Increasing international and domestic trade activates is highly anticipated to drive the demand for heavy-duty trucks. An upsurge in construction and logistics sector is expected to augment the heavy-duty trucks market further. The volume of heavy-duty trucks is anticipated to phenomenally increasing over the forecast period owing to growth in the number of orders of heavy-duty trucks in developing economies.
Moreover, booming economic growth with gradual growth in the urbanization had profoundly impacted the transportation sector, which propels the heavy-duty trucks market globally. Technological advancement and an introduction of electric and hybrid vehicles are majorly expected to drive the heavy-duty trucks market over the forecast period across the globe. However, the high cost of heavy-duty trucks and environmental regulation to curb the carbon emission is subjected to hinder the market growth over the forecast period.
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n terms of revenue, the global heavy-duty trucks market is expected to represent an incremental opportunity of US$ 56.1 Bn by 2018 end over 2027.
On the basis of class, the market can be categorized as class 7, class 8, and class 9. The class 7 segment is expected to dominate the heavy-duty trucks market over the forecast period, regarding value, which accounted for more than 30% value share in 2027.
On the basis of fuel, the market is segmented into diesel, natural gas, hybrid electric vehicle, and gasoline. The segment, diesel in a heavy-duty trucks market accounted for the highest market share of more than 60% in 2017. The segment hybrid electric vehicle is expected to grow remarkably over the forecast period.
The Latin America region is expected to register relatively low growth in the heavy-duty trucks market, as the region is currently sustaining economic crises and has less scope of further development. APEJ market is developing at a rapid pace with an increasing application of heavy-duty trucks across all major sectors.
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On the basis of region, the global heavy-duty trucks market is segmented into North America, Latin America, Europe, Japan, Asia-Pacific excluding Japan(APEJ) and MEA. Among these regions, the APEJ heavy-duty trucks market is projected to exhibit relatively higher growth in the global heavy-duty trucks market with a CAGR of over 5.5% during the forecast period. Revenue from the heavy-duty trucks market in APEJ and Europe is expected to collectively account for more than 45% of the global heavy-duty trucks market revenue in 2018.
Key competitors in heavy-duty trucks market are as Daimler, Dongfeng, Eicher Motors Limited, Fiat Chrysler Automobiles, Ford Motor Company, Freightliner, General Motors, Kenworth, Navistar, Nissan, Oshkosh Corporation, Paccar, Peterbilt, Scania, Tata Motors, Toyota, Volkswagen and Volvo.
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