Heavy Trucks Global Market Report 2024 - By Trends, Share, Size, Demand, Outlook By 2033

The heavy trucks market size has grown strongly in recent years. It will grow from $217.23 billion in 2023 to $228.49 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to industrialization and economic growth, infrastructure development, regulatory changes in safety standards, world wars and military demands, global trade expansion.

The heavy trucks market size is expected to see strong growth in the next few years. It will grow to $282.26 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to electrification advancements, regulatory pressures on emissions, autonomous trucking evolution, digitalization and fleet management solutions, rise of last-mile delivery demands. Major trends in the forecast period include electric heavy trucks, autonomous trucking technolog, telematics and connectivity, alternative fuels adoption, advanced safety features.

Market Overview -
Heavy trucks are defined as commercial motor vehicles used for the transportation of goods with a weight of 2.72 tons or more when empty and 4.54 tons or more when loaded.

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Rising Demand In Construction And Mining Industries Fuels Heavy Trucks Market
Growth in the demand for heavy trucks from end-users such as in construction, mining, and other sectors is contributing to the growth of the heavy trucks market. According to executives of leading truck makers, an increase in construction activities boosted the sales of tipper trucks, concrete mixers, and other heavy vehicles. Also, in 2021, according to the American Trucking Association, the revenue of the trucking industry was reported to be $875.5 billion. In June 2021, around 4.06 million Class 8 trucks were in operation, 2.3% up from 2020. An increase in demand for heavy trucks from end-users is expected to drive the growth of the heavy trucks market in the forecast period.

Competitive Landscape -
Major companies operating in the heavy trucks market report are Volkswagen AG, Kamaz Inc., Ford Motor Company, Ram Trucks, China National Heavy Duty Truck Group Co. Ltd., Daimler Truck AG, Traton SE, Volvo Group, Paccar Inc., Isuzu Motors Limited, Tata Motors Limited, Dongfeng Motor Corporation, Iveco S.p.A., Hino Motors Ltd., Sinotruk Hong Kong Limited, Oshkosh Corporation, Navistar International Corporation, Fuso Truck and Bus Corporation, Ashok Leyland Limited, Mack Trucks Inc., Eicher Motors Limited, Kenworth Truck Company, Peterbilt Motors Company, Sterling Trucks Corporation, Western Star Trucks Sales Inc., UD Trucks Corporation, Freightliner Trucks, MAN SE, Scania AB, First Automotive Works Ltd.

Rising Trend Of Advanced Driver-Assistive Technologies In Heavy Trucks Market
Vehicles fitted with advanced driver-assistive technologies and safety features are new trends in the heavy trucks market. Advanced driver-assistive technologies include features like the Collision Mitigation System (CMS) and a Lane Departure Warning System (LDWS), aiming to reduce road accidents and increase vehicle safety. For instance, in 2022, Tata Motors, an Indian-based commercial vehicle manufacturer, launched India's first CNG-powered medium and heavy commercial vehicle truck and introduced a new-age, advanced driver assistance system (ADAS) including a collision mitigation system, lane departure warning system, and driver monitoring system in its best-selling range of trucks, including the Prima, Signa, and Ultra trucks, to enhance driving comfort.

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Key Segments -
The heavy trucks market covered in this report is segmented -
1) By Type: Class 5, Class 6, Class 7, Class 8
2) By Fuel: Diesel, Natural Gas, Hybrid Electric, Gasoline
3) By Application: Construction and Mining, Freight and Logistics, Other Applications

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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