The global heavy-duty trucks market to grow at a CAGR of 1.41% during the period 2017-2021.
Global Heavy-duty Trucks Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market. To calculate the market size, the report considers the new unit sales and exclude used vehicles sales and market sizing in terms of value.
According to the report, one of the major drivers for this market is Increased adoption from rental service for construction and logistics business. The rental equipment industry is capital intensive. Funds are required for acquisition and maintenance of equipment fleets, secure storage facilities, work on the fleets, and for operating the business. Cash inflows from business, equipment utilization, time utilization, and higher prices contribute to the positive growth of this service market.
The latest trend gaining momentum in the market is Alternative fuel HD trucks. The growing concerns about vehicle emissions and environmental pollutions have made many major countries to introduce emission regulations in order to cut down the greenhouse gases (GHG) and other pollutant emissions from vehicles, especially from the commercial vehicles. The more tightening of such regulations during and after the forecast period has pushed manufacturers to find alternative fuel solutions for the trucks that are environment-friendly or help in reducing emissions. This has started the trend of biofuel, electric, and hybrid HD trucks.
Further, the report states that one of the major factors hindering the growth of this market is Chinese low-cost market can threaten global players' existence. The Chinese government largely supports the local players to grow in the market, which has helped these local players to establish regional low-cost markets for vehicles and their components. Most Asian countries depend on the Chinese market in the automotive industry. This has helped the Chinese players to improve their geographical presence globally, giving major international truck OEMs a tight competition.