Heavy-Duty Trucks Market by Class (Class 7 and Class 8), Horsepower (Below 300HP, 300HP-400HP, 400HP-500HP, and Above 500HP), Fuel Type (Diesel, Gasoline, Natural Gas, Biofuels, Electricity, and Hydrogen), and Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast 2022–2031

Automotive systems and accessories

AU20112974

Pages: 260

Feb 2023

Reports Overview

Global Heavy-Duty Trucks Market

The Global Heavy-Duty Trucks Market Size was valued at $357.7 billion in 2021 and is anticipated to reach $538.2 billion by 2031, growing at a CAGR of 4.3% from 2021 to 2031.

Global Heavy-Duty Trucks Market Synopsis

Heavy-duty trucks comprise both single-unit and combined tractor-trailer or tractor-semitrailer vehicles and have a gross vehicle weight of 10,000 pounds or more. With the introduction of new models and cutting-edge technologies in heavy-duty vehicles, the global road transportation market is rapidly evolving. A heavy-duty vehicle is an ideal option for material and goods pickups. The heavy-duty trucks are multipurpose vehicles that are utilized for flatbed trailers, long haul distribution, tippers for mining & construction, and tractor trailers for moving over-dimensioned cargo. The increased need for heavy-duty trucks for goods transportation drives the market growth. Heavy-duty trucks are usually more expensive than their light-duty counterparts. In addition, when compared to conventional vehicles, the cost of purchasing heavy-duty trucks is considerably higher. All these factors are anticipated to hinder the heavy-duty trucks market growth.

In recent years, powerful engines have become standard equipment for heavy commercial trucks. The cost of an engine rises proportionally to its size and capacity; however, the development of a diesel engine is one of the most expensive parts of a vehicle in terms of time and money. The current driveline of a car can be hybridized to increase vehicle performance as opposed to changing the engine for a bigger one. In addition to improving performance, hybridization can help lower fuel consumption and emission levels. During their operational lives, heavy commercial trucks travel relatively great distances, contributing significantly to overall fuel consumption.

The industry players are investing a lot of effort in the R&D of smart and unique strategies to sustain their growth in the market. These strategies include product launches, mergers & acquisitions, collaborations, partnerships, and refurbishing of existing technology. For instance, in September 2022, Volvo Trucks started the production of the electric variants of its heavy-duty truck lineup, which includes the Volvo FH, Volvo FM, and Volvo FMX. These trucks have a maximum operating weight of 44 tons.

According to regional heavy-duty trucks market analysis, the Asia-Pacific heavy-duty trucks market accounted for $ 123.2 billion in 2021 and is predicted to grow with a CAGR of 5.1% in the projected timeframe.

Heavy-Duty Trucks Market Overview

Heavy Duty trucks are fundamental for any business majorly construction, mining, and infrastructure development. Several countries such as China, India, and other European nations are constantly passing regulations in order to maintain the emission and decrease the greenhouse gases resealed by these trucks. In order to overcome these issues, companies are constantly working on developing electric powered heavy-duty trucks market.

COVID-19 Impact on Global Heavy-Duty Trucks Market

The COVID-19 pandemic has created several challenges that have seriously affected the growth of the heavy-duty trucks market. Tight containment measures, including social segregation, remote labor, and the closure of some manufacturing units were implemented as a result of the pandemic to handle the disease. Supply chain issues brought on by such lockdown norms affected a number of industries, notably the manufacturing of large vehicles. Owing to the COVID-19 outbreak, the transportation sector was shut down completely, creating significant challenges for manufacturing and freight enterprises to deliver their products from one place to another. Manufacturing of heavy-duty vehicles declined as a result of substantial interruptions to the world's supply chain and logistics networks during the pandemic. However, the sector is anticipated to grow during the forecast period.

Rise in the Demand for Event Management Business to Drive the Market Growth

To reduce the carbon emissions produced by the combustion of diesel fuel and to combat greenhouse gas emissions, governments throughout the world are putting pressure on automakers to invest in the development of electric trucks. Governments are promoting the development of battery electric trucks through programs and hope to spur the market's expansion. Globally, governments are currently providing tax breaks and other incentives to promote the purchase of electric vehicles. In addition, in a few nations, electric vehicles are exempt from paying tolls on highways. For instance, the Indian government wants to hasten the adoption of electric vehicles by reducing the Goods and Services Tax (GST) on them from 12% to 5%. These factors are expected to drive the global heavy duty trucks market.

High Cost of the Trucks is anticipated to hamper the market growth

The procurement cost of the heavy-duty trucks is much higher when compared to the traditional trucks. Moreover, the maintenance cost is also higher. These above-mentioned factors are anticipated to hamper the global heavy-duty trucks market.

Increase in Use of Advance Technology in Heavy-Duty Trucks to Drive Excellent Opportunity

Transportation advancements, including the introduction of GPS tracking and ADAs features, as well as expansion in the logistics industry, all contribute to the growth of urbanization and industrialization, which drives the heavy-duty trucks market growth. The development of hybrid and electric heavy-duty trucks is projected to be the most important category and the most followed trend in the heavy-duty truck industry. To capitalize on market demand, many manufacturers and companies are producing electric-powered vehicles and hybrid heavy-duty truck market. These above-mentioned factors are anticipated to boost the global heavy-duty trucks market size.

Global Heavy-Duty Trucks Market, By Class

By class, the market is bifurcated into class 7 and class 8. The class 8 segment accounted for the dominant market share in 2021.