The Global Medium and Heavy-Duty Truck Market was valued at US$ XX billion in 2021 and is predictable to reach US$ XX billion by 2030 which is projected to attain a CAGR of XX % during the forecast period from 2021- 2030.
The marketplace growth is attributed to the growth of industrial sectors in developing nations, growing demand from the logistics industry, and rising demand from the construction area and activities. The sector is expected to grow in the next years as economies in both developing and developed countries expand, increasing demand for medium and heavy-duty trucks.
Furthermore, automakers (OEMs) are moving their focus to electric vehicles as a result of ongoing technology improvements and the passage of tough pollution requirements. As the number of building and e-commerce projects grew, so did the demand for material transportation, which led to an increase in commercial vehicle sales around the world. Such factors are projected to boost the expansion of the commercial vehicle industry in the upcoming years.
To combat rising levels of car emissions, various governments around the world have outlawed the use of obsolete commercial vehicles on public highways. As a result, the likelihood of freight enterprises adopting new commercial vehicles that are environmentally friendly, cost-effective, and meet emission regulations will rise globally. In light of the said circumstances and rising vehicle pollution rules, automakers are continuing to spend on R&D and have plans to develop and market more electric commercial cars during the forecast period.
In addition, the market for heavy-duty commercial electric vehicles, which is driven by logistics and advances in the construction and e-commerce industries, is likely to increase significantly in the upcoming years, with promising potential in the infrastructure, logistics, and transportation sectors. Furthermore, sales of hybrid and electric trucks are driven by government incentives and subsidies, as well as structural and functional advances in design which are anticipated to boost the demand for the medium and heavy-duty truck market. Moreover, the demand for heavy-duty commercial vehicles is expected to rise over the forecast period, owing to rising tourism and increased construction and logistical activities in numerous nations throughout the world.
Segmentation and Scope of the Global Medium and Heavy-Duty Truck Market
By Fuel Type
Rest of World
Middle East & Africa
Prominent players in the Global Medium and Heavy-Duty Truck Market among other includes