June 19, 2019: Adroit Market Research today published a study on the “Global heavy-duty Trucks Market Size 2017 by Type (Self-Managed Fleet and Non-Self-Managed Fleet), by Application (Construction, Mining, Logistics, and Others), Region and Forecast 2018 to 2025”. Global Heavy Trucks has various application, mostly depending on the end user requirement. The report also provides the various key strategies adopted by the leading players as the demand is increasing from emerging economies such as the Asia Pacific. Current heavy-duty Trucks market share is derived on the basis of a thorough understanding of the forecast and dynamics of heavy-duty trucks in various geographies. Also, the heavy-duty trucks market size has also been laid down based on Porter’s Five Forces Analysis for the industry players’ decision making.
The global heavy-duty Trucks market size was USD 165.5 billion in 2017 and is expected to grow to USD 225.9 billion in 2025 due to the rising freight transportation owed to thriving economic situations. Increasing international, as well as domestic trade activities, is a key factor in creating lucrative breaks for the development of the target market globally. Speedy industrial development is causing huge scale assembly and delivery of goods, which creates the demand for expanded transport fleet size. Improved supply chain management (SCM) coupled with altering trade policies are fuelling the global market share value. The rising consumer preference for advanced driver assistance technologies and security features is escalating the target market. Moreover, the growing e-commerce market worldwide is contributing to augment the freight shipments and the bulk size of the goods. Booming e-commerce market combined with a better supply network is offering a positive outlook for the target industry growth. Pouring demand for commercial vehicles, which are offering greater payload carrying bulks for mining and construction applications will offer significant growth projections for the heavy-duty trucks market.
The government initiatives in the improvement of lower-emission heavy-duty trucks are also a major factor boosting the global market of heavy-duty trucks within the forecast period. For instance, Truck Industry Council, European Commission, California Air Resources Board, Environmental Protection Agency, and the Ministry of the Environment (MOE) have taken initiatives to improve performance-based criteria for lowering the whole environmental effect. For instance, the European Commission announced a proposal to set the newer CO2 emission criteria for heavy-duty trucks on 17 May 2018.
The global heavy-duty trucks market is segmented on the basis of types, includes self-managed fleet and non-self-managed fleet. The self-managed fleet, had the highest market share in 2017 followed by a non-self-managed fleet owing to its benefits such as managing and monitoring costs and maintaining control. However, the non-self-managed fleet is expected to grow with the highest CAGR of 4.1% in the given time frame.
Based on the application, the target market is further divided into construction, mining, logistics, and others. Among these, the construction sector had the highest market share in 2017 and is expected to dominate during the forecast period. The logistics sector is anticipated to attain a growth rate of 36.6% in the given timeframe owing to the factors such as the rising domestic and international trade activities and road freight dominates freight transportation.
The major 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. To tap into an emerging market, global players focus on the constant introduction of advanced connectivity solutions such as smart fleet management and common telematics platforms. For instance, in 2017, Robert Bosch GmbH announced to connect heavy commercial trucks to the telematics platforms worldwide, it was developed in the association with Daimler Trucks and Fleet board.
Key segments of the global heavy-duty Trucks market
Type Overview, 2015-2025 (USD Million)
- Self-Managed Fleet
- Non Self-Managed Fleet
Industry Overview, 2015-2025 (USD Million)
Regional Overview, 2015-2025 (USD Million)
- North America
- Rest of North America
- Rest of Europe
- Rest of Asia-Pacific
- Rest of the World