Heavy-Duty Truck Market to Reach $328.36 Billion by 2031, Driven by Rising Freight Demand

Rising demand for the commodity along with increased construction and infrastructure development are the main factors driving the demand for heavy duty trucks. Presently, trucks built are more reliable, more efficient, more fuel efficient and have higher payloads than trucks built before. However, technological advances have improved fuel efficiency, and new technology allows trucks to carry more weight than vehicles of the same power. As a result, the world faces a major problem of carrying heavy loads, which may lead to a decline in the use of more vehicles. Heavy trucks are also used as garbage and garbage collectors.

According to the report published by Allied Market Research, the global heavy duty truck market size garnered $209,973.7 million in 2021, and is estimated to generate $328363.9 million by 2031, manifesting a CAGR of 4.8% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.

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Commercial trucks are broken down into the broad categories of light duty, medium duty, and heavy duty. The concept of heavy duty truck is typically attributed to the motor vehicle that are designed to transport cargo, carry specialized payloads, or perform other utilitarian work. Although, heavy-duty trucks are heavier than medium duty trucks. Their weight ranges between 26,001 lbs to over 33,000 lbs (11,794 kg to over 14,969 kg). Thus, heavy duty trucks are gaining traction owing to their high carrying capacity and strong suspension system useful in transportation activities. Majority of construction companies prefer heavy-duty trucks for carrying debris and materials at any terrain for long distances.

In addition, the heavy duty truck market has witnessed significant growth in recent years, owing to the growing need of consistent material supply to the power industries and debris removal to speed up the mining activities is accelerating the sale of sleeper cab class 8 heavy-duty trucks. Industry participants, such as Hyundai, Ashok Leyland, and Kenworth, are developing class 8 sleeper trucks for heavy operation across all sectors. Furthermore, the companies operating in the heavy duty truck market have adopted partnerships, investments, and product launches to increase their market share and expand their geographical presence. For instance, in April 2020, Volvo Group and Daimler truck AG signed a non-binding agreement to form a new joint venture with a focus on the development of advanced fuel cell systems for heavy-duty commercial vehicle applications in Europe.

These trucks have advanced features, lightweight structure frame, and wider availability, increasing their market representation worldwide. Moreover, heavy-duty trucks comprise a trailer or a goods carrying space that provide easy and safe transportation. Hence, heavy-duty trucks are employed in diverse industries including logistics, construction, and Dump trucks. These trucks save time for the transportation of the goods and materials. For instance, in September 2021, Tata Motors announced its plans to invest over $1 billion, or an amount exceeding Rs 7,500 crore over the next 4-5 years to recreate its road-map for the commercial vehicle business, a major part of which comprises electric vehicles, which in turn propels the electric segment of heavy duty truck market.

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Furthermore, governments across the globe are taking initiatives to educate people about waste management and recycling. This, in turn, is expected to drive the global market of waste and subsequently, of heavy-duty trucks. India is projected to be a major market for waste or heavy-duty trucks during the forecast period, as government initiatives, such as smart-city and Swachh-Bharat, to create a healthy and clean environment are estimated to offer significant opportunity to the waste or heavy-duty trucks market.

Key Market Players

PACCAR Inc.,
Isuzu Motors Limited,
Eicher Motors Ltd,
Tata Motors,
Ashok Leyland,
NAVISTAR, INC.,
China National Heavy Duty Truck Group Co., Ltd,
freightliner,
Scania,
MAN,
Dongfeng Commercial Vehicle Company Limited,
AB Volvo.

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Key Benefits For Stakeholders

This study presents analytical depiction of the global heavy duty truck market analysis along with current trends and future estimations to depict imminent investment pockets.

The overall heavy duty truck market opportunity is determined by understanding profitable trends to gain a stronger foothold.

The report presents information related to the key drivers, restraints, and opportunities of the global heavy duty truck market with a detailed impact analysis.

The current heavy duty truck market is quantitatively analyzed from 2021 to 2031 to benchmark the financial competency.

Porter's five forces analysis illustrates the potency of the buyers and suppliers in the industry.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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