Global Heavy Duty Trucks Market Size study, by Weight Limit, by Truck Class, by Application, by Fuel Type and Regional Forecasts 2024-2032

Description

The Global Heavy Duty Trucks Market is valued at approximately USD 392.56 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 5.2% over the forecast period 2024-2032. Heavy-duty trucks, also known as heavy-duty vehicles or lorries, are substantial vehicles designed for transporting large loads and materials. These trucks are essential for various industries, especially in construction and logistics, due to their powerful engines and large cargo capacities. The market is driven by the increasing demand for trucks in construction and logistics activities, along with the growing preference for hybrid and electric engines, which is expected to significantly influence the market growth during the forecast period.

The continuous expansion of the automotive industry in emerging economies, supported by favorable FDI policies and essential resources, is expected to boost the production of heavy-duty trucks. The extension of road networks and the increasing international sourcing of heavy-duty truck components are likely to drive demand. Furthermore, the market is witnessing a shift towards autonomous, electric, and driverless trucks, which are anticipated to significantly impact revenue growth. The rapidly evolving logistics sector is increasing the demand for transportation, refrigerated, and freight trucks. Manufacturers are investing heavily in battery-powered trucks to meet evolving customer demands for hybrid and electric engines.

However, the high cost of heavy-duty trucks, especially electric and battery-powered models, and the inadequate presence of charging stations may hinder market growth. Despite these challenges, the market is expected to grow steadily due to the strong demand from construction and logistics activities and the continuous innovation in truck manufacturing.

The key regions considered for the Global Heavy Duty Trucks Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is a dominating region in the Heavy Duty Trucks Market in terms of revenue. The growth of the Heavy Duty Trucks Market in North America is driven by increasing demand for freight transportation, advancements in truck technology, government investments in infrastructure, stringent emissions regulations prompting fleet upgrades, and the rise of e-commerce necessitating efficient logistics solutions. Additionally, economic growth and industrial activities boost the need for heavy-duty trucks in various sectors. Whereas, the market in Asia Pacific is anticipated to grow at the fastest rate over the forecast period 2024-2032.

Major market player included in this report are:

AB Volvo (Sweden)
Daimler AG (Germany)
PACCAR Inc. (U.S.)
Tata Motors Limited (India)
Traton Group (Volkswagen) (Germany)
Eicher Motors (India)
Dongfeng Motor Group (China)
Scania AB (Sweden)
Navistar International Corporation (U.S.)

The detailed segments and sub-segment of the market are explained below:

By Weight Limit:

8000-11000 Kg
11000-15000 Kg
15000 Kg & Above

By Truck Class:

Class-6
Class-7
Class-8

By Application:

Construction & Mining
Freight & Logistics
Others

By Fuel Type:

Diesel
Natural Gas
Gasoline
Hybrid
Electric
Fuel Cell

By Region:

North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
Saudi Arabia
South Africa
RoMEA

Years considered for the study are as follows:

Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032

Key Takeaways:

Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.

Chapter 1. Global Heavy Duty Trucks Market Executive Summary

1.1. Global Heavy Duty Trucks Market Size & Forecast (2022-2032)
1.2. Regional Summary
1.3. Segmental Summary
- 1.3.1. By Weight Limit
- 1.3.2. By Truck Class
- 1.3.3. By Application
- 1.3.4. By Fuel Type
1.4. Key Trends
1.5. Recession Impact
1.6. Analyst Recommendation & Conclusion

Chapter 2. Global Heavy Duty Trucks Market Definition and Research Assumptions

2.1. Research Objective
2.2. Market Definition
2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply Side Analysis
  - 2.3.3.1. Availability
  - 2.3.3.2. Infrastructure
  - 2.3.3.3. Regulatory Environment
  - 2.3.3.4. Market Competition
  - 2.3.3.5. Economic Viability (Consumer's Perspective)
- 2.3.4. Demand Side Analysis
  - 2.3.4.1. Regulatory frameworks
  - 2.3.4.2. Technological Advancements
  - 2.3.4.3. Environmental Considerations
  - 2.3.4.4. Consumer Awareness & Acceptance
2.4. Estimation Methodology
2.5. Years Considered for the Study
2.6. Currency Conversion Rates

Chapter 3. Global Heavy Duty Trucks Market Dynamics

3.1. Market Drivers
- 3.1.1. High Use of Trucks for Construction and Logistic Activities
- 3.1.2. Growing Preference for Hybrid and Electric Engines
3.2. Market Challenges
- 3.2.1. High Cost of Heavy Duty Trucks and Inadequate Presence of Charging Stations
3.3. Market Opportunities
- 3.3.1. Autonomous, Electric, and Driverless Trucks
- 3.3.2. Rapidly Evolving Logistic Sector

Chapter 4. Global Heavy Duty Trucks Market Industry Analysis

4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.1.6. Futuristic Approach to Porter's 5 Force Model
- 4.1.7. Porter's 5 Force Impact Analysis
4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economical
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
4.3. Top investment opportunity
4.4. Top winning strategies
4.5. Disruptive Trends
4.6. Industry Expert Perspective
4.7. Analyst Recommendation & Conclusion

