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Heavy Duty Trucks Market Outlook and Forecasted Analysis Through 2027

October 10, 2019 by Amanpreet  

The global uprising from the economic crises has major consequences for the commercial vehicle manufacturing industry. The global heavy duty trucks manufacturing industry has witnesses a gradual growth over the past five years to 2018. Government authorities across the globe have been imposing stringent regulations aimed to reducing the truck emissions. However, the rise in the technological advancement and innovative manufacturing technology is highly anticipated to propel the global heavy duty trucks market. An upsurge in the demand for heavy commercial vehicles across all major sectors such as agriculture, mining, construction and logistics is expected to further propel the sales of heavy-duty trucks over the forecast period. Rise in the international and domestic trading activities worldwide has impacted positively over the heavy duty trucks market growth.

Heavy duty truck manufactures are highly focusing on diminishing the high cost associates with the heavy duty trucks by shifting towards the remanufacturing techniques and use of cost effective material, thereby minimizing the production cost. The rapid development of automotive industry in emerging economies owing the availability of essential resources along with favorable FDI policies is highly anticipated to boost the production of heavy duty trucks in this region. Extension of road network along with increasing international sourcing of heavy-duty trucks components are anticipated to positively influence the heavy duty truck demand. Heavy-duty truck manufacturers are highly focusing on improving their profit margin through relying on their reliable customer from the construction and logistics sector.

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In terms of revenue, the global heavy-duty trucks market is expected to represent an incremental opportunity of US$ 56.1 Bn by 2018 end over 2027.

On the basis of class, the market can be categorized as class 7, class 8, and class 9. The class 7 segment is expected to dominate the heavy-duty trucks market over the forecast period, regarding value, which accounted for more than 30% value share in 2027.

On the basis of fuel, the market is segmented into diesel, natural gas, hybrid electric vehicle, and gasoline.  The segment, diesel in a heavy-duty trucks market accounted for the highest market share of more than 60% in 2017. The segment hybrid electric vehicle is expected to grow remarkably over the forecast period.

The Latin America region is expected to register relatively low growth in the heavy duty trucks market, as the region is currently sustaining economic crises and has less scope of further development. APEJ market is developing at a rapid pace with an increasing application of heavy duty trucks across all major sectors.

Market Dynamics

Global heavy duty trucks industry is currently witnessing complete change in manufacturing concept. Autonomous trucks, electric trucks and driverless trucks are ready to make a hefty impact on the industry. The global heavy duty trucks market is backed by the increasing number of infrastructure projects and upsurge in demand from the logistics sector across the globe.  The boom in the e-commerce sector, demand for the heavy duty trucks is likely to propel over the forecast period. Such factors are driving the adoption of Heavy-Duty Trucks in the market.

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Furthermore, the globalization coupled with the growing demand for efficient supply chain to transport goods across the world is further propelling the demand for heavy-duty trucks. Additionally, growing preferences for hybrid and electric heavy duty trucks is highly expected to drive the demand for heavy duty truck over the forecast period.

The vendors offering heavy duty trucks are investing huge amounts in offering advanced heavy duty trucks. The companies are aiming to offer the highly efficient heavy-duty trucks, which are low in cost and highly effective and can provide maximum mileage. For instance, Daimler presented the first electric Freightliner truck to Penske. With the presentation of the first fully electric Freightliner eM2, Daimler Trucks started their day to day-operation testing of heavy-duty and medium-duty e-trucks in the U.S. Daimler’s subsidiary Daimler Trucks North America (DTNA). Thus, rising vendor investment in heavy duty trucks is expected to contribute significantly to the market growth during the forecast period.

Analysis by Region:  

On the basis of region, the global heavy duty trucks market is segmented into North America, Latin America, Europe, Japan, Asia-Pacific excluding Japan(APEJ) and MEA.  Among these regions, the APEJ heavy-duty trucks market is projected to exhibit relatively higher growth in the global heavy duty trucks market with a CAGR of over 5.5% during the forecast period. Revenue from the heavy-duty trucks market in APEJ and Europe is expected to collectively account for more than 45% of the global heavy duty trucks market revenue in 2018.

Key competitors in heavy-duty trucks market are as Daimler, Dongfeng, Eicher Motors Limited, Fiat Chrysler Automobiles, Ford Motor Company, Freightliner, General Motors, Kenworth, Navistar, Nissan, Oshkosh Corporation, Paccar, Peterbilt, Scania, Tata Motors, Toyota, Volkswagen and Volvo.

Vendors in the heavy duty trucks market are focusing on launching new products with advanced features to gain a competitive edge in the market. In December 2017, Scania built its new XT range to be as bump and dent-proof as possible without wrapping it in plastic, and up-specced the components for constant heavy-duty use.

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