Market Regional Fragmentation
1.5.1 Heavy Duty Trucks Market Players
• 1.6 Report Duration
• 1.7 List of Stakeholders
Chapter 2 Research MethodologyReview Complete Research Methodology
Chapter 3 Executive Summary of Heavy Duty Trucks Market
• 3.1 Global Heavy Duty Trucks Market Size 2018 - 2030, (USD Million)
• 3.2 Global Heavy Duty Trucks Value, Absolute & Opportunity Analysis
• 3.3 Global Heavy Duty Trucks Market Y-o-Y Growth Rate Projection by Region (2023 - 2030)
• 3.4 Global Heavy Duty Trucks Market Statistics 2022: Snapshot
Chapter 4 Global Heavy Duty Trucks Market Overview
Chapter 5 Competitive Analysis (Subject to Availability)
Chapter 6 Environmental, Social, and Governance (ESG) Analysis
Chapter 7 Qualitative Analysis
Chapter 8 Company Profiling (Subject to Availability)
Chapter 9 Global Heavy Duty Trucks Market by Class Segmentation Analysis (2018-2030)
Chapter 10 Global Heavy Duty Trucks Market by Application Segmentation Analysis (2018-2030)
Chapter 11 Global Heavy Duty Trucks Market by Fuel Segmentation Analysis (2018-2030)
Chapter 12 Global Heavy Duty Trucks Market Regional Analysis
Chapter 13 North America Heavy Duty Trucks Market Outlook (2018 - 2030)
Chapter 14 Europe Heavy Duty Trucks Market Outlook (2018 - 2030)
Chapter 15 Asia Pacific Heavy Duty Trucks Market Outlook (2018 - 2030)
Chapter 16 Latin America Heavy Duty Trucks Market Outlook (2018 - 2030)
Chapter 17 Middle East and Africa Heavy Duty Trucks Market Outlook (2018 - 2030)
Chapter 18 Research Findings
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To know more about The Heavy Duty Truck Market TOC click here: https://www.cognitivemarketresearch.com/heavy-duty-trucks-market-report#table_of_contents

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About Cognitive Market Research Company :
Cognitive Market Research has evolved as one leading market research and consulting firm and it provides services across multiple domains. Cognitive Market Research gathers and analyzes data about customers, competitors, distributors, and other market actors and forces operational across the value chain. As a market research company, we follow a complete process of gathering information about the target market and end-use industries to verify the complete journey of the product or service in the global market. It helps our readers understand the demand and viability of their product/service and how it might perform in the real world and help them to build business strategies accordingly

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