Heavy-Duty Trucks Market Size is Projected to Reach USD 538.8 Billion by 2026 - Valuates Reports
BANGALORE, India, July 22, 2020 /PRNewswire/ -- Heavy-duty trucks are used for cargo transportation, logistics operations, construction, mining, etc. Growth in the manufacturing and construction sector, developments in road infrastructure, and steady growth in the freight and logistics sectors are some of the major factors that are expected to increase the Heavy Duty Trucks Market size.
The global Heavy Duty Trucks market size is projected to reach USD 538.8 Billion by 2026, from USD 446 Billion in 2019, at a CAGR of 3.2% during 2020-2026.
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TRENDS INFLUENCING THE HEAVY DUTY TRUCKS MARKET SIZE
The mining industry is also on the rise. Since the mining industry is a big deployer of heavy-duty trucks, the industry's improving condition is expected to increase the heavy-duty truck market size.
The increase in regional and global trade activities is anticipated to grow the Heavy Duty Trucks Market SIZE. In addition, rapid industrialization leading to large-scale production and distribution of goods and services is projected to generate the need for an increase in the number of Heavy Duty Trucks.
The growth of the e-commerce sector is expected to fuel the growth of Heavy Duty Trucks Market size during the forecast period. People in developed economies are likely to buy a majority of their supplies from the internet. This has resulted in an increase in the number of goods transported by cargo trucks.
Rising customer willingness to use vehicles fitted with advanced driver-assistive technologies and safety features are playing a major role in increasing the heavy-duty trucks market size during the forecast period. Furthermore, the implementation of advanced connectivity solutions such as smart fleet management and telematics platforms stimulates the adoption of heavy-duty trucks.
Supportive government initiatives and policies targeted towards the development of lower-emission heavy-duty trucks are expected to drive the Heavy Duty Trucks Market Size.
Higher vehicle ownership and maintenance costs may hamper the Heavy Duty Trucks Market size. However, manufacturers are deploying lean manufacturing processes and providing vehicle leasing facilities, thereby encouraging product adoption over the projected time frame.
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HEAVY DUTY TRUCKS MARKET SHARE ANALYSIS
North America and Latin American markets have huge growth potential and are predicted to make massive contributions towards the overall heavy-duty trucks market share.
The APAC region witnessed a strong demand for Heavy Duty Trucks due to the higher number of construction projects in the pipeline. Over the years, exports of heavy machinery from Singapore to the rest of the APAC region have grown steadily. This trend is expected to continue during the forecast period as well, thereby increasing the heavy-duty truck market size.
Key Regions Covered
- North America
- Europe
- China
- Japan
- South Korea
- India.
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HEAVY DUTY TRUCKS MARKET SEGMENTATION
Heavy Duty Trucks Market Breakdown Data by Type
- Class 5
- Class 6
- Class 7
- Class 8
Heavy Duty Trucks Market Breakdown Data by Application
- Agriculture
- Logistics
- Construction
- Mining
Key Companies
- Daimler Trucks
- MAN
- PACCAR
- Scania
- Volvo Trucks
- Ashok Leyland
- FAW Group Corporation
- ISUZU MOTORS
- Iveco
- Mack Trucks
- Tata Motors.
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SIMILAR REPORTS
● Electric Truck Market Report
The global Electric Truck market size is projected to reach USD 2284.8 Million by 2026, from USD 1445.1 Million in 2020.
The Electric Truck Market is expected to see substantial growth due to factors such as low operating and maintenance costs of Electric Truck, favorable legislation, and incentives from governments, and the declining battery price.
View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-8T1762/global-electric-truck
● Electric Dump Truck Market Report
Heavy commercial vehicles account for approximately 40% of the total vehicular emission.
The electric dump truck has low carbon emissions. This factor, as well as the ongoing research and development activities to improve advanced battery technologies, is likely to drive the growth of electric dump trucks market size.
The report includes country-wise and region-wise market size for the period 2015-2026. It also includes market size and forecast by Type and by Application segment in terms of production capacity, price, and revenue for the period 2015-2026.
View Full Report: https://reports.valuates.com/market-reports/QYRE-Othe-4N269/electric-dump-truck
● Commercial Trucks Market Report
The global Commercial Trucks market size is projected to reach USD 971.6 Million by 2026, from USD 940.9 Million in 2020.
The key factor contributing to the growth of commercial trucks market size is the increased demand in construction and infrastructural activities.
View Full Report: https://reports.valuates.com/market-reports/QYRE-Othe-3H277/commercial-trucks
● Heavy Truck and Tractor Market Report
View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-16P2835/global-heavy-truck-tractor
● Autonomous Mining Truck Market Report
View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-22B1369/global-autonomous-mining-truck
● Electric Drive Mining Truck Market Report
Electric drive mining trucks are mechanized vehicles, which are both on-road and off-road transportation mediums in the regions of heavy mining and construction.
The major players in the Electric Drive Mining Truck Market include BelAZ (Belarus), BEML (India), Bryan Industries (Australia), Caterpillar (US), Hitachi (Japan), Komatsu (Japan), Voltas (India), Kress (US), Terex (US), Xiangtan Electric Manufacturing (China), etc.
View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-29X1139/global-electric-drive-mining-truck
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