Heavy Trucks Market Expansion Outlook: $76.71 Billion in 2029

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What Is the Projected CAGR for the Heavy Trucks Market from 2024 to 2025?
In the past few years, there has been a steady growth in the market size of heavy trucks. Projections indicate that the market will increase from $63.97 billion in 2024 to $65.72 billion in 2025, with a compound annual growth rate (CAGR) of 2.7%. This growth in previous years is owing to factors such as economic growth and industrialization, advancements in infrastructure, alterations in safety regulations, military demands induced by world wars, and the expansion of global trade.

What are the Expected Market Size and CAGR for Heavy Trucks by 2029?
The market size for heavy trucks is anticipated to witness consistent expansion in the coming years, reaching a valuation of $76.71 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 3.9%. This growth in the projected period can be traced back to advancements in electrification, regulatory restrictions related to emissions, the evolution of autonomous trucking, digitalization, and solutions for fleet management, coupled with the surge in last-mile delivery demands. The forecast period is expected to see significant trends including the emergence of electric heavy trucks, the advancement of autonomous trucking technologies, telematics and connectivity, the uptake of alternative fuels, and the integration of advanced safety features.

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Which Factors Are Driving the Global Heavy Trucks Market Expansion?
The surge in demand for heavy trucks from sectors including construction, mining, and more is fueling the expansion of the heavy trucks market. Interviews with top executives from leading truck manufacturing companies revealed that a rise in construction activities has spurred the sale of tipper trucks, concrete mixers, and other large vehicles. For instance, data from the American Trucking Associations, a US-based trade organization, shows that in 2022, trucks delivered over 11.4 billion tons of cargo and generated revenue exceeding $940 billion, increasing from the previous year. The forecast for the heavy trucks market predicts further growth, powered by growing demand from end-users.

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Which Segment Currently Holds the Largest Share of the Heavy Trucks Market?
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

Which Major Trends Are Shaping the Future of the Heavy Trucks Industry?
The presence of sophisticated driver-assistance technologies and safety mechanisms in vehicles is a growing trend in the heavy trucks market. These advanced driver-assistance systems incorporate features such as the Collision Mitigation System (CMS) and the Lane Departure Warning System (LDWS) to help diminish road accidents and improve vehicular safety. For instance, Tata Motors, a leading commercial vehicle manufacturer from India, in 2022, launched the country's first CNG-powered medium and heavy-duty commercial vehicle truck. This launch also included the introduction of an advanced driver assistance system (ADAS) encompassing a collision mitigation system, lane departure warning system, and a driver monitoring system for their top-selling truck models such as the Prima, Signa, and Ultra trucks, all in the quest to amplify driving comfort.

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Which Key Players Dominate the Heavy Trucks Industry Globally?
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.

What Are the Fastest-Growing Regions in the Heavy Trucks Market?
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.

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