Industry Background:
Heavy-duty trucks are large, heavy road vehicles having a weight of 33,000 lb (15,000 kg) or more used for carrying goods, materials or another purpose. These trucks are made of steel for strength and durability, aluminum for lightweight and corrosion resistance, polished stainless steel for bright finishes, and molded plastics for complex shapes. They are assembled from component parts. These components are built by other companies most of the time and shipped to the truck assembly plant.
According to AMA Research, the market for Heavy-duty Trucks is expected to register a CAGR of 6.2% during the forecast period to 2027. This growth is primarily driven by High Demand for Numerous Applications
.
Attributes | Details |
---|
Study Period | 2017-2027 |
Base Year | 2021 |
Forecast Period | 2022-2027 |
Volume Unit | K Units |
Value Unit | USD (Billion) |
Key Companies in Study | Volvo Trucks (Sweden), Daimler AG (Germany), Traton (Germany), PACCAR Inc. (United States), Tata Motors Limited (India), Ashok Leyland (India), FAW Group Corporation (China), China National Heavy Duty Truck Group (China), Dongfeng Motor Corporation (China) and Isuzu Motors Ltd (Japan) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Automobiles sector in the Europe region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as Volvo Trucks (Sweden), Daimler AG (Germany), Traton (Germany), PACCAR Inc. (United States), Tata Motors Limited (India), Ashok Leyland (India), FAW Group Corporation (China), China National Heavy Duty Truck Group (China), Dongfeng Motor Corporation (China) and Isuzu Motors Ltd (Japan), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
Volvo Trucks has agreed to acquire JMC Heavy Duty Vehicle Co., Ltd., a subsidiary of Jiangling Motors Co., Ltd., which includes a manufacturing site in Taiyuan, Shanxi province, China, for an amount of RMB 0.8 billion (approximately SEK 1.1 billion). The objective is to start production of the new heavy-duty Volvo FH, Volvo FM, and Volvo FMX trucks in Taiyuan for customers in China from the end of 2022.
On 27th June 2018, Commercial vehicle manufacturer Eicher Trucks and Buses, part of Volvo Eicher Commercial Vehicles launched two new heavy-duty trucks in India in the 49 Ton and 41 Ton categories. Out of these, Eicher Pro 6041 is India's first 41-tonnage heavy-duty truck and offers a payload of an additional 3.5 Ton (lift axle) over 37-ton trucks.To entice more end users, market players are focusing on providing heavy-duty trucks of higher quality while adhering to all regulatory standards. In the global heavy-duty truck market, there are numerous large and small-scale manufacturers. They are also concentrating on the implementation of numerous advanced technologies. Furthermore, the numerous industry profits have led to the entry of new players, raising the level of rivalry in an already competitive market. The heavy-duty truck market is currently expanding due to the increasing number of technological advancements in automobiles and EVs. Some of the key players in this market follow strategies, which include new product offerings, product approvals, partnerships and alliances, mergers and acquisitions, and business expansions.
Regulatory Insights:
In March 2022, the U.S. Environmental Protection Agency (EPA) is proposing new, stronger standards to promote clean air and reduce pollution from heavy-duty vehicles and engines starting in model year (MY) 2027. The proposed standards would reduce emissions of smog- and soot-forming nitrogen oxides (NOx) from heavy-duty gasoline and diesel engines and set updated greenhouse gas (GHG) standards for certain commercial vehicle categories. This proposed rule would ensure the heavy-duty vehicles and engines that drive American commerce and connect people across the country are as clean as possible while charting a path to advance zero-emission vehicles in the heavy-duty fleet.
Heavy-duty Trucks Market Dynamics:
Attributes | Details |
---|
Growth Drivers | - High Demand for Numerous Applications
- Increasing Investments in the Construction of Roads
|
Influencing Trends | - Growing Demand for Hybrid Trucks
|
Restraints | - Fluctuations in the Raw Material Prices
|
Road Blocks / Challenges | - Stringent Regulations and Standards Pertaining To Carbon Emissions
|
Gaps & Opportunities | - Growing Automobile Industry Worldwide
- Growth Construction and E-Commerce Industry
|
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Vendors landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Heavy-duty Trucks Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the medium utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Heavy-duty Trucks Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, SEC filings of Heavy-duty Trucks players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Heavy-duty Trucks Study Sheds Light on
The Heavy-duty Trucks Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Heavy-duty Trucks industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Heavy-duty Trucks industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey, and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.