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2024 Global Heavy Trucks Market Size, Share, Trends And Growth Analysis Report | Volkswagen AG, Kamaz Inc., Ford Motor Company, Ram Trucks, China National Heavy Duty Truck Group Co. Ltd
Heavy Trucks Global Market Report 2024
As per the report, 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 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%.
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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.
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.
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
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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.
Contents of the report:
1. Executive Summary
2. Heavy Trucks Market Report Structure
3. Heavy Trucks Market Trends And Strategies
4. Heavy Trucks Market - Macro Economic Scenario
5. Heavy Trucks Market Size And Growth
…..
27. Heavy Trucks Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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