Heavy Duty Truck Market By Tonnage type (10 to 15 metric ton, More than 15 metric ton), By Propulsion (IC Engine, Electric, FCEV), By Application (Construction and Mining, Freight and Logistics, Long Haul, Other), By Axle Type (4x2, 6x4, 6x2, 6x6, 8x6, 8x

Heavy Duty Truck Market By Tonnage type (10 to 15 metric ton, More than 15 metric ton), By Propulsion (IC Engine, Electric, FCEV), By Application (Construction and Mining, Freight and Logistics, Long Haul, Other), By Axle Type (4x2, 6x4, 6x2, 6x6, 8x6, 8x8, Others), By Truck Type (Rigid, Articulated, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031

The report incorporates the study of the global heavy duty truck market that focuses on the commercial vehicles that are an integral part of any commercial activities such as transportation, agriculture, construction, and many other functions. The heavy duty trucks are used to transport heavy loads that cannot be transported by the ordinary load-carrying capacity trucks. These vehicles are specially designed to carry heavy loads and transport these loads from one place to another. These vehicles are generally employed in urban and suburban areas. Heavy-duty trucks are heavier than medium-duty trucks. Their weight ranges from 26001 lbs to over 33000 lbs (11794 kg to over 14969 kg).

At present, government’s focus on reducing the carbon footprints and transport & logistics aim to achieve carbon neutral operation are encouraging OEMs to develop zero-emission high-performance trucks. The participants are establishing strategic partnerships to invent new technologies to minimize the carbon emission and to improve their market value. Thus, with the shifting preferences of customers, development of charging infrastructure, availability of fast-charging station and the subsidiary benefits on electric vehicles over conventional internal combustion engine trucks, the demand for electric trucks for freight operation is expected to grow, and the market may experience an exponential upward trajectory during the projection period. For instance, in March 2022, the three leading commercial vehicle manufacturers the TRATON GROUP, Daimler Truck, and Volvo Group signed a binding agreement to create a joint venture (JV) to install and operate a high-performance public charging network for battery electric, heavy-duty long-haul trucks and coaches across Europe.

The market for heavy duty trucks is expanding in part due to reasons such as high payload capacity, increased credit availability, financing choices, and improved road infrastructure. In August 2022, Ashok Leyland’s authorized distributors, Deluxe Trucks categories ranging from 2.55 Ton GVW to 55 Ton GVW and Bus in Kenya signed a partnership with Kenya Commercial Bank to jointly promote the Ashok Leyland brand of vehicles.  Additionally, the growing need for transportation options in rural and semi-urban areas as well as the development of heavy duty truck technology open up new market potential for the major players in the industry.

However, rising fuel prices and high truck maintenance costs and increasing carbon emissions from diesel fuel combustion are the factors that are expected to hinder the growth of the heavy-duty truck market. For instance, the U.S. Energy Information Administration (EIA) estimates that in 2020, diesel (distillate) fuel consumption in the U.S. transportation sector resulted in the emission of about 432 million metric tons of carbon dioxide (CO2), a greenhouse gas. This amount was equal to about 26% of total U.S. transportation sector CO2 emissions and equal to about 9% of total U.S. energy-related CO2 emissions in 2020.

For the purpose of analysis, the global heavy duty truck market is segmented on the basis of tonnage type, propulsion, application, truck type, axle type, and region. By tonnage type, the market is divided into 10 to 15 metric ton and more than 15 metric ton. By propulsion, it is fragmented into internal combustion engine (ICE), electric, and fuel cell electric vehicle (FCEV). By application, it is categorized into construction and mining, freight and logistics, long haul, and other. By truck type, it is categorized into rigid, articulated, and others. By axle type, it is fragmented into 4X2, 6X4, 6X2, 6X6, 8X6, 8X8, and Others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The leading players operating in the heavy duty truck market are Ashok Leylands, Isuzu Motors Limited, TATA Motors, Scania, AB Volvo, Freightliner, MAN, PACCAR Inc., Eicher Motors Ltd, NAVISTAR, INC., China National Heavy Duty Truck Group Co., Ltd, and Dongfeng Commercial Vehicle Company Limited.

Key Benefits For Stakeholders

This study presents analytical depiction of the global heavy duty truck market analysis along with current trends and future estimations to depict imminent investment pockets.
The overall heavy duty truck market opportunity is determined by understanding profitable trends to gain a stronger foothold.
The report presents information related to the key drivers, restraints, and opportunities of the global heavy duty truck market with a detailed impact analysis.
The current heavy duty truck market is quantitatively analyzed from 2021 to 2031 to benchmark the financial competency.
Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.

Key Market Segments

By Truck Type

Rigid
Articulated
Others

By Tonnage type

10 to 15 metric ton
More than 15 metric ton

By Propulsion

IC Engine
Electric
FCEV

By Application

Construction and Mining
Freight and Logistics
Long Haul
Other

By Axle Type

4x2
6x4
6x2
6x6
8x6
8x8
Others

By Region

North America
U.S.
Canada
Mexico
Europe
France
Germany
Spain
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa

Key Market Players

PACCAR Inc.
Isuzu Motors Limited
Eicher Motors Ltd
Tata Motors
Ashok Leyland
NAVISTAR, INC.
China National Heavy Duty Truck Group Co., Ltd
freightliner
Scania
MAN
Dongfeng Commercial Vehicle Company Limited
AB Volvo

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