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Heavy duty trucks are commercial vehicles used in various commercial tasks, including transportation, agriculture, construction, and a variety of others.
Long-term, rising pollution standards, advances in vehicle safety, and rapidly growing logistics, retail, and e-commerce sectors are likely to fuel demand for new advanced trucks worldwide. Moreover, increased demand for powerful vehicles with larger carrying capacity to handle heavier loads and strong suspension systems and the rising need for fuel-efficient trucks are expected to surge the product demand. For example, the U.S. National Highway Traffic Safety Administration has established new fuel economy standards for heavy duty truck engines powered by diesel, natural gas, and alternative fuels.
End-user demand for heavy trucks, such as in construction, mining, and other industries, is helping to drive the heavy duty trucks (6-8 Class) market forward. According to executives from top truck manufacturers, construction activity boosted sales of tipper trucks, concrete mixers, and other heavy vehicles. In addition, in June 2022, approximately 344,000 class 8 trucks were sold in the U.S. The heavy duty trucks (6-8 Class) market is expected to be driven by an increase in end-user demand for heavy trucks in the projected period.
During the COVID-19 pandemic, prominent OEMs saw a dramatic drop in the market for heavy duty trucks. Further, the transportation industry was shut down, posing new problems for cargo and manufacturing companies to move their goods from one location to another. Severe disturbances in the global logistics & supply chain system during the pandemic caused a decline in the production of heavy duty trucks. On the other hand, the market will likely grow throughout the projection period as Original Equipment Manufacturers (OEMs) attempt to restart production by investing heavily in the industry.
The report will cover the following Key insights:
The strict emission requirements created by governments will fuel the market growth in the hybrid electric category. In addition, the European Commission (EC) is working on new software to calculate fuel usage and CO2 emissions. Market participants respond to these policy shifts in North America and Europe by releasing new hybrid electric and completely electric heavy duty truck models.
Electric truck sales are expected to increase in North America, India, and Japan in the next years, owing to rising infrastructure and an ever-increasing need for freight loading. However, most countries worldwide saw a drop in truck sales in 2019, which continued in 2020 due to the slowing economy.
The demand for electric trucks for freight operations is expected to grow due to changing customer preferences, the development of charging infrastructure, availability of fast-charging stations, and secondary benefits of electric vehicles over conventional IC engine trucks. The market can experience an exponential upward trajectory graph during the projection period.
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The heavy duty trucks business in Asia Pacific is expected to grow over the forecast period due to increased product sales and a large presence of reputable regional players. The construction and automotive sectors will be steered by the simple availability of labor at cheap rates and access to copious raw materials at low costs, resulting in massive product penetration in Asia Pacific. Over the forecast timeframe, countries such as Thailand, China, India, Malaysia, and Indonesia are expected to contribute significantly to regional market revenue.
Growing government policies encouraging the adoption of electric vehicles and aggressive expansion by OEMs and suppliers in the region to meet increased demand from China's automotive industry are projected to boost the market growth over the forecast years. For example, the Chinese government encourages citizens to use electric vehicles. The country has already begun phasing out diesel/gasoline fuel, which is used to power today's trucks and construction equipment. By 2040, China intends to eliminate all diesel and gasoline automobiles.
State governments in India are incorporating electric buses & trucks into their fleets to save money while lowering carbon emissions and improving air quality. Neither the market is fragmented nor is it consolidated. Both established regional firms and new entrants have equal potential in the industry. Heavy duty vehicle manufacturers are working to develop successful supplier relationships to ensure the timely delivery of high-quality products to fulfill rising consumer demand.
By Truck Class
By Weight Limit
By Fuel Type
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