Heavy-duty trucks are used for cargo transportation, logistics operations, construction, mining, etc.
Growth in the manufacturing and construction sector, developments in road infrastructure, and steady growth in the freight and logistics sectors are some of the major factors that are expected to increase the heavy duty trucks market size.
The global heavy duty trucks market size is projected to reach $538.8 Billion by 2026, from $446 Billion in 2019, at a CAGR of 3.2 percent during 2020 to 2026.
Trends Influencing the Heavy Duty Trucks Market Size
The mining industry also is on the rise. Since the mining industry is a big deployer of heavy-duty trucks, the industry's improving condition is expected to increase the heavy-duty truck market size.
The increase in regional and global trade activities is anticipated to grow the heavy duty trucks market size. In addition, rapid industrialization leading to large-scale production and distribution of goods and services is projected to generate the need for an increase in the number of heavy duty trucks.
The growth of the e-commerce sector is expected to fuel the growth of heavy duty trucks market size during the forecast period. People in developed economies are likely to buy a majority of their supplies from the internet. This has resulted in an increase in the number of goods transported by cargo trucks.
Rising customer willingness to use vehicles fitted with advanced driver-assistive technologies and safety features are playing a major role in increasing the heavy-duty trucks market size during the forecast period. Furthermore, the implementation of advanced connectivity solutions such as smart fleet management and telematics platforms stimulates the adoption of heavy-duty trucks.
Supportive government initiatives and policies targeted towards the development of lower-emission heavy-duty trucks are expected to drive the heavy duty trucks market size.
Higher vehicle ownership and maintenance costs may hamper the heavy duty trucks market size. However, manufacturers are deploying lean manufacturing processes and providing vehicle leasing facilities, thereby encouraging product adoption over the projected time frame.
Heavy Duty Trucks Market Share Analysis
North America and Latin American markets have huge growth potential and are predicted to make massive contributions towards the overall heavy-duty trucks market share.
The APAC region witnessed a strong demand for heavy duty trucks due to the higher number of construction projects in the pipeline. Over the years, exports of heavy machinery from Singapore to the rest of the APAC region have grown steadily. This trend is expected to continue during the forecast period as well, thereby increasing the heavy-duty truck market size.
Key Regions Covered
- North America
- South Korea
For more information, visit https://reports.valuates.com.
To view the full report, visit https://reports.valuates.com/market-reports/QYRE-Auto-32Z2027/global-heavy-duty-trucks.