Chapter 5. Global Heavy Duty Trucks Market Size & Forecasts by Weight Limit 2022-2032

5.1. Segment Dashboard
5.2. Global Heavy Duty Trucks Market: Weight Limit Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 5.2.1. 8000-11000 Kg
- 5.2.2. 11000-15000 Kg
- 5.2.3. 15000 Kg & Above

Chapter 6. Global Heavy Duty Trucks Market Size & Forecasts by Truck Class 2022-2032

6.1. Segment Dashboard
6.2. Global Heavy Duty Trucks Market: Truck Class Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 6.2.1. Class-6
- 6.2.2. Class-7
- 6.2.3. Class-8

Chapter 7. Global Heavy Duty Trucks Market Size & Forecasts by Application 2022-2032

7.1. Segment Dashboard
7.2. Global Heavy Duty Trucks Market: Application Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 7.2.1. Construction & Mining
- 7.2.2. Freight & Logistics
- 7.2.3. Others

Chapter 8. Global Heavy Duty Trucks Market Size & Forecasts by Fuel Type 2022-2032

8.1. Segment Dashboard
8.2. Global Heavy Duty Trucks Market: Fuel Type Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 8.2.1. Diesel
- 8.2.2. Natural Gas
- 8.2.3. Gasoline
- 8.2.4. Hybrid
- 8.2.5. Electric
- 8.2.6. Fuel Cell

Chapter 9. Global Heavy Duty Trucks Market Size & Forecasts by Region 2022-2032

9.1. North America Heavy Duty Trucks Market
- 9.1.1. U.S. Heavy Duty Trucks Market
  - 9.1.1.1. Weight Limit breakdown size & forecasts, 2022-2032
  - 9.1.1.2. Truck Class breakdown size & forecasts, 2022-2032
  - 9.1.1.3. Application breakdown size & forecasts, 2022-2032
  - 9.1.1.4. Fuel Type breakdown size & forecasts, 2022-2032
- 9.1.2. Canada Heavy Duty Trucks Market
  - 9.1.2.1. Weight Limit breakdown size & forecasts, 2022-2032
  - 9.1.2.2. Truck Class breakdown size & forecasts, 2022-2032
  - 9.1.2.3. Application breakdown size & forecasts, 2022-2032
  - 9.1.2.4. Fuel Type breakdown size & forecasts, 2022-2032
9.2. Europe Heavy Duty Trucks Market
- 9.2.1. U.K. Heavy Duty Trucks Market
- 9.2.2. Germany Heavy Duty Trucks Market
- 9.2.3. France Heavy Duty Trucks Market
- 9.2.4. Spain Heavy Duty Trucks Market
- 9.2.5. Italy Heavy Duty Trucks Market
- 9.2.6. Rest of Europe Heavy Duty Trucks Market
9.3. Asia-Pacific Heavy Duty Trucks Market
- 9.3.1. China Heavy Duty Trucks Market
- 9.3.2. India Heavy Duty Trucks Market
- 9.3.3. Japan Heavy Duty Trucks Market
- 9.3.4. Australia Heavy Duty Trucks Market
- 9.3.5. South Korea Heavy Duty Trucks Market
- 9.3.6. Rest of Asia Pacific Heavy Duty Trucks Market
9.4. Latin America Heavy Duty Trucks Market
- 9.4.1. Brazil Heavy Duty Trucks Market
- 9.4.2. Mexico Heavy Duty Trucks Market
- 9.4.3. Rest of Latin America Heavy Duty Trucks Market
9.5. Middle East & Africa Heavy Duty Trucks Market
- 9.5.1. Saudi Arabia Heavy Duty Trucks Market
- 9.5.2. South Africa Heavy Duty Trucks Market
- 9.5.3. Rest of Middle East & Africa Heavy Duty Trucks Market

Chapter 10. Competitive Intelligence

10.1. Key Company SWOT Analysis
- 10.1.2 Company 2
10.2. Top Market Strategies
10.3. Company Profiles
- 10.3.1. AB Volvo
  - 10.3.1.1. Key Information
  - 10.3.1.2. Overview
  - 10.3.1.3. Financial (Subject to Data Availability)
  - 10.3.1.4. Product Summary
  - 10.3.1.5. Market Strategies
- 10.3.2. Daimler AG
- 10.3.3. PACCAR Inc.
- 10.3.4. Tata Motors Limited
- 10.3.5. Traton Group (Volkswagen)
- 10.3.6. Eicher Motors
- 10.3.7. Dongfeng Motor Group
- 10.3.8. Scania AB
- 10.3.9. Navistar International Corporation

Chapter 11. Research Process

11.1. Research Process
- 11.1.1. Data Mining
- 11.1.2. Analysis
- 11.1.3. Market Estimation
- 11.1.4. Validation
- 11.1.5. Publishing
11.2. Research Attributes