The rapid growth in the construction and mining industry is fuelling the demand for heavy-duty trucks and tractors. Additionally, the rising adoption of these vehicles in agricultural applications is also propelling the growth of this market. Moreover, the increasing focus of manufacturers on developing fuel-efficient trucks and tractors is also driving the growth of this market. The stringent government regulations regarding emission control are also expected to boost the demand for heavy-duty trucks and tractors.
Due to the expanding transportation industry, there is a rising demand for heavy-duty vehicles and tractors. This is particularly true in industrialized nations where the automobile and construction industries are seeing rapid growth. These vehicles are now more necessary than ever as emerging nations work to expand both their infrastructure and their economies as a whole.
A heavy-duty truck or tractor is a vehicle that is made primarily to pull big trailers or carry huge goods. These trucks are typically used for business purposes, such as moving commodities or goods from one place to another. Trash trucks, dump trucks, and construction equipment are a few examples of heavy-duty tractors and trucks. In addition, they are used to move heavy construction materials, smaller items such as sand and gravel, household goods, and even large motor homes.
The market for heavy-duty trucks and tractors is anticipated to develop at a CAGR of 9.2% from 2021 to 2031; it was valued at Approximately 224.63 billion in 2021 and is anticipated to reach USD 514.98 billion by 2031.
The increasing adoption of commercial cars around the world is responsible for this market's expansion. The increasing use of cutting-edge techniques in heavily loaded tractors as well as trucks is also boosting this market's expansion.
The strict emission regulations are a major barrier to the expansion of the heavy-duty vehicle and tractor business. These cars release hazardous chemicals into the atmosphere, including nitrogen oxides (NOx) and particulate matter (PM), which are bad for both human and environmental health. Manufacturers must expend much in research and development to meet the emission regulations, which raises the entire cost of production. Because of this, the market for heavy-duty trucks and tractors is anticipated to grow more slowly than anticipated. In contrast, it is anticipated that the market would see new opportunities as electric trucks become more widely used.
Daimler AG, Cummins Inc., Volvo Trucks, Scania AB, and MAN SE are a few of the major companies active in the heavy-duty truck and tractor sector. To obtain a competitive edge in the industry, these providers are concentrating on techniques including acquisitions, mergers extensions, and new technology innovation.
The 42 Axle Type emerged as the Most Booming Segment
The market is divided into categories based on type, including 42-axle, 62-axle, 64-axle, and others. The segment with 42 axles is predicted to experience the largest CAGR growth over the course of the projected period. The mining and construction industries' rising demand for these trucks is to blame for this expansion.
The Most Prominent Application Segment is the Sleeper Cab
The market is divided into day cabs, sleeper cabs, and various types of cabs according to applications. During the projected timeframe, the sleeper cab category is anticipated to expand significantly. The increasing desire for these cars among long-distance truck drivers can be credited with this growth.
The Corporate Services Deployment Segment remains Atop
The global Heavy-Duty Truck & Tractor Market is divided into Cash-based Services, Corporate Services, and Leasing based on Deployment. Corporate services dominated among them in 2020 and are anticipated to maintain their dominance during the forecast period. This can be attributable to the rise in corporate heavy-duty truck & tractor rental services from big businesses because they are more practical and affordable.
The North American Region to render Ample Revenue Opportunities
Geographically, North America dominated the market in 2020 and is anticipated to continue to do so during the forecast period. This can be ascribed to elements like strict emission regulations and the presence of cutting-edge infrastructure in the area. The increasing demand for these trucks from the construction industry is another element boosting the area's development.
COVID-19 Impact and Market Status
The COVID-19 epidemic has had a substantial influence on the market for heavy-duty tractors and vehicles. The supply of these cars has drastically decreased as a result of the restrictive restrictions put in place by governments all over the world. Production has decreased as a result, and stocks have increased. In the meanwhile, it's projected that the market will reopen in 2021 as the global economy picks up. Additionally, over the course of the forecast period, market expansion is projected as a consequence of the development of better, more effective technologies and a growing market for transportation services.
Recent Developments in the Heavy-Duty Truck & Tractor Market
• The new Freightliner Cascadia semi-truck with an improved driver assistance system was unveiled in May 2020 by Daimler Trucks North America LLC (U.S.). This system has functions like adaptive cruise control, automatic emergency braking, and lane-keeping assistance.
• A heavy-duty vehicle with improved fuel efficiency and safety features, the new International LT Series was introduced by Navistar International Corporation (U.S.) in February 2021. This truck has several safety features, including adaptive cruise control, lane deviation warning, and forward and rear cross-traffic alert.
• The new VNR Electric regional haul truck was unveiled in October 2021 by Volvo Trucks North America (U.S.). This vehicle was created especially for purposes like port drayage and local distribution. It has a capacity of up to 230 miles on a single charge and has a two-hour recharge time.
Heavy Duty Truck & Tractor Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 514.98 billion|
|Growth Rate||CAGR of 9.2 % during 2022-2031|
|Segment Covered||by Type, by Cab Type, By Application, by Deployment, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Daimler AG, Cummins Inc., Volvo Trucks, Scania AB, and MAN SE|
Key Segments of the Global Heavy-Duty Truck & Tractor Market
Axle Type Overview, 2021-2031 (USD Billion)
- 4×2 Axle
- 6×2 Axle
- 6×4 Axle
By Cab Type Overview, 2021-2031 (USD Billion)
- 2 Passengers Cab
- 3-6 Passengers Cab
By Application Overview, 2021-2031 (USD Billion)
- Sleeper Cab
- Day Cab
Regional Overview, 2021-2031 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and Africa