"Market Intelligence for High-Geared Performance"

Heavy Duty Trucks (6-8 Class) Market Size, Share, Industry, and COVID-19 Impact Analysis, By Truck Class (Class-6, Class-7, and Class-8), By Weight Limit (8000-11000 Kg, 11000-15000 Kg, and 15000 Kg & Above), By Fuel Type (Diesel, Natural Gas, Gasoline, Hybrid, Electric, and Fuel Cell), By Application (Construction & Mining, Freight & Logistics, and Other Applications), by Regional Forecast, 2024-2032

Region :Global | Report ID: FBI106985 | Status : Ongoing

 

KEY MARKET INSIGHTS

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.


  • In March 2019, Daimler Trucks, a German multinational automotive firm and builder of heavy and medium vehicles, purchased Torc Robotics, a pioneer in autonomous driving, for an unknown sum to create a technology powerhouse for automated trucks. Daimler will be able to develop and test automated trucks with SAE Level 4 intent technology on public roads due to the acquisition.


Impact of COVID-19 on Global Heavy Duty Trucks (6-8 Class) Market


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.

Key Insights


The report will cover the following Key insights:


  • Key Industry Developments – Mergers, Acquisitions, and Partnerships

  • Porter’s Five Forces Analysis

  • PEST Analysis

  • Technological Developments

  • Impact of COVID-19 on the Heavy Duty Trucks (6-8 Class) Market


Analysis by Fuel Type


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.


  • For instance, in January 2022, Volvo Trucks introduced the Volvo VNR electric truck, which has a greater range. The Volvo VNR Electric increased its range from 240 km to 440 km with 565KWh of stored energy. Enhanced battery design and a new six-battery package option are reasons for the improved performance.


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.

Regional Analysis


To gain extensive insights into the market, Request for Customization


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.


  • In September 2021, Tata Motors said that it aims to invest more than USD 1 billion, or more than Rs 7,500 crore, over the next 4-5 years to reimagine its commercial vehicle roadmap, including electric vehicles.

  • In March 2019, Navistar announced its new Diamond Partner Program to connect truck manufacturers with international heavy duty truck dealers and provide them with advantages to expedite installation procedures. The corporation was able to develop its relationship with truck dealers.


Key Players Covered



  • AB Volvo (Sweden)

  • Daimler AG (Germany)

  • PACCAR Inc. (U.S.)

  • Tata Motors Limited (India)

  • Traton Group (Volkswagen) (Germany)

  • Eicher Motors (India)

  • Dongfeng Motor Group (China) 

  • MAN.SE (Germany)

  • Scania AB (Sweden)

  • Navistar International Corporation (U.S.)


Segmentation




















By Truck Class


By Weight Limit


By Fuel Type


By Application


By Geography



  • Class-6

  • Class-7

  • Class-8




  • 8000-11000 Kg

  • 11000-15000 Kg

  • 15000 Kg & Above




  • Diesel

  • Natural Gas

  • Gasoline

  • Hybrid

  • Electric

  • Fuel Cell




  • Construction & Mining

  • Freight & Logistics

  • Other Applications




  • North America (U.S., Canada, Mexico)

  • Europe (Germany, France, U.K., and Rest of Europe)



  • Asia Pacific (China, Japan, India, South Korea, and Rest of APAC)

  • Rest of the World



Key Industry Developments



  • In March 2022, the TRATON GROUP, Daimler Truck, and Volvo Group signed a definitive agreement to form a Joint Venture (JV) to build and operate a high-performance public charging network for battery electric, heavy duty long-haul trucks, and coaches across Europe.

  • In March 2022, with the standardization of a factory-installed telematics device on all new builds of Class 6 to 8 International Truck and IC Bus vehicle product portfolios, including electric variants, Navistar reaffirmed its commitment to a connected and data-driven future.

  • In January 2022, Ford Motor Company begun manufacturing the e-Transit, an all-electric van that claims to emit zero tailpipe emissions.



  • In May 2021, Ford Motor Company presented an all-electric version of the F-150 pickup truck. The truck is powered by two motors that produce 563bhp and 1050Nm of torque.

  • In April 2020, Volvo Group and Daimler Truck AG inked a non-binding agreement to launch a new joint venture in Europe that would focus on developing sophisticated fuel cell technologies for heavy duty commercial vehicle applications.





  • Ongoing
  • 2023
  • 2019-2022

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Automotive & Transportation Clients

Hyundai
Deloitee
GM
Hitachi
KIA

Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X