As per this study the Global Heavy duty truck Market was valued USD 255 BN (by revenue) in 2022 and is anticipated to reach USD 406.43 BN by 2030 with a CAGR of 6%.
Heavy-duty trucks are the motor vehicle specially designed to transport heavy load or goods. The gross vehicle weight rating (GVWR) of heavy duty trucks is 26001 to over 33000 lb (11794 to over (14969 kg). These are mainly used at the job site to carry large volume raw material, construction material, chemicals, and industrial equipment or to pull heavy loads. Heavy-duty trucks include garbage trucks, refrigerator trucks, cement mixing trucks, and log carriers, and heavy dump trucks.
Market Dynamics
Growing domestic, as well as international trade activities, is majorly driving the market growth. Booming logistics and construction sector is directly up surging the demand for the heavy-duty trucks. Also, growing adoption of heavy-duty commercial vehicles across mining and agriculture industry is further boosting the market growth. Technological advancement leading to the development of electric and hybrid trucks is expected to foster market growth. In spite of this, hike in labor cost coupled with volatile raw material prices is presumed to hinder the market growth.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter's five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of heavy-duty truck.
Market Segmentation
The broad heavy-duty truck market has been sub-grouped into type and application. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Class
- Class 7 (Axle (4X2, 5х4, 6X2))
- Class 8 (Axle (4X2, 6X4, 6X2))
- Cab (Day Cab, Sleeper)
By Fuel
- Diesel
- Natural Gas
- Hybrid Electric
- Gasoline
By Horsepower
- Below 300 HP
- 300-400 HP
- 400-500HP
- Above 500HP
Regional Analysis
Furthermore, the report comprises of the geographical segmentation, which mainly focuses on current and forecast demand for heavy-duty truck in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Heavy Duty Truck Market Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the heavy-duty truck market include Daimler Group, Ford Motor Company, Navistar, Oshkosh Corporation, Paccar, volkswagen, and Volvo, among others. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
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