Growing Investment in the Development of Electric Trucks by Governments to Propel the Growth of the Global Heavy-Duty Trucks Market by 2031

Heavy-duty trucks, also known as commercial trucks, are the backbone of the transportation industry. These vehicles are classified based on their weight and carrying capacity. They are divided into several categories including class 7 and class 8 trucks, tractor-trailer trucks, 18-wheeler trucks, dump trucks, concrete mixers, and many others, each with their specific uses. These vehicles can carry heavy loads of up to 80,000 pounds. Heavy-duty vehicles are widely used across various industries such as construction, mining, agriculture, pharmaceutical, and logistics. Nowadays, manufacturers are investing in new technologies to reduce greenhouse emissions and create more sustainable options for the future. 

Forecast Analysis of the Global Heavy-Duty Trucks Market

With the increasing pressure on automakers globally to invest in the development of electric trucks by governments of many nations, the heavy-duty truck market is predicted to experience progressive growth over the estimated timeframe. Besides, the supportive initiatives taken by the government of several nations for promoting the production of electric vehicles, such as the exemption of paying tolls on highways are expected to bolster the growth of the market during the analysis period. Moreover, the growing incorporation of advanced technology in heavy-duty trucks such as the adoption of GPS tracking and ADAs features is expected to create huge growth opportunities for the market throughout the forecast period. However, the higher maintenance course of heavy-duty trucks may hamper the growth of the market over the estimated timeframe. 

According to the report published by Research Dive, the global heavy-duty trucks market is anticipated to garner $538.2 billion in revenue and grow at a CAGR of 4.3% over the analysis timeframe from 2022 to 2031. The major players of the market include Nissan, Daimler, Dongfeng, Navistar, Eicher Motors Limited, Kenworth, Fiat Chrysler Automobiles, General Motors, Ford Motor Company, Freightliner, and many more. 

Heavy-Duty Trucks Market Trends & Developments

The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global heavy-duty trucks market to grow exponentially. For instance:

• In March 2023, TruckPro, LLC., one of the largest independent distributors of heavy-duty trucks announced its acquisition of Drivelines N.W. Inc., a renowned driveline repair, fabrication, and parts provider in Washington. With this acquisition, the companies aimed to expand their businesses in Seattle and surrounding Puget Sound market.
   
• In September 2022, Volvo Trucks, a truck manufacturing division of Volvo, announced the launch of its series production of heavy-duty trucks, namely, Volvo FH, Volvo FM, and Volvo FMX. These trucks are designed to operate with a total weight of 44 tons. With this launch, Volvo has six electric truck models in series production globally.
   
• In December 2022, Sensible 4, an automated driving technology company announced its partnership with UD Trucks, a Japanese company that manufactures and sells diesel trucks, buses, and special-purpose vehicles. With this partnership, the companies aimed to automate a heavy-duty truck by enabling autonomous transportation and dumping of materials at the live industrial site in Japan.

Most Productive Region

The Asia-Pacific region of the heavy-duty trucks market generated the maximum share in 2021 and is expected to have the fastest growth over the forecast period. The rising demand for heavy-duty trucks for the transportation of e-commerce, growing disposable income among individuals of this region, and the rapid urbanization in this region are the major factors expected to boost the regional growth of the market throughout the estimated period.  

Covid-19 Impact on the Heavy-Duty Trucks Market

The rise of the novel coronavirus has devasted several industries, it has also badly affected the heavy-duty trucks market. This is mainly due to containment measures, remote labor, the closure of manufacturing units, and social-distancing norms during the pandemic. Moreover, supply chain issues and strict transportation regulations have created severe challenges before the production of heavy-duty trucks. All these factors have decreased the growth of the market over the crisis period.