The overall Heavy-Duty Trucks Market (class 7 and class 8), sales stood at 1.24 million units in the year 2020, and is expected to surpass 1.57+ million units by 2030. The market is expected to grow at a CAGR of +3.8% during the forecast period of 2021 – 2030. The study analyzes the market in terms of revenue, production and sales volume across all the major markets.
Heavy duty trucks are the largest and heaviest trucks, structured to carry tons of weight. These trucks find application in industries such as logistics, construction, mining and others. Demand for heavy duty trucks (class 7 and class 8), has been witnessing a notable rise. One of the largest application of these heavy duty trucks is in the logistics industry, serving the needs of transportation, food & beverage, automotive and other verticals. Apart from this, these trucks find application in the construction and mining industry. Rapid urbanization and widespread infrastructural development is contributing to the growth of construction and mining industries, which in turn has been positively impacting the market of heavy duty trucks. Heavy duty trucks primarily use diesel as the source of fuel. However, players have also been investing in technologies such as dual fuel trucks which can also run on gas (LNG). Heavy duty trucks operating in developed markets are required to comply with various regulations regarding environmental emissions and pollution control.
Global competitors such as are AB Volvo, Daimler Trucks AG, Fiat Chrysler Automobiles, Ford Motor Company, General Motors, Navistar, Inc, PACCAR Inc., Tata Motors, TOYOTA MOTOR CORPORATION, Volkswagen are also highlighted in the study in order to get a stronger and effective outlook of the competition at domestic as well as global regions.
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The report provides both, qualitative and quantitative research of the heavy duty trucks market (class 7 & class 8), as well as provides worthy insights into the rational scenario and favored development methods adopted by the key contenders. The report also offers extensive research on the key players in this market and detailed insights on the competitiveness of these players. Key business strategies such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts adopted by major players are also recognized and analyzed in the report. For each company, the report recognizes their headquarter, competitors, product type, application and specification, pricing, and gross margin.
Global Heavy Duty Trucks Market: Research Scope:
- Class 7 (Between 26,001 and 33,000 Lb)
- Class 8 (33,001Lb and Higher)
- Natural Gas
- Hybrid Vehicles
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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