Global Heavy-Duty Trucks market, which accrued proceeds worth 205.82 (USD Billion) in 2019, is set to record the CAGR of nearly 3.9% over the period from 2020 to 2026.
Heavy-Duty Trucks Market
The global Heavy-Duty Trucks market, which accrued proceeds worth 205.82 (USD Billion) in 2019, is set to record a CAGR of nearly 3.9% over the period from 2020 to 2026. The report offers an assessment and analysis of the Heavy-Duty Trucks market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, sales estimates, opportunities, evolving trends, and industry-validated data. The report offers historical data from 2017 to 2019 along with a forecast from 2020 to 2026 based on revenue (USD Billion).
Heavy-duty trucks are utilized for transporting goods and find lucrative usage in the agriculture, construction, mining, and logistics sectors. Additionally, the service providers are focusing on raising the truck fleet to enhance truck proficiency. In addition to this, thriving e-commerce activities across the globe will steer the expansion of the heavy-duty truck business over the forthcoming years.
The escalating demand for robust vehicles having high transporting ability as well as the capability for handling huge weights & suspension tools will boost the market progression over the coming decade. Apart from this, a rise in freight transport activities with the rise in the globalization will prompt business growth over the forecast timespan. Additionally, the surge in domestic as well as global trading activities is likely to offer new growth avenues for the heavy-duty truck market over the forthcoming years.
Furthermore, swift industrialization has resulted in large-scale production & distribution of products, thereby creating a huge demand for transport fleet size. This is likely to translate into a huge need for heavy-duty truck vehicles in the near future. Apparently, improvements in logistics & supply chain management activities will steer the business growth over the next couple of years. The inclusion of advanced driver assistance systems & secured features in the vehicles will bring a paradigm shift in the transport systems and will pave a way for the growth of the heavy-duty trucks industry over the forecasting years.
The Asia Pacific To Majorly Influence Overall Market Growth During 2020-2026
The expansion of the heavy-duty trucks industry in the Asia Pacific zone over the estimated timespan is due to an increase in product sales along with huge presence of reputed players in the region. Apart from this, easy availability of workforce at reduced wages and access to abundant raw materials at lower costs will steer the construction & automotive sectors resulting in huge product penetration in the Asia Pacific. Countries like Thailand, China, India, Malaysia, and Indonesia are predicted to contribute sizably towards the regional market revenue over the estimated timespan.
Key players included in the report are Tata Motors, China National Heavy Duty Group, Volvo, Paccar, Ashok Leyland, Dongfeng, Scania AB, Daimler AG, Isuzu Motors, Ford Motor Company, Eicher Motors Limited, Freightliner, MAN SE, Kenworth, Oshkosh Corporation, Navistar, Peterbilt, and Volkswagen.
The global heavy-duty trucks market is segmented as follows:
The escalating demand for robust vehicles having high transporting ability as well as capability for handling huge weights & suspension tools will boost the market progression over the coming decade.
The CAGR of the industry is expected to be nearly 3.9% during the forecast timeline.
Asia Pacific region will contribute lucratively towards the global market revenue over the estimated timeline.
The key market participants include are China National Heavy Duty Group, Ashok Leyland, Dongfeng, Daimler AG, Ford Motor Company, Eicher Motors Limited, Isuzu Motors, Freightliner, MAN SE, Kenworth, Oshkosh Corporation, Navistar, Peterbilt, Paccar, Tata Motors, Scania AB, Volvo, and Volkswagen.