Global Heavy-Duty Trucks market, which accrued proceeds worth 205.82 (USD Billion) in 2019, is set to record the CAGR of nearly 3.9% over the period from 2020 to 2026.
New York, United States - November 3, 2020 /MarketersMedia/ —
According to the analysts at Zion Market Research, the global heavy-duty trucks market is anticipated to record a remarkable growth at about 3.9% CAGR during 2020–2026. In 2019, the valuation of the global heavy-duty trucks market was more than USD 205.82 billion. Few of the firms actively participating in the global heavy-duty trucks market are China National Heavy Duty Group, Ashok Leyland, Dongfeng, Daimler AG, Ford Motor Company, Eicher Motors Limited, Isuzu Motors, Freightliner, MAN SE, Kenworth, Oshkosh Corporation, Navistar, Peterbilt, Paccar, Tata Motors, Scania AB, Volvo, and Volkswagen, among others.
Enhancements In Construction Industry To Help Boost Global Heavy-Duty Trucks Market
The advancements in the construction industry and logistics are the key driving factors for the heavy-duty trucks market. And the market is expected to further observe a substantial growth owing to better avenues opening in residential, non-residential, and infrastructure sectors. In addition, the rising edifice of multi-family houses and the mounting spending in the construction of highways, roads, metros, smart cities, expressways, & bridges, as a result of rising urbanization and population are also expected to boost the market growth. However, strict rules and standards associated with carbon emissions are anticipated to hamper the growth of the heavy-duty trucks market in the coming period. To cite, a legislative proposal was released by the European Commission in May 2018 for drafting new CO2 emission norms for heavy-duty trucks. Also, elevated maintenance and ownership costs related to the vehicles might further restrict market growth. Nevertheless, manufacturers are implementing lean manufacturing methods and offering vehicle leasing facilities, thus boosting product adoption.
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Thriving Sales Is Likely To Help Asia Pacific Dominate The Global Market In The Forecast Period
The global heavy-duty trucks market is bifurcated based on application, tonnage type, and region. Based on application, the global heavy-duty trucks market is divided into freight & logistics, construction & mining, and other applications. Based on tonnage type, the market is categorized into 10–15 metric ton and over 15 metric ton. Regionally, Asia Pacific is anticipated to grow at a remarkable CAGR thus helping it to dominate the global heavy-duty trucks market. The growth of this region can be credited to the rising sales together with the strong existence of manufacturers throughout the region. Further, easier accessibility of low-priced raw materials and manpower are also projected to boost the agricultural and construction industry, thus propelling the heavy-duty trucks market growth during the forecast period. Likewise, Europe is anticipated to witness noteworthy growth in the heavy-duty trucks market due to the rising implementation of advanced technologies offering enhanced vehicle performance and functional flexibility. Also, favorable government rules are stimulating the fuel-saving technology development together with increasing inclination toward green mobility solutions like hybrid and electric power trains are driving the market growth.
The global heavy-duty trucks market is segmented as follows:
By Application Type
Freight & Logistics
Construction & Mining
Other Applications
By Tonnage Type
10–15 metric ton
Over 15 metric ton
By Region
North America
The U.S.
Canada
Europe
France
The UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
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Source: MarketersMedia
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