Heavy-Duty Truck Industry Growth Driven by Rising Freight Transportation Needs and Technological Advancements

The Heavy Duty Vehicle market is expected to grow from an estimated USD 196.21 billion in 2024 to USD 304.39 billion in 2033, at a CAGR of 5.0%. The heavy-duty truck industry is experiencing significant growth driven by increased freight transportation needs resulting from international trade and e-commerce. Heavy-duty vehicles, known for their substantial cargo capacity and long-haul capabilities, are essential in meeting this growing demand.

Businesses are expanding their fleets of heavy-duty vehicles to ensure on-time deliveries for their customers. This demand surge prompts truck manufacturers to ramp up production and encourages logistics firms to invest in new fleets. Technological advancements have revolutionized the heavy-duty truck market, attracting customers who value enhanced performance, safety, and operational economy.

Modern heavy-duty trucks are equipped with advanced features such as telematics, connectivity, safety systems, and fuel efficiency improvements. Telematics and connectivity solutions enable fleet managers to monitor vehicles, driver behavior, and optimize routes, leading to increased overall efficiency. Innovations in safety features protect drivers and cargo, reducing accident rates. Additionally, improvements in fuel efficiency align with environmental concerns, making contemporary heavy-duty vehicles appealing to businesses seeking cost and emissions reductions.

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Market Drivers: Autonomous Trucks and Electrification

The adoption of autonomous heavy-duty vehicles is on the rise, offering the potential to transform the industry. These vehicles are attractive to logistics and transportation companies due to their efficiency and reduced labor costs. Autonomous trucks enhance safety by minimizing the risk of collisions caused by human error or driver fatigue. Businesses are increasingly exploring this technology to streamline supply chains and cut operating expenses.

Environmental concerns and regulatory pressure to reduce emissions are driving the market's focus on electrification. Electric heavy-duty trucks offer numerous benefits, including lower operating costs, reduced emissions, and quieter operation. As companies strive to meet sustainability goals and comply with stricter emissions regulations, the demand for electric heavy-duty trucks is rising significantly. This trend supports industry growth and creates new opportunities for manufacturers, aligning with the global push for environmentally friendly transportation solutions.

Market Restraints: Emission Regulations and High Initial Costs

Stringent international emission regulations, while crucial for environmental protection, impose significant costs on the heavy-duty truck market. Compliance with these regulations requires expensive emission-reduction equipment, increasing manufacturing and purchasing costs. To meet these strict standards, manufacturers must invest heavily in emission-reduction technologies such as exhaust after-treatment systems and cleaner-burning engines.

The high development and compliance costs are passed on to customers, making new heavy-duty trucks more expensive. Advanced trucks with electric and alternative-fuel technologies also have higher initial purchase costs compared to conventional diesel vehicles. Electric trucks, for example, require costly battery systems and charging infrastructure. These high upfront costs may deter potential buyers, particularly small and medium-sized businesses with limited budgets, despite the long-term operational cost benefits of lower fuel consumption and maintenance costs.

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Market Segment Insights: Class 7 and Class 8 Trucks

The heavy-duty vehicle market is categorized into Class 7 and Class 8 trucks. In 2023, the Class 8 segment led the market. The introduction of the RC8, a state-of-the-art battery-electric Class 8 tractor by Hexagon Purus and Hino Trucks, exemplifies innovation in this segment. This zero-emission truck is designed for the American market and leverages extensive expertise in heavy-duty truck zero-emission drivetrains, appealing to fleets transitioning to electric vehicles on practical routes.

In the same year, the Class 7 segment accounted for a significant market share due to the rising demand for versatile trucks that balance mobility and payload capacity. These trucks are crucial for regional and urban freight operations, offering the flexibility to transport goods efficiently in densely populated areas. The growth of Class 7 trucks is further supported by the need for sustainable and cost-effective logistics solutions and ongoing infrastructure improvements. The Class 7 market is well-positioned for continued growth as businesses seek to optimize delivery processes while maintaining operational efficiency.

Heavy Duty Vehicle Top Companies and Competitive Landscape

The growing need for goods transportation, the expansion of infrastructure, and improvements in vehicle technology are the main factors propelling the heavy-duty vehicle (HDV) market. For industrial, mining, and logistical processes, HDVs-such as trucks, buses, and construction vehicles-are crucial.

The market's top companies, Daimler, Volvo, PACCAR, and MAN, provide a variety of automobiles with electric, natural gas, and diesel propulsion. With an emphasis on automation, emission reduction, and fuel efficiency, the competitive landscape is changing. Businesses are developing electric and hybrid HDVs in response to growing sustainability concerns, which are propelling market growth while adhering to more stringent environmental standards.

In May 2024, An all-electric refrigerated medium-duty truck designed for leasing clients moving temperature-sensitive cargo was introduced by Penske Truck Leasing, Daimler Truck North America (DTNA), and Carrier Transicold as part of a strategic alliance. This cutting-edge vehicle combines a Class 7 Freightliner eM2 battery-electric box truck with a 26-foot refrigerated body that houses Carrier Transicold's Supra e11 eCool electric refrigeration unit. The device is made especially for local and regional fleets looking to comply with regulations or switch to more sustainable, clean methods of distributing food and other perishable goods.

Some of the key companies in the global Heavy Duty Vehicle market include:

Daimler AG

Volvo Group

PACCAR Inc

Navistar International Corporation

MAN SE

Scania AB

Iveco S.p.A.

Hino Motors, Ltd.

Isuzu Motors Ltd.

Kenworth Truck Company.

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Heavy Duty Vehicle Latest Industry Updates

In February 2024, Orders for Class 8 series vehicles with the new Cummins X15N CNG engine were placed by Hexagon Agility. Trucks using the X15N engine were expected to go into serial production by the middle of 2024, with the first deliveries scheduled for early Q3, according to Kenworth and Cummins. Cummins' natural gas engine, the X15N, reduces pollutants while providing performance comparable to diesel for long-distance driving. Natural gas is now competitive with diesel in heavy-duty vehicles thanks to its 500 horsepower and 1850 lb-ft of torque when running on RNG/CNG, which satisfies EPA and CARB rules for 2024 and 2027.

In September 2023As part of a broader collaboration with Tyson Foods, Gatik AI expanded its product line by launching Class 7 autonomous vehicles in northwest Arkansas. The goal of this multi-year partnership is to envision self-driving refrigerated box trucks working around the clock to deliver food items to Tyson Foods' distribution and storage centres in the Rogers and Springdale areas.

Heavy Duty Vehicle Market Segmentation Analysis

By Propulsion Outlook (Revenue, USD Billion; 2020-2033)

ICE

BEV

HEV/PHEV

LPG & Others

Fuel Cell

By Class Outlook (Revenue, USD Billion; 2020-2033)

Class 7

Class 8

By Type Outlook (Revenue, USD Billion; 2020-2033)

Tractor Units

6x4 Axle

6x6 Axle and Others

Rigid Trucks

Curtain-side Truck

Box Truck

Refrigerated Truck

Tipper Truck

Tanker Truck

Flatbed Truck and Others

By Application Outlook (Revenue, USD Billion; 2020-2033)

Transportation

Construction

Mining

Agriculture

By Regional Outlook (Revenue, USD Billion; 2020-2033)

North America

United States

Canada

Mexico

Europe

Germany

France

United Kingdom

Italy

Spain

Benelux

Rest of Europe

Asia-Pacific

China

India

Japan

South Korea

Rest of Asia-Pacific

Latin America

Brazil

Rest of Latin America

Middle East and Africa

Saudi Arabia

UAE

South Africa

Turkey

Rest of MEA

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