Heavy Duty Trucks Market Size Forecast: $278.03 Billion by 2029 | Global Outlook

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What Is the Projected Market Size Valuation of the Heavy Duty Trucks Market by 2025?
In recent times, the market size for heavy-duty trucks has been expanding steadily. The market, which was valued at $229.16 billion in 2024, is projected to escalate to $240.35 billion in 2025, with a compound annual growth rate (CAGR) of 4.9%. Factors such as the expansion of industrial operations, a surge in freight demand, heightened pollution standards, advancements in vehicle safety measures, and end-user demand are responsible for the growth in the historical period.

What Is the Estimated Market Growth Value for the Heavy Duty Trucks Industry in 2029?
In the upcoming years, the market size of heavy duty trucks is projected to witness consistent growth. By 2029, it is anticipated to reach a value of $278.03 billion, with a compound annual growth rate (CAGR) of 3.7%. Factors contributing to this growth during the forecast period could include an increased need for high-power vehicles, a focus on product demand in certain industries, growth of both local and international trade, strict emission standards, and an increase in purchasing power. Significant trends during the forecast period are expected to be a rise in electrification, increased use of telematics and connectivity, technologies reducing vehicle weight, solutions for last-mile delivery, and predictive maintenance.

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What Are the Growth Drivers and Opportunities in the Heavy Duty Trucks Market?
The growth of the heavy-duty truck market is anticipated to be driven by an upsurge in infrastructure development and construction. The latter implies the strategizing, funding, and physical establishment of enabling systems that uphold a community or society. Heavy-duty trucks play a crucial role in these sectors, offering transport solutions for the materials, equipment, and goods that are fundamental to construction efforts, with their large cargo hold and extended range capabilities. As an illustration, data from the Office for National Statistics, a government department in the UK, indicates that the worth of construction work in Great Britain in 2022 rose by 15.8% to peak at $168,236 (£132,989) million, while annual fresh orders in the same year marked an 11.4% hike to also reach a record high of $102,261 (£80,837) million. Additionally, the primary contributors to this growth were private infrastructure, private commercial, and other public non-housing, registering increases of 85.1%, 10.2%, and 17.5% respectively. Consequently, the heavy-duty truck market is experiencing growth, propelled by the surge in infrastructure development and construction.

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What Are the Primary Segments Covered in the Global Heavy Duty Trucks Market Report?
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

What Are the Top Growth Trends in the Heavy Duty Trucks Market?
Prominent firms in the heavy-duty trucks market are making technological breakthroughs, such as trucks powered by hydrogen, using internal combustion engine (ICE) technology, in an effort to solidify their market standing. Hydrogen-fueled trucks represent a potentially sustainable solution for the heavy-duty trucks market, tackling environmental issues, offering operational benefits, and supporting the industry's durability. For example, Ashok Leyland, an Indian motor manufacturer, teamed up with Reliance Industries Limited, an Indian multinational firm, to introduce the H2-ICE heavy-duty truck series (19-35 ton) in February 2023. These trucks, powered by clean, renewable hydrogen, mimic the design of conventional diesel engines, making the switch to cleaner energy cost-efficient. With virtually zero emissions, comparative performance to traditional diesel trucks, quieter operation, and cost savings, this hydrogen technology could significantly transform the green mobility sector.

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Which Companies Are Shaping the Future of the Heavy Duty Trucks Market?
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

Which Region Holds the Largest Market Share in the Heavy Duty Trucks Industry?
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.

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