The demand for heavy duty trucks is on the rise owing to its numerous advantages in numerous industries that includes heavy loads. With rapid urbanization, the rate of migration to cities is accelerating, thereby rising the demand for trucks to move various appliances.
Trucks are classified into light, medium and heavy duty trucks. Generally, a vehicle that comes under the heavy duty category has a gross weight of 15,000 kg which includes the self-weight of the vehicle as well as the load it is carrying. This gross weight might increase in case if the truck is pulling a trailer.
The demand for heavy duty trucks is on the rise owing to its numerous advantages in numerous industries that includes heavy loads. With rapid urbanization, the rate of migration to cities is accelerating, thereby rising the demand for trucks to move various appliances. There is also a rise in the number of business opportunities available and this has led to a surge in the level of hauling activities. Today a lot of goods have to be moved and many assembly plants need heavy parts that can only be migrated using hauling trucks. With growing awareness regarding pollution and environmental protection, various companies are implementing sustainable processes and recyclable material. Hence, trucks are used for garbage and material collection for recycling. Furthermore, trucks are tough and can be considered to be reliable for tough tasks. All these factors point towards a growing market. However, strict emission norms might slowdown market growth.
On the basis of class, the class 8 trucks are expected to hold a tremendous market share owing to a demand for carrying heavy payloads. Various projects in the infrastructure and mining industry have given rise to a higher demand for carrying heavy loads which are executed by using class 8 trucks. With booming logistics and increasing purchasing power, the demand for carrying raw material and other heavy equipment have increased. The rapidly growing industrial sectors of numerous countries have also cast a cloud of demand on trucks.
On the basis of application, the logistics segment is anticipated to hold a major share of the market. There has been a huge surge in demand for speedy deliveries owing to the emergence of the e-commerce sector. Majority of the companies are focusing on reducing delivery times and optimizing delivery routes. Roadways constitute the most preferred form of transport. Moreover, it is easy to track shipments using road transport. Trucks are a reliable and fast mode for transporting goods.
On the basis of region, North America is expected to hold a prominent share of the market. The developed economy of the region forms a strong foundation for operating a diverse pool of businesses. Moreover, the road network of the region is very strong. Furthermore, the region has a highly developed industrial sector. The purchasing power of the people is high. Companies such as UPS and Amazon have a strong network of logistics and supply chain in the region.
The Asia Pacific is anticipated to hold a significant share of the market. The huge population of the region opens doors for tremendous opportunities and an elevated demand. Moreover, the region is driven by rapidly growing economies such as India and China. Post globalization numerous companies started their business in the region. Furthermore, the purchasing power of people in the region has increased. In addition, the region hosts a huge platform for the start-up ecosystem and economic operational costs. Due to all these factors the region is expected to hold promising potential for growth.
Renowned heavy duty trucks companies are Daimler Group, Eicher Motors Limited, Dongfeng Motor Group Company Ltd., Navistar, Ford Motor Company, Paccar, Oshkosh Corporation, Volkswagen, Tata Motors, Volvo, Freightliner, Kenworth, Peterbilt, and Scania AB among others.
The report segments the heavy duty trucks market as follows:
Global Heavy Duty Trucks Market: By Class Segment Analysis
Global Heavy Duty Trucks Market: By Fuel Segment Analysis
Global Heavy Duty Trucks Market: By Application Segment Analysis
Global Heavy Duty Trucks Market: By Region