Heavy-Duty Trucks Market Size By Class (Class 7, Class 8, Cab {Day Cab, Sleeper}), By Fuel (Diesel, Natural Gas, Hybrid Electric, Gasoline), By Horsepower (Below 300HP, 300HP - 400HP, 400HP - 500HP, Above 500HP) & Forecast 2023 - 2032

Heavy-Duty Trucks Market Size By Class (Class 7, Class 8, Cab {Day Cab, Sleeper}), By Fuel (Diesel, Natural Gas, Hybrid Electric, Gasoline), By Horsepower (Below 300HP, 300HP - 400HP, 400HP - 500HP, Above 500HP) & Forecast 2023 - 2032

Heavy-Duty Trucks Market is anticipated to showcase lucrative growth during 2023–2032, owing to the budding adoption of electric-powered trucks due to several benefits such as improved efficiency, lower noise, and minimum maintenance requirements. Constant tech innovations in electric motor technologies, coupled with advancements in charging and battery technology, will also positively contribute to the growth of heavy-duty trucks market over the study timeframe.

In addition, supporting policies, favorable tax credits, rebates, and discounts on the purchase of electric-powered trucks are also attracting consumers to adopt such vehicles over conventional fuel trucks.

Major manufacturers operating in the overall marketplace are seeking expanding their global presence and diversifying their product categories to gain a competitive advantage via acquisitions, mergers, and partnerships. For instance, in January 2023, Tata Motors acquired Ford India's manufacturing plant at Sanand through its subsidiary. With this acquisition, Tata Motors plans to expand its manufacturing capability across the Indian subcontinent.

Overall, the heavy-duty truck industry is segmented in terms of class, fuel, horsepower, and region.

Based on class, the 4X2 segment will exhibit over 5% CAGR through 2032. The easy availability of cost-effective models of heavy-duty trucks with 4x2 axle configuration will help the segment grow in the coming years.

By fuel, the hybrid electric segment is anticipated to demonstrate strong momentum through 2032. Constantly surging demand for these trucks owing to several benefits such as lower noise, superior engine power, and torque will assist the segment expansion. In addition, constant technological advancements in hybrid technologies, which will enhance truck efficiency are slated to expand the segment share over the study timeframe.

Considering the horsepower, the 300HP-400HP segment will demonstrate a positive trajectory through 2032. The rising demand for heavy-duty truck engines with 300 to 400 hp, given their low-cost compared to higher horsepower configurated engines and benefits including low engine weight and high fuel efficiency, will positively influence the segment expansion.

In terms of regional perspective, the Europe heavy-duty truck industry will depict over 8% CAGR through 2032. Increasing consumer preference for autonomous heavy-duty trucks across the region will increase the product demand. Besides, rising deployment of audio speakers equipped with ADAS systems for truck drivers to provide timely alerts and notifications for potential risks and threats on the road would support the growing product sales.