Market Research Report
Heavy-Duty Trucks Market Size By Class, By Fuel, By Application Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2025
|Published by||Global Market Insights Inc.||Product code||582073|
|Published||Content info||300 Pages
Delivery time: 2-3 business days
|Heavy-Duty Trucks Market Size By Class, By Fuel, By Application Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2025|
|Published: March 25, 2019||Content info: 300 Pages||
Heavy-Duty Trucks Market Size By Class (Class 5, Class 6, Class 7, Class 8), By Fuel (Diesel, Natural Gas, Hybrid Electric Vehicle, Gasoline), By Application (Agriculture, Logistics, Construction, Mining) Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Belgium, Finland, France, Germany, Italy, Lithuania, Spain, Russia, Sweden, UK, Norway, China, Japan, India, South Korea, Thailand, Malaysia, Singapore, Vietnam, Indonesia, Brazil, Argentina, Peru, Iran, Turkey, KSA, UAE, South Africa, Egypt), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2025.
Increasing requirements for fuel-efficient vehicles along with stringent regulations pertaining to carbon footprint and emission are supporting the development of highly efficient heavy-duty trucks market growth. Rising preference for trucks offering high payload capacity, reliable heavyweight components, and superior high ground clearance further enhances the appeal of such products for usage in trading and logistics sectors. Additionally, the higher torque to weight ratio makes them ideal for multiple applications in agriculture, construction, and mining activities.
Rising purchasing power and trends for large fleet utilization are positively influencing the industry growth. Advent of downsized engines with turbochargers along with increasing adoption of hybrid powertrain are contributing significantly towards improving the demand for such trucks. Optimization of supply chain operations along with consolidation of logistics sector are providing a positive outlook for heavy duty trucks market share over the projected timeframe.
Advancements including autonomous driving technologies, tire pressure management systems, driver warning system, and innovative engine advancements are supporting the heavy-duty trucks market growth over the study timeframe. For instance, in 2015, Volvo initiated its 'Non-hit car and truck' research project, that showcased its advanced active safety features including automatic braking and accident prevention technologies.
Regulatory authorities including the California Air Resources Board (CARB), European Union, the U.S. National Highway Traffic Safety Administration (NHTSA) and the U.S. Environmental Protection Agency (EPA) enact multiple laws and regulations associated with truck emission standards. For instance, the U.S. National Highway Traffic Safety Administration sets standards for fuel economy of heavy-duty truck engines powered by natural gas, diesel, and alternative fuels. Moreover, regulatory bodies are focusing on reducing the dependency on conventional fuels for powering heavy duty trucks, thereby enabling industry players to invest in alternative fuel.
Industry players are involved in advanced testing programs for developing new advanced series of heavy-duty trucks for ensuring improved vehicle performance in diversified road and climatic conditions. For instance, in June 2018, Freightliner announced the launch of its test and development program in Australia for its new truck model Cascadia. The truck is expected to commercialize and begin its sales by 2020. This test and development program are a part of the right-hand drive test program in Australia and New Zealand, thereby offering a positive outlook for the heavy-duty trucks market share over the forecast timeframe.
Class 8 trucks will dominate the heavy-duty trucks market share owing to the requirement for higher payload capacities and diversified applications including construction and mining activities. Reduction in transportation cost and rising infrastructure and construction projects are positively influencing the industry demand. Rising purchasing power along with proliferating logistics industry are further expanding the segment share over the study timeframe.
Natural gas segment is projected to witness a significant growth owing to lower fuel cost and reduced exhaust emissions. Utilization of natural gas in transit buses, refuse haulers, and commercial trucks coupled with stringent emission norms pertaining to emissions and efficiency from such vehicles are further expanding the segment share over the study timeframe. Improving natural gas infrastructure along with expanded network of fueling stations are further providing a positive outlook for the market penetration.
Logistics is expected to register a significant volume share owing to advancements in trucking and logistics technologies including RFID along with smart tagging solutions supporting efficient sorting and optimizing of cargo and materials. Additionally, carrying of cargo and goods over long distance owing to proliferating e-commerce industry are boosting the market share over the forecast timeframe. Advancements in supply chain and logistics along with the availability of a wide range of trucks with varied load carrying capacities catering to diversified requirements further expands the segment growth.
North America will register considerable growth in the heavy-duty trucks market owing to the presence of the major manufacturers including Freightliner, Kenworth, International, Peterbilt, Volvo, and Mack. Surging freight demand along with higher costs associated with shipping, and improving disposable income are supporting the increasing adoption of heavy-duty trucks over the forecast timeframe. Increased manufacturing, industrial, and construction activities along with higher prevalence for truck service providers are further expanding the regional share over the projected timeframe.
Few of the key players in the heavy-duty trucks market place include Volvo Trucks, Daimler AG, Volkswagen AG, Navistar Inc., Paccar Inc., Freightliner, Ashok Leyland, Scania, Kenworth, Eicher and MAN. Industry participants are involved in new product launches and focusing on R&D investments for developing advanced technologies to gain competitive edge over the competition. For instance, in July 2018, Hino trucks Ltd announced the incorporation of artificial intelligence technologies including GPS and gyro sensors for improving fuel efficiency significantly.