NEW YORK, Nov. 2, 2021 /PRNewswire/ -- The heavy-duty trucks market size is set to grow by 474.96 thousand units between 2020 and 2025. However, the growth momentum is expected to decelerate at a CAGR of almost 6% over the forecast period. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.
Factors such as increasing demand for heavy-duty trucks in emerging countries and the growing demand for heavy-duty trucks from truck rental service providers will offer immense growth opportunities. To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments. The heavy-duty trucks market is concentrated, and the degree of concentration will decelerate during the forecast period.
The class 8 segment generated maximum revenue in the market in 2020. The market growth in the segment is expected to be significant during the forecast period. The growth of the segment is mainly driven by the mining and construction industries worldwide. By region, the market will witness maximum growth in APAC during the forecast period. Factors such as high demand for heavy duty trucks from construction sector, expanding population, and increasing economic activities in emerging countries are driving the growth of the heavy-duty trucks market in APAC during the forecast period.
Heavy-duty Trucks Market 2021-2025: Vendor Analysis and Scope
To help businesses improve their market position, the heavy-duty trucks market provides a detailed analysis of around 25 vendors operating in the market. Some of these vendors include AB Volvo, BYD Co. Ltd., CNH Industrial NV, Daimler AG, Hino Motors Ltd., Navistar International Corp., PACCAR Inc., Scania AB, Tesla Inc., and Volkswagen AG.
The heavy-duty trucks market is concentrated, and the degree of concentration will decelerate. The increasing demand for heavy-duty trucks in emerging countries will offer immense growth opportunities. However, the high manufacturing costs of heavy-duty trucks will hamper the market growth.
CAGR of the market during the forecast period 2021-2025
Detailed information on factors that will assist heavy-duty trucks market growth during the next five years
Estimation of the heavy-duty trucks market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the heavy-duty trucks market
Analysis of the market's competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of heavy-duty trucks market vendors
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Heavy-duty Trucks Market Scope
Growth momentum & CAGR
Decelerate at a CAGR of almost 6%
Market growth 2021-2025
474.96 thousand units
YoY growth (%)
APAC, Europe, North America, South America, and MEA
Performing market contribution
APAC at 58%
Key consumer countries
China, US, India, Germany, and Brazil
Leading companies, competitive strategies, consumer engagement scope
AB Volvo, BYD Co. Ltd., CNH Industrial NV, Daimler AG, Hino Motors Ltd., Navistar International Corp., PACCAR Inc., Scania AB, Tesla Inc., and Volkswagen AG.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period.
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