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The global heavy-duty truck market generated a considerable market revenue of USD 171.5 Billion in the year 2018 and is projected to grow at a CAGR of more than 4.0% over the forecast period. The rising number of infrastructure developments and the rise in the demand from the trading and logistics sectors all over the world coupled with a flourishing e-commerce industry, is anticipated to increase the appeal for the heavy-duty trucks during the given time frame.
Heavy-duty trucks find multiple applications from construction, logistics, mining, and various other applications. The major factor driving this market is the rising need for fuel-efficient trucks coupled with strict laws & regulations related to carbon footprint as well as emission are contributing to the development of highly competent heavy-duty truck industry growth. Growing inclination towards high freight capability, consistent, heavy-duty components, and greater ground clearance promote the demand for heavy-duty trucks in trading and logistics sectors. Furthermore, increasing buying power for huge fleet utilization is influencing the target market in a positive way. The arrival of economized engines along with turbochargers and growing acceptance of hybrid vehicle drivetrains have considerably improved the appeal for such heavy-duty trucks.
Governing authorities such as the U.S. Environmental Protection Agency (EPA), European Union, the U.S. National Highway Traffic Safety Administration (NHTSA), and the California Air Resources Board (CARB) sanction several acts and regulations related to truck emission criteria. For instance, the U.S. National Highway Traffic Safety Administration has set the new standards for fuel economy for heavy-duty truck engines driven by diesel, natural gas and substitute fuels. Besides, governing authorities are more focused to reduce the dependency on conventional fuels for driving heavy-duty trucks, thus permitting global market players to invest in other substitute fuel.
Key segments of the global Heavy-Duty Trucks market
Type Overview, 2015-2026 (USD Billion) (Thousand Units)
Application Overview, 2015-2026 (USD Billion) (Thousand Units)
Regional Overview, 2015-2026 (USD Billion) (Thousand Units)
Reasons for the study
What does the report include?
Who should you buy this report?
As per Adroit market research analysis, global heavy-duty trucks are likely to experience potentially disruptive revolutionary changes in the near future. As electric vehicle technology progresses, the global market players will introduce robust heavy-duty trucks to maintain their global presence in the industry. In June 2019, at a conference on electric vehicles in Portland, market leaders conferred the potential for truck manufacturers to shift diesel-powered trucks to the electric one, which will drive 200 to 300 miles on a single charge. To meet the requirement, Daimler Trucks North America LLC, formerly known as Freightliner Corporation has started the planning for this shift in the heavy-duty trucks by launching electric truck models; eCascadia and eM2 electric trucks, which was launched in June 2018. The company intended to manufacture them at its Portland factory by 2021.
Key players operating in the market are also involved in cutting-edge testing programs to develop new advanced series of heavy-duty trucks for confirming enhanced vehicle performance in climatic conditions and diversified highway. For instance, in June 2018, Freightliner Corporation introduced a trial and development program for its new truck model in Australia. This assessment program was a part of the right-hand drive test program in New Zealand and Australia, thus posing a positive stance for the global heavy-duty trucks market share in the given time frame.
There are some organizations that have fleet assets that are completely essential to their industry and are capable enough to spend in new systems, technologies, people and developments to permit them to accomplish their fleets’ assets with a huge success, these are known as outsourced fleet management. In addition, some organizations have a lesser footprint that is able to manage their assets by influencing local relationships. These kind of organizations are managed by themselves, known as self-managed Fleet.
The fleet management system that provides various services and working as a separate agency, is known as non-self-managed fleets.
The self-management fleet segment is projected to attain the highest market share value in the coming years. The growth is primarily attributed towards its multiple advantages over non-self-fleet management systems such as reduction in fuel expenses, less severe braking incidents, less engine wasting time, reduced overtime, and better efficiency. Thereby, it is expected to gain a high growth rate in the near future.
The construction sector is anticipated to attain the highest market share value during the forecast period owing to the huge scope market resulted from the growing construction activities across the world. According to the Statista Research Department, the U.S. is one of the largest construction markets, with a spending of reaching over USD 1,231 Billion in 2018.
The global heavy-duty trucks market finds its market scope in North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa. The robust industrial growth in emerging economies such as China and India is propelling the industry growth at a fast pace. The growth is mainly attributed to the growing demand for consumer goods on the account of increasing population, rapid urbanization and widespread infrastructure development in this region.
In Europe, Germany is recognized as the logistics hub owing to the huge industrialization and commercial activities. Likewise, the Middle East and South America will act as a growth engine in the global market due to increasing trading and commerce activities. With the growing demand, many countries are spending in the mining activities in South America and Africa region due to the rising consumption of metals and minerals such as shale gas, copper, iron, and limestone. In turn, the heavy-duty trucks demand is expected to surge in the coming years.
North America is anticipated to attain significant growth in the given time frame due to the strong presence of the leading global players such as Kenworth, International Harvester Company, Freightliner Trucks, Peterbilt Motors Company, and Mack Trucks, Inc. Augmented industrial, construction, and manufacturing activities alongside higher prevalence of truck service provider are further expanding the North America heavy-duty trucks market over the forecast period.
