Comprehensive Heavy Duty Trucks Market Analysis 2024: Size, Share, And Key Trends
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The heavy-duty trucks market has seen substantial growth, expanding from $215.54 billion in 2023 to $229.16 billion in 2024, with a CAGR of 6.3%. This growth is attributed to factors such as industrial expansion, increased freight demand, stricter pollution standards, advancements in vehicle safety, and rising end-user demand. Looking forward, the market is expected to maintain its momentum, reaching $278.6 billion in 2028, driven by demand for powerful vehicles, sector-specific product demand, trade expansion, emission regulations, and increased purchasing power. Major trends include electrification surge, telematics advancements, weight reduction technologies, last-mile delivery solutions, and predictive maintenance strategies implementation.
The surge in infrastructure development and construction activities is expected to drive the growth of the heavy-duty truck market in the coming years. Heavy-duty trucks are essential for transporting materials, equipment, and goods vital for construction projects, boasting large cargo capacity and long-distance capabilities. Notably, according to the Office for National Statistics in November 2023, the value of construction in Great Britain soared by 15.8% in 2022 to reach a record high of $168,236 (£132,989) million. Additionally, annual new orders in 2022 surged by 11.4% to a record high value of $102,261 (£80,837) million, with substantial contributions from various sectors. Consequently, the upsurge in infrastructure development and construction activities serves as a significant driver for the heavy-duty truck market’s growth, with a market size of $C in 2023 and $D in 2024.
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What Are The Key Trends That Influence Heavy Duty Trucks Market Share Analysis?
Major companies operating in the heavy-duty trucks market are enhancing their technological capabilities, such as developing hydrogen-powered trucks with hydrogen ICE (internal combustion engine) technology, to strengthen their market position. Hydrogen-powered trucks present sustainable solutions for the heavy-duty trucks market, addressing environmental concerns, offering operational benefits, and supporting long-term industry viability. For example, in February 2023, Ashok Leyland, an India-based automotive manufacturer, partnered with Reliance Industries Limited, an India-based conglomerate, to launch the H2-ICE heavy-duty truck range (19–35 ton) powered by hydrogen, a renewable energy source. The vehicle’s design is similar to a conventional diesel engine, facilitating a cost-effective shift to cleaner energy. This hydrogen technology is expected to revolutionize green mobility by producing nearly zero emissions, performing comparably to traditional diesel trucks, reducing noise, and lowering operating costs.
Which Market Players Are Driving Growth In 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
How Is The Global Heavy Duty Trucks Market Segmented?
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
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The Heavy Duty Trucks Global Market Report 2024 provides an overview of the heavy duty trucks market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The heavy duty trucks market forecast analyzes heavy duty trucks market size, heavy duty trucks market share, leading competitor and their market positions.
The Table Of Content For The Heavy Duty Trucks Market Include
1. Heavy Duty Trucks Market Executive Summary
2. Heavy Duty Trucks Market Segments
3. Heavy Duty Trucks Market Size And Template Market Growth Rate
4. Key Heavy Duty Trucks Market Trends
5. Major Heavy Duty Trucks Market Drivers
……
25. Key Mergers And Acquisitions In The Heavy Duty Trucks Market
26. Top Heavy Duty Trucks Companies
27. Heavy Duty Trucks Market Opportunities And Strategies
28. Heavy Duty Trucks Market, Conclusions And Recommendations
29. Appendix
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