The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Growth in the demand for heavy trucks from end-users such as in construction, mining, and other sectors are expected to drive innovation in heavy trucks manufacturing, thus driving the market during the forecast period.

The global heavy trucks market is expected to grow from $208.31 billion in 2022 to $222.57 billion in 2023 at a compound annual growth rate (CAGR) of 6.8%. The global heavy trucks market size is expected to grow to $283.71 billion in 2027 at a CAGR of 6.3%.

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Global Heavy Trucks Market Segments Include:

• By Type: Class 5, Class 6, Class 7, Class 8
• By Fuel: Diesel, Natural Gas, Hybrid Electric, Gasoline
• By Application: Construction and Mining, Freight and Logistics, Other Applications
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global heavy trucks market in 2021.

Major Market Players in the heavy trucks market include Volvo Trucks, Daimler, Paccar, Isuzu Motors Ltd., TATA motors, Eicher Motors Ltd., Dongfeng Motor Group Company Ltd., Navistar, Ford Motor Company, and Volkswagen.

Vehicles fitted with advanced driver-assistive technologies and safety features are new trends in the heavy truck 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 collision mitigation system, lane departure warning system and driver monitoring system in its best-selling range of trucks including Prima, Signa and Ultra trucks to enhance driving comfort.

The Heavy Trucks Global Market Report 2023 provides a heavy trucks market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The heavy trucks market forecast analyzes heavy trucks market size, heavy trucks market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Heavy trucks are defined as commercial motor vehicles used for the transportation of goods with a weight of 2.72 tons or more when empty and 4.54 tons or more when loaded.

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