Heavy Duty Trucks Market : By Industry Trends, Leading Players, Size, Share, Growth, Opportunity And Forecast 2024-2033

The Heavy Duty Trucks Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Heavy Duty Trucks Global Market Report 2024, The heavy duty trucks market size is expected to see strong growth in the next few years. It will grow to $278.6 billion in 2028 at a compound annual growth rate (CAGR) of 5%.  The growth in the forecast period can be attributed to growing demand for powerful vehicles, intensifying product demand in specific sectors, expansion of domestic and foreign trade, stringent emission regulations, rise in purchasing power. Major trends in the forecast period include electrification surge, telematics and connectivity, weight reduction technologies, last-mile delivery solutions, predictive maintenance.

The increase in infrastructure development and construction is expected to propel the growth of the heavy-duty truck market going forward. Infrastructure development and construction refers to the planning, financing, and building of basic physical systems that support a community or society. Heavy-duty trucks are used in infrastructure development and construction to facilitate the transportation of materials, equipment, and goods essential for building projects, providing large cargo capacity and long-distance capabilities. For instance, in November 2023, according to the Office for National Statistics, a UK-based government department, the value of construction in Great Britain in 2022 increased by 15.8% to a record high of $168,236 (£132,989) million, and annual new orders in 2022 increased 11.4% to a record high value of $102,261 (£80,837) million. Further, the main contributors were private infrastructure, private commercial, and other public non-housing, which increased by 85.1%, 10.2%, and 17.5%, respectively. Therefore, an increase in infrastructure development and construction is driving the growth of the heavy-duty truck market.

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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

Major companies operating in the heavy-duty trucks market are developing technological advancements, such as hydrogen-powered trucks with hydrogen ICE (internal combustion engine) technology, to strengthen their position in the market. Hydrogen-powered trucks offer promising and sustainable solutions for the heavy-duty trucks market, addressing environmental concerns, providing operational advantages, and contributing to the industry’s long-term viability. For instance, in February 2023, Ashok Leyland, an India-based automotive manufacturer, in partnership with Reliance Industries Limited, an India-based conglomerate company, launched the H2-ICE heavy-duty truck range (19–35 ton) powered by hydrogen, a clean and renewable energy source. The vehicle’s architecture resembles a conventional diesel engine, allowing for a cost-effective transition to cleaner energy. This hydrogen technology solution is expected to revolutionize the field of green mobility by producing almost zero emissions, performing at a level with traditional diesel trucks, reducing noise, and saving operating expenses.

The heavy duty trucks market report table of contents includes:

1. Executive Summary
2. Heavy Duty Trucks Market Characteristics
3. Heavy Duty Trucks Market Trends And Strategies
4. Heavy Duty Trucks Market – Macro Economic Scenario
5. Global Heavy Duty Trucks Market Size and Growth
………….
32. Global Heavy Duty Trucks Market Competitive Benchmarking
33. Global Heavy Duty Trucks Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Heavy Duty Trucks Market
35. Heavy Duty Trucks Market Future Outlook and Potential Analysis
36. Appendix

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