Key players in this industry include FAW Group Corporation, Daimler Trucks, Mack Trucks, Iveco, Scania, Volvo Trucks, PACCAR, Ashok Leyland, MAN Trucks & Bus, and Tata Motors.
The global heavy-duty truck market generated a considerable market revenue of USD 171.5 Billion in the year 2018 and is projected to grow at a CAGR of more than 4.0% over the forecast period. The rising number of infrastructure developments and the rise in the demand from the trading and logistics sectors all over the world coupled with a flourishing e-commerce industry, is anticipated to increase the appeal for the heavy-duty trucks during the given time frame.
Heavy-duty trucks find multiple applications from construction, logistics, mining, and various other applications. The major factor driving this market is the rising need for fuel-efficient trucks coupled with strict laws & regulations related to carbon footprint as well as emission are contributing to the development of highly competent heavy-duty truck industry growth. Growing inclination towards high freight capability, consistent, heavy-duty components, and greater ground clearance promote the demand for heavy-duty trucks in trading and logistics sectors. Furthermore, increasing buying power for huge fleet utilization is influencing the target market in a positive way. The arrival of economized engines along with turbochargers and growing acceptance of hybrid vehicle drivetrains have considerably improved the appeal for such heavy-duty trucks.
Governing authorities such as the U.S. Environmental Protection Agency (EPA), European Union, the U.S. National Highway Traffic Safety Administration (NHTSA), and the California Air Resources Board (CARB) sanction several acts and regulations related to truck emission criteria. For instance, the U.S. National Highway Traffic Safety Administration has set the new standards for fuel economy for heavy-duty truck engines driven by diesel, natural gas and substitute fuels. Besides, governing authorities are more focused to reduce the dependency on conventional fuels for driving heavy-duty trucks, thus permitting global market players to invest in other substitute fuel.
Key segments of the global Heavy-Duty Trucks market
Type Overview, 2015-2026 (USD Billion) (Thousand Units)
Application Overview, 2015-2026 (USD Billion) (Thousand Units)
Regional Overview, 2015-2026 (USD Billion) (Thousand Units)
Reasons for the study
What does the report include?
Who should you buy this report?
Chapter 1 Executive Summary
1.1 Product Overview and Scope of Heavy-Duty Trucks
1.2 Heavy-Duty Trucks Segmentation
Chapter 2 Research Methodology
2.1 Research approach
2.2 Research Programs/Design
2.3 Scope, definition, and assumptions
2.4 Assumptions
2.5 Data sources
Chapter 3 Market Outlook
3.1 Introduction
3.2 Key trends
3.3 Market drivers
3.5 Market restraints
3.6 Market opportunities
3.7 Porter’s Five Forces’ analysis
3.13 PESTEL analysis
3.14 Value chain analysis
3.15 Market competition of Heavy-Duty Trucks market by company
Chapter 4 Heavy-Duty Trucks Market Overview, By Type
4.1 Global Heavy-Duty Trucks Market Share by Type, 2017 & 2025
4.2 Self-Managed Fleet
4.3 Non Self-Managed Fleet
Chapter 5 Heavy-Duty Trucks Market Overview, By Application
5.1 Global Heavy-Duty Trucks Market Share by Application, 2017 & 2025
5.2 Construction
5.3 Mining
5.4 Agriculture
5.5 Others
Chapter 6 Heavy-Duty Trucks Market Overview, By Region
6.1 Global Heavy-Duty Trucks market share, by region, 2017 & 2025
6.2 North America
6.2.1 U.S.
6.2.2 Canada
6.2.3 Rest of North America
6.3 Europe
6.3.1 UK
6.3.2 Germany
6.3.3 Rest of Europe
6.4 Asia Pacific
6.4.1 India
6.4.2 China
6.4.3 Rest of Asia Pacific
6.5 Rest of the World
Chapter 7 Company Profiles
7.1 Daimler Trucks
7.1.1 Company overview
7.1.2 Product offerings
7.1.3 Financial performance
7.1.4 Recent initiatives
7.2 MAN Trucks & Bus
7.2.1 Company overview
7.2.2 Product offerings
7.2.3 Financial performance
7.2.4 Recent initiatives
7.3 PACCAR
7.3.1 Company overview
7.3.2 Product offerings
7.3.3 Financial performance
7.4 Scania
7.4.1 Company overview
7.4.2 Product offerings
7.4.3 Financial performance
7.4.4 Recent initiatives
7.5 Volvo Trucks
7.5.1 Company overview
7.5.2 Product offerings
7.6 Recent initiatives
7.7 Ashok Leyland
7.7.1 Company overview
7.7.2 Product offerings
7.7.3 Financial performance
7.7 FAW Group Corporation
7.7.1 Company overview
7.7.2 Product offerings
7.7.3 Financial performance
7.7.4 Recent initiatives
7.9 Mack Trucks
7.9.1 Company overview
7.9.2 Product offerings
7.9.3 Financial performance
7.9.4 Recent initiatives
7.10 Iveco
7.10.1 Company overview
7.10.2 Product offerings
7.10.3 Financial performance
7.10.4 Recent initiatives
7.11 Tata Motors
7.11.1 Company overview
7.11.2 Product offerings
7.11.3 Financial performance