Categories: Market Research

Heavy Trucks Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Heavy 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 Trucks Global Market Report 2024, The heavy trucks market size has grown strongly in recent years. It will grow from $217.23 billion in 2023 to $228.49 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to industrialization and economic growth, infrastructure development, regulatory changes in safety standards, world wars and military demands, global trade expansion.

The heavy trucks market size is expected to see strong growth in the next few years. It will grow to $282.26 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to electrification advancements, regulatory pressures on emissions, autonomous trucking evolution, digitalization and fleet management solutions, rise of last-mile delivery demands. Major trends in the forecast period include electric heavy trucks, autonomous trucking technolog, telematics and connectivity, alternative fuels adoption, advanced safety features.

Growth in the demand for heavy trucks from end-users such as in construction, mining, and other sectors is contributing to the growth of the heavy trucks market. According to executives of leading truck makers, an increase in construction activities boosted the sales of tipper trucks, concrete mixers, and other heavy vehicles. Also, in 2021, according to the American Trucking Association, the revenue of the trucking industry was reported to be $875.5 billion. In June 2021, around 4.06 million Class 8 trucks were in operation, 2.3% up from 2020. An increase in demand for heavy trucks from end-users is expected to drive the growth of the heavy trucks market in the forecast period.

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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

Vehicles fitted with advanced driver-assistive technologies and safety features are new trends in the heavy trucks market. Advanced driver-assistive technologies include features like the Collision Mitigation System (CMS) and a Lane Departure Warning System (LDWS), aiming to reduce road accidents and increase vehicle safety. For instance, in 2022, Tata Motors, an Indian-based commercial vehicle manufacturer, launched India’s first CNG-powered medium and heavy commercial vehicle truck and introduced a new-age, advanced driver assistance system (ADAS) including a collision mitigation system, lane departure warning system, and driver monitoring system in its best-selling range of trucks, including the Prima, Signa, and Ultra trucks, to enhance driving comfort.

The heavy trucks market report table of contents includes: