Heavy Duty Trucks Global Market Report 2024 - By Size, Share, Demand, Trends, Forecast To 2033

The heavy duty trucks market size has grown strongly in recent years. It will grow from $215.54 billion in 2023 to $229.16 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to growing industrial operations, increasing freight demand, rising pollution standards, advancements in vehicle safety, end-user demand.

The heavy duty trucks market size is expected to see strong growth in the next few years. It will grow to $278.6 billion in 2028 at a compound annual growth rate (CAGR) of 5%. The growth in the forecast period can be attributed to growing demand for powerful vehicles, intensifying product demand in specific sectors, expansion of domestic and foreign trade, stringent emission regulations, rise in purchasing power. Major trends in the forecast period include electrification surge, telematics and connectivity, weight reduction technologies, last-mile delivery solutions, predictive maintenance.

Market Overview -
Heavy-duty trucks refer to heavy commercial vehicles that usually carry the load by themselves, without a trailer. These trucks, having a gross vehicle weight of around 15,000 kg or more, are designed to transport heavy equipment, construction materials, and minerals.

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Heavy-Duty Trucks Market Thrives On Surge In Infrastructure Development And Construction Activities
The increase in infrastructure development and construction is expected to propel the growth of the heavy-duty truck market going forward. Infrastructure development and construction refers to the planning, financing, and building of basic physical systems that support a community or society. Heavy-duty trucks are used in infrastructure development and construction to facilitate the transportation of materials, equipment, and goods essential for building projects, providing large cargo capacity and long-distance capabilities. For instance, in November 2023, according to the Office for National Statistics, a UK-based government department, the value of construction in Great Britain in 2022 increased by 15.8% to a record high of $168,236 (£132,989) million, and annual new orders in 2022 increased 11.4% to a record high value of $102,261 (£80,837) million. Further, the main contributors were private infrastructure, private commercial, and other public non-housing, which increased by 85.1%, 10.2%, and 17.5%, respectively. Therefore, an increase in infrastructure development and construction is driving the growth of the heavy-duty truck market.

Competitive Landscape -
Major companies operating in the heavy duty trucks market report are Toyota Motor Corporation, Fait Chrysler Automobile, Mercedes-Benz Group, Ford Motor Company, General Motors, Nissan Motor Co., Ltd., Volvo AB, Traton Group, Tata Motors Limited, Paccar Inc., Peterbilt, Scania AB, Mahindra & Mahindra Limited, Isuzu Motors Limited, Dongfeng Motor Group, MAN.SE, Hino Motors Ltd., Oshkosh Corporation, Mitsubishi Fuso Truck and Bus Corporation, Eicher Motors Ltd, Ashok Leyland, Mack Trucks, Western Star Trucks, Inc., Navistar International Corporation

Increasing Focus On Hydrogen-Powered Heavy-Duty Trucks Leveraging Cutting-Edge Technologies
Major companies operating in the heavy-duty trucks market are developing technological advancements, such as hydrogen-powered trucks with hydrogen ICE (internal combustion engine) technology, to strengthen their position in the market. Hydrogen-powered trucks offer promising and sustainable solutions for the heavy-duty trucks market, addressing environmental concerns, providing operational advantages, and contributing to the industry's long-term viability. For instance, in February 2023, Ashok Leyland, an India-based automotive manufacturer, in partnership with Reliance Industries Limited, an India-based conglomerate company, launched the H2-ICE heavy-duty truck range (19-35 ton) powered by hydrogen, a clean and renewable energy source. The vehicle's architecture resembles a conventional diesel engine, allowing for a cost-effective transition to cleaner energy. This hydrogen technology solution is expected to revolutionize the field of green mobility by producing almost zero emissions, performing at a level with traditional diesel trucks, reducing noise, and saving operating expenses.

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Key Segments -
The heavy duty trucks market covered in this report is segmented -
1) By Truck Type: Rigid, Articulated
2) By Propulsion: IC Engine, Electric, FCEV
3) By Application: Construction And Mining, Freight And logistics

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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