Heavy Duty Trucks Market Outlook 2025-2034: Key Trends, Growth Drivers, and Market Share

What industry-specific factors are fueling the growth of the heavy duty trucks market?
The heavy-duty truck market is predicted to surge due to the increased emphasis on infrastructure and construction. In the context of infrastructure and construction, the process involves planning, financing, and establishing fundamental physical systems that benefit a society or community. Heavy-duty trucks serve a critical role in these sectors by aiding in the transportation of essential materials, equipment, and goods required for construction projects. With their large cargo capacity and long-haul capabilities, these trucks are pivotal in construction. For instance, the Office for National Statistics, a UK governmental department, reported in November 2023 that 2022 saw a significant 15.8% rise in the value of construction in Great Britain, achieving a record-breaking $168,236 (£132,989) million. Additionally, newly placed orders in 2022 escalated by 11.4%, hitting an all-time high of $102,261 (£80,837) million. The significant contributors to this increase were private infrastructure, private commercial, and other public non-housing projects, which boosted by 85.1%, 10.2%, and 17.5%, respectively. As a result, the surge in infrastructure and construction is fueling the growth of the heavy-duty truck market.

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What Is the projected market size and growth rate for the heavy duty trucks market?
The size of the heavy duty trucks market has seen considerable growth in the past several years. It is projected to expand from $229.16 billion in 2024 to $242.93 billion in 2025, with a compound annual growth rate (CAGR) of 6.0%. This growth during the historical period can be accredited to the expansion of industrial activities, surge in freight demand, heightened pollution norms, advancements in vehicle safety measures, and an increase in end-user demand.

In the coming years, the market for heavy-duty trucks is predicted to experience a steady surge in growth, expected to reach a size of $291.39 billion in 2029 with a 4.7% CAGR. This growth during the prediction period can be attributed to the increased demand for powerful vehicles, a surge in product requirement in certain industries, expansion of both local and international trade, strict emission rules, and an increase in purchasing power. Key trends during this forecast period will include a rise in electrification, connectivity and telematics, technologies for weight reduction, last-mile delivery solutions, and predictive maintenance.

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What new trends are reshaping the heavy duty trucks market and its opportunities?
Key players in the heavy-duty trucks market are introducing technological innovations such as hydrogen-powered trucks that use hydrogen ICE (internal combustion engine) technology to reinforce their market standing. Hydrogen-fueled trucks provide a potentially sustainable solution for the heavy-duty trucks market, addressing environmental issues, offering operational benefits, and ensuring the industry's longevity. For example, automotive manufacturer Ashok Leyland, in collaboration with conglomerate Reliance Industries Limited, both India-based, unveiled the H2-ICE heavy-duty truck series (19-35 ton) powered by hydrogen, a clean and renewable source of energy, in February 2023. The design of the vehicle is similar to a traditional diesel engine, making the conversion to a greener energy source more affordable. This hydrogen technology solution could pave the way for a green mobility revolution by producing almost no emissions, performing comparably to conventional diesel trucks, reducing noise, and cutting operational costs.

What major market segments define the scope and growth of the heavy duty trucks market?
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

Subsegments:
1) By Rigid Trucks: Straight Trucks, Box Trucks, Flatbed Trucks, Dump Trucks, Garbage Trucks
2) By Articulated Trucks: Tractor-Trailer Combinations, Truck And Trailer Units, Semi-Trailer Trucks, Tanker Trucks, Car Carrier Trucks

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Which region dominates the heavy duty trucks market?
North America was the largest region in the heavy duty trucks market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the heavy duty trucks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Which key market leaders are driving the heavy duty trucks industry growth?
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

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What Is Covered In The Heavy Duty Trucks Global Market Report?

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

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