Sector to Reach $283.71 Billion by 2027 at a CAGR of 6.3%

DUBLIN, April 5, 2023 /PRNewswire/ — The “Heavy Trucks Global Market Report 2023” report has been added to  ResearchAndMarkets.com’s offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the market.

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

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

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The heavy trucks market consists of sales of 18-wheeler truck, refrigerator truck, dump truck, garbage truck, logging truck, concrete transport truck, tractor unit and tanker truck. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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.

North America was the largest region in the heavy trucks market in 2022. Asia Pacific was the second-largest region in the heavy trucks market. The regions in the heavy trucks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa.

The main types in the heavy truck market are class 5, class 6, class 7, and class 8. Class 8 trucks refer to the class 8 trucks that are used commercially and have great load capacity. The various fuel types include diesel, natural gas, hybrid electric, and gasoline. These are used in construction and mining, freight and logistics, and other applications.

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 truck manufacturing 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, the 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 heavy truck market in the forecast period.

The COVID-19 outbreak across the globe has impacted the production and demand for heavy trucks, and this is expected to restrain the heavy truck market during the forecast period. The pandemic has led to restrictive containment measures involving social distancing, remote working, and the closure of several manufacturing units to contain the disease. Such a lockdown norm has led to supply chain disruptions across several industries, including heavy truck manufacturing industries.

S&P Global Inc., a financial information and analytics company, indicated that global sales of heavy-duty trucks will decline by 20% to 30% in 2020 due to the COVID-19 impact. Furthermore, by 2021, the sales recovery is expected to be delayed by 10%. Therefore, the COVID-19 outbreak is a major restraining factor that is expected to impact the growth of the heavy truck market negatively.

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 countries covered in heavy trucks market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, USA.

Key Topics Covered:

1. Executive Summary

2. Heavy Trucks Market Characteristics

3. Heavy Trucks Market Trends And Strategies

4. Heavy Trucks Market – Macro Economic Scenario
4.1 COVID-19 Impact On Heavy Trucks Market
4.2 Ukraine-Russia War Impact On Heavy Trucks Market
4.3 Impact Of High Inflation On Heavy Trucks Market

5. Heavy Trucks Market Size And Growth
5.1. Global Heavy Trucks Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Heavy Trucks Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Heavy Trucks Market Segmentation
6.1. Global Heavy Trucks Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Class 5
• Class 6
• Class 7
• Class 8

6.2. Global Heavy Trucks Market, Segmentation By Fuel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Diesel
• Natural Gas
• Hybrid Electric
• Gasoline

6.3. Global Heavy Trucks Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Construction and Mining
• Freight and Logistics
• Other Applications

7. Heavy Trucks Market Regional And Country Analysis
7.1. Global Heavy Trucks Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Heavy Trucks Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

For more information about this report visit https://www.researchandmarkets.com/r/g6mdrv

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