Global Heavy Trucks Market to Reach $300.97 Billion by 2029, Growing at 5.2% CAGR

Which drivers are expected to have the greatest impact on the over the heavy trucks market's growth?
The heavy trucks market is experiencing expansion due to rising demand from sectors like construction, mining, and more. Industry leaders in truck production have pointed out that construction activities have greatly influenced the sales of heavy vehicles such as tipper trucks and concrete mixers. As a reference, the American Trucking Associations, a trade group based in the U.S, reported in July 2023 that in 2022, truck deliveries had surpassed 11.4 billion tons of freight, and generated a revenue exceeding $940 billion, both marking an uptick from the prior year. The forecast period is anticipating continued growth in the heavy trucks market driven by sustained demand.

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What is the future CAGR of the heavy trucks market, and how will it impact industry expansion?
In recent times, there has been considerable growth in the market size for heavy trucks. The market predicted to surge from a value of $232.34 billion in 2024 to a future value of $245.3 billion in 2025, reflecting a compound annual growth rate (CAGR) of 5.6%. The robust growth in the historical period is linked to factors such as economic growth and industrialization, developments in infrastructure, modifications in safety regulations, military demands spurred by world wars, and the expansion of global trade.

The market for heavy trucks is projected to experience robust expansion in the forthcoming years. With a compound annual growth rate (CAGR) of 5.2%, it's forecasted to reach $300.97 billion by 2029. This anticipated growth over the forecast period is due to factors such as the progression in truck electrification, regulatory influences over emissions, the development of autonomous trucking technologies, digitalization, and solutions for fleet management, as well as the growing demand for last-mile deliveries. The forecast period is also expected to see major trends like the development of electric heavy-duty trucks, the technology of autonomous trucking, increased use of telematics and connectivity, the uptake of alternative fuels, and the implementation of advanced safety features.

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What are the most significant trends transforming the heavy trucks market today?
The prevalent trends in the heavy trucks market are vehicles that come equipped with cutting-edge driver-assistive technologies and safety features. Such advanced driver-assistive technologies can include components like the Collision Mitigation System (CMS) and a Lane Departure Warning System (LDWS), which both aim to decrease the number of road accidents and enhance vehicle safety. As an example, Tata Motors, a commercial vehicle manufacturer based in India, rolled out the country's first medium and heavy commercial vehicle truck powered by CNG in 2022. Along with this, they also instituted a modern, advanced driver assistance system (ADAS) which featured a collision mitigation system, lane departure warning system, and a driver monitoring system, in its top-selling line of trucks which include the Prima, Signa, and Ultra trucks with the primary goal of improving driving comfort.

Which key market segments comprise the heavy trucks market and drive its revenue growth?
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

Subsegments:
1) By Class 5: Vehicles With A Gross Vehicle Weight Rating (GVWR) Of 16,001 To 19,500 Pounds, Medium-Duty Trucks, Delivery Trucks, And Service Vehicles
2) By Class 6: Vehicles With A Gross Vehicle Weight Rating (GVWR) Of 19,501 To 26,000 Pounds, Box Trucks, Dump Trucks, And Some Types Of Tow Trucks
3) By Class 7: Vehicles With A Gross Vehicle Weight Rating (GVWR) Of 26,001 To 33,000 Pounds, Larger Trucks, Buses, And Vocational Vehicles
4) By Class 8: Vehicles With A Gross Vehicle Weight Rating (GVWR) Of Over 33,000 Pounds, Heavy-Duty Trucks, Tractor-Trailers, And Larger Buses

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What regions are at the forefront of heavy trucks market expansion?
North America was the largest region in the heavy trucks market in 2024. Asia-Pacific was the second-largest region in the heavy trucks market share. The regions covered in the heavy trucks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Who are the leading players fueling growth in the heavy trucks market?
Major companies operating in the heavy trucks market include Volkswagen AG, Kamaz Inc., 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, Western Star Trucks Sales Inc., UD Trucks Corporation, Freightliner Trucks, MAN SE, Scania AB, First Automotive Works Ltd.

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What Is Covered In The Heavy Trucks Global Market Report?

•Market Size Forecast: Examine the heavy trucks market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the heavy trucks market for a structured understanding.
•Key Players Overview: Analyze major players in the heavy trucks market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the heavy trucks market.
•Segment Contributions: Evaluate how different segments drive overall growth in the heavy trucks market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the heavy trucks market.
•Industry Challenges: Identify potential risks and obstacles affecting the heavy trucks market.
•Competitive Landscape: Review strategic developments in the heavy trucks market, including expansions, agreements, and new product launches.

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