Major players in the heavy trucks market are Volvo Trucks, Daimler, Paccar, Isuzu Motors Ltd, TATA motors, Eicher Motors Ltd, Dongfeng Motor Group Company Ltd, Navistar, Ford Motor Company, and Volkswagen.
The global heavy trucks market is expected to grow from $201.52 billion in 2020 to $221.85 billion in 2021 at a compound annual growth rate (CAGR) of 10.1%.
The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges.
The market is expected to reach $330.32 billion in 2025 at a CAGR of 10.5%.
Vehicles fitted with advanced driver-assistive technologies and safety features are new trends in the heavy trucks market. Advanced driver-assistive technologies include features like Collision Mitigation System (CMS) and a Lane Departure Warning System (LDWS) aiming to reduce road accidents and increase vehicle safety.
In 2018, TATA Motors collaborated with WABCO India to provide advanced driver-assistive technologies in their commercial vehicles. TATA Motors became first Original Equipment Manufacturer (OEM) that provided Collision Mitigation System (CMS) and Lane Departure Warning System (LDWS) solutions for trucks. Benefits that are obtained from these technologies include warning of movement of vehicles in poor visibility conditions, avoiding rear-end collisions, recognizing lane marking and helping drivers in staying in road lanes.
The heavy trucks market covered in this report is segmented by type into class 5; class 6; class 7; class 8. It is also segmented by fuel into diesel; natural gas; hybrid electric; gasoline and by application into construction and mining; freight and logistics; others.
In March 2019, Daimler Trucks, a German multinational automotive corporation and manufacturer of heavy and medium trucks, acquired Torc Robotics, pioneer in autonomous driving, to create a technology powerhouse for automated trucks, for an undisclosed amount. The acquisition will help Daimler to jointly develop and test automated trucks with SAE Level 4 intent technology on public roads.
Growth in the demand for heavy trucks from end-users such as in construction, mining and other sectors is contributing to the growth of heavy trucks manufacturing market. According to executives of leading truck makers, increase in construction activities boosted the sales of tipper trucks, concrete mixers and other heavy vehicles.
Also the 2019 annual report from the American Trucking Association indicated that the revenue of the trucking industry was reported to be $796.7 billion in 2018, little more than $700.1 billion in 2017. In June 2019, around 344,000 class 8 trucks were sold in the American market. Increase in demand for heavy trucks from the end users is expected to drive the heavy truck market in the forecast period.
Key Topics Covered:
1. Executive Summary
2. Heavy Trucks Market Characteristics
3. Heavy Trucks Market Trends and Strategies
4. Impact of COVID-19 on Heavy Trucks
5. Heavy Trucks Market Size and Growth 5.1. Global Heavy Trucks Historic Market, 2015-2020, $ Billion 5.1.1. Drivers of the Market 5.1.2. Restraints on the Market 5.2. Global Heavy Trucks Forecast Market, 2020-2025F, 2030F, $ Billion 5.2.1. Drivers of the Market 5.2.2. Restraints on the Market
6. Heavy Trucks Market Segmentation 6.1. Global Heavy Trucks Market, Segmentation by Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.2. Global Heavy Trucks Market, Segmentation by Fuel, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.3. Global Heavy Trucks Market, Segmentation by Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Construction and Mining
Freight and Logistics
7. Heavy Trucks Market Regional and Country Analysis 7.1. Global Heavy Trucks Market, Split by Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion 7.2. Global Heavy Trucks Market, Split by Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion