Heavy trucks are commercial motor vehicles that are used to transport goods and weigh 2.72 tons or more when empty and 4.54 tons or more when loaded.
Heavy trucks, integral to the transportation and logistics industries, represent a category of large vehicles designed for the commercial transport of goods, materials and other heavy loads. These trucks are pivotal in supporting a wide range of economic activities, including construction, mining, freight transport and more, by facilitating the efficient movement of goods across short and long distances.
The heavy trucks market consists of sales, by entities (organizations, sole traders and partnerships), of heavy trucks that are characterized by their large size, heavy payload capacities and robust construction, which allow them to operate in diverse environments and over various terrains.
The global heavy trucks market was valued at $210,232.6 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 1.0%.
Low Interest Rate Environment
The low interest rate environment in most developed countries drove the heavy trucks market during the historic period. For instance, in 2021, the European Central Bank decreased interest rates to -0.25% on deposits from banks to encourage lending. In 2021, the Bank of Japan reduced the interest rate on current accounts that commercial banks hold with it to -0.1% to encourage lending.
This created a flow of cheap money for investment, both in developed and developing economies. It also encouraged borrowing and discouraged saving in advanced markets, helping to drive spending. Heavy trucks companies were able to meet this rise in demand by borrowing money at low interest rates and accelerating their project activities.
Focus On Adoption Of Natural Gas Powertrains
Heavy trucks companies are focusing on integrating natural gas powertrains into heavy trucks. A natural gas (CNG) powertrain is a system used in vehicles that run on compressed natural gas instead of traditional gasoline or diesel fuel. For instance, in November 2022, Iveco, an Italy-based transport vehicle manufacturing company, announced the launch of its first tailored Iveco Hi-Way gas-powered trucks at its plant in Sete Lagoas, Brazil. The Iveco Hi-Way heavy truck is equipped with a 460 horsepower FPT (Fiat Powertrain Technologies) Cursor 13 engine, which boasts six cylinders and complies with Euro VI emissions standards. The rear axle of this truck is provided by Meritor, while the ZF Traxon gearbox features 12 speeds. This vehicle is a reflection of Iveco's dedication to natural gas-powered vehicles, which are known for their lower emissions and quieter operation compared to diesel engines.
The global heavy trucks market is concentrated, with a few large players dominating the market. The top ten competitors in the market made up 44.99% of the total market in 2022.
Heavy Trucks Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global heavy trucks market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for heavy trucks? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The heavy trucks market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider heavy trucks market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type, by fuel and by application.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the heavy trucks market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by segment by type, by fuel and by application in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies- Details on the company profiles of other major and innovative companies in the market
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for heavy trucks providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Type: Class 3; Class 4; Class 5; Class 6; Class 7; Class 8
- 2) By Fuel: Diesel; Natural Gas; Hybrid Electric; Gasoline
- 3) By Application: Construction And Mining; Freight And Logistics; Other Applications
- Companies Mentioned: Volvo Truck; Hino Motors Ltd.; Tata Motors Limited; Volkswagen AG; PACCAR Inc.
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; heavy trucks indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.