The size of the global heavy-duty trucks market was valued at US$ 370.1 billion in 2020 and is estimated to reach US$ 453 billion by 2028, registering a CAGR of 2.6% from 2021 to 2028.
Heavy-duty trucks are trucks having a gross weight of 33,000 lb or above. Many heavy trucks are equipped with large diesel engines and enhanced transmission and offer commercial use, especially on job sites to carry a large construction material or pull heavy loads. The towing capacity of heavy-duty trucks is above 20,000 pounds and it plays an important role in the transportation industry as they are movers of large load products and materials. It offers time-effective, and also reliability of truck equating with low cost to transport and lesser time. The global heavy-duty trucks market uses steel for strength and durability, aluminium for lightweight and corrosion resistance, polished stainless steel for bright finishes and moulded plastics for complex shapes.
The market demand is relational to the demand for powerful vehicles with higher carrying capacity to handle weights and strong suspension systems. The high requirement for fuel-efficient and energy-saving trucks with stringent laws and regulations related to carbon footprint and emissions are predicted to fuel the growth of the heavy-duty trucks market.
SEGMENTATION OF HEAVY-DUTY TRUCKS MARKET
By tonnage type, the global market for heavy-duty trucks is categorized into 10 to 15 metric ton and more than 15 metric ton. Further based on class, it bifurcates into Class 5, Class 6, Class 7, and Class 8. The heavy-duty trucks of Class 8 trucks are high load-carrying capacity and long-range traveling capability will boost the class 8 trucks demand. However, by fuel type, the heavy-duty truck market is divided into diesel, natural gas, hybrid electric vehicle and, gasoline. The hybrid-electric segment is predictable to onlook substantial progress owing to stringent emission norms established by the governments in many countries all across the globe. By application, it bifurcates into agriculture, logistics, construction, and mining. With high demands of heavy-duty trucks in the construction, and development of infrastructure across the world are propelling the demand for heavy-duty trucks thus augmenting the growth of the market rise during the forecast period.
The global heavy-duty trucks market is segmented into North America, Europe APAC, and ROW. North America is further bifurcated into the U.S, Canada, and Mexico. Europe includes the U.K, Germany, Italy, France, Spain, and others. APAC is fragmented into China, India, Japan, Australia, South Korea, and the Rest of APAC. The market of the rest of the world is segmented into South and Central America, The Middle East, and Africa. North America is leading the global heavy-duty trucks market followed by Europe owing to high demands for the logistics and transpiration industry. APAC is projected to accumulate a significant growth rate owing to the rising development of infrastructure and industries in the region.
GLOBAL HEAVY-DUTY TRUCKS MARKET SEGMENTATION
BY TONNAGE TYPE
MAJOR PLAYERS OF THE GLOBAL HEAVY-DUTY TRUCKS MARKET