Market Research Report
Heavy-duty Trucks Market in Europe 2019-2023
|Published by||TechNavio (Infiniti Research Ltd.)||Product code||329653|
|Published||Content info||118 Pages
Delivery time: 1-2 business days
|Heavy-duty Trucks Market in Europe 2019-2023|
|Published: January 7, 2019||Content info: 118 Pages||
Adoption of autonomous technologies in HD trucks to drive growth in the market. Electrification of vehicles has always complemented the technological advancement of autonomous vehicles. This is mainly because many technologies are commonly used in both the EVs and autonomous vehicles. For instance, unlike conventional HD trucks, electric HD trucks are lighter and easy to control using autonomous technology due to a limited number of moving parts. Technavio's analysts have predicted that the heavy-duty trucks market in Europe will register a CAGR of about 3% by 2023.
Eastern Europe is expected to account for a significant portion of the adoption of HD trucks in Europe during the forecast period. Factors such as the increase in manufacturing activities and improvement in road infrastructure are driving the demand for HD trucks in Eastern European countries.
The HD trucks manufacturing is a capital-intensive process for truck manufacturers. Components such as braking systems, suspension systems, and hauling and steering cylinders require a high level of precision during the manufacturing process, which increases the manufacturing costs. An increase in the price of the raw materials has resulted in a subsequent increase in the manufacturing cost of trucks.
For the detailed list of factors that will drive and challenge the growth of the heavy-duty trucks market in Europe during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies including PACCAR and Volkswagen the competitive environment is quite intense. Factors such as the increasing demand for HD trucks in Eastern Europe and the adoption of autonomous technologies in HD trucks, will provide considerable growth opportunities to heavy-duty trucks manufactures. AB Volvo, CNH Industrial, Daimler, Navistar, PACCAR, and Volkswagen are some of the major companies covered in this report.