Overview and Scope
Heavy-duty trucks refer to heavy commercial vehicles that usually carry the load by themselves, without a trailer. These trucks, having a gross vehicle weight of around 15,000 kg or more, are designed to transport heavy equipment, construction materials, and minerals.
Sizing and Forecast
The heavy duty trucks market size has grown strongly in recent years. It will grow from $215.54 billion in 2023 to $229.16 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to growing industrial operations, increasing freight demand, rising pollution standards, advancements in vehicle safety, end-user demand.
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Segmentation & Regional Insights
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
North America was the largest region in the heavy duty trucks market in 2023. 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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Major Driver Impacting Market Growth
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.
Key Industry Players
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
The heavy duty trucks market report table of contents includes:
- Executive Summary
- Heavy Duty Trucks Market Characteristics
- Heavy Duty Trucks Market Trends And Strategies
- Heavy Duty Trucks Market – Macro Economic Scenario
- Global Heavy Duty Trucks Market Size and Growth
- Heavy Duty Trucks Market Segmentation
- Heavy Duty Trucks Market Regional And Country Analysis
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- Key Mergers And Acquisitions In The Heavy Duty Trucks Market
- Heavy Duty Trucks Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Heavy Duty Trucks Market, Segmentation By Truck Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Heavy Duty Trucks Market, Segmentation By Propulsion, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Heavy Duty Trucks Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 74: Toyota Motor Corporation Financial Performance
Table 75: Fait Chrysler Automobile Financial Performance
Table 76: Mercedes-Benz Group Financial Performance
Table 77: Ford Motor Company Financial Performance
Table 78: General Motors Financial Performance
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