Heavy Duty Trucks Market is projected to experience a healthy growth during 2021 to 2027 led by the rapid expansion of the e-commerce sector and the subsequent consolidation of the logistics industry.
— Heavy Duty Trucks Market revenue is estimated to witness immense revenue growth over the coming years due to the rapid expansion of the e-commerce sector and the subsequent consolidation of the logistics industry. Largescale distribution and delivery of goods owing to the proliferation of global trade is creating an immense demand for the heavy duty trucks across a plethora of industrial sectors.
According to Global Market Insights Inc., the heavy duty trucks market demand is likely to exceed a valuation of $430 billion by 2026. However, apart from their growing application scope in terms of the e-commerce sector, heavy duty trucks also have also found significant use across a number of other avenues such as moving, towing, hauling, recycling, mining, and garbage collection. The ability of these vehicles to transport large quantities of cargo over land, in an extremely reliable, sustainable, and cost effective manner, is ensuring that their demand would keep steadily increasing as industries become more globalized.
Below are the three major industry trends that are shaping the heavy duty trucks market outlook:
Increasing adoption of class 8 heavy duty trucks
With respect to class, the class 8 heavy duty trucks segment is likely to generate significant revenues over the coming years due to their ability to facilitate long-haul travel at exceptional performance levels. The segment is also slated to observe considerable growth owing to the increasing development of new trucks with advanced features.
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Additionally, growing application scope of class 8 trucks within the mining sector, coupled with increasing investments towards the development of more advanced trucks, would further compliment the segment outlook.
These trucks have 4x2 axle configuration, which means they have four wheels that are supported by one drive axle. This axel configuration allow two single drive axles within the truck design, which limits the load-carrying capacity, facilitating a steady growth trajectory to the market.
Growing demand for above 500HP heavy duty trucks
With regards to horsepower, the above 500HP heavy duty trucks market is forecast to witness significant demand owing to their exceptional load carrying capacities and their ability to traverse a plethora of different terrains.
Natural factors such as low oxygen supply at higher altitudes and extreme temperatures affect the power-generation ability of the engine, making it harder for small-engine trucks to traverse challenging terrains. This is pushing fleet managers to invest in above 500HP engines to overcome these environmental issues. This trend is expected to majorly foster the above 500 HP segment share by the end of the forecast timeframe.
Expanding APAC construction sector
On the regional front, the immense development of the regional infrastructure and construction sector is projected to fuel the Asia Pacific heavy duty truck market size. Furthermore, surging private and government sector investments towards the development several residential as well as commercial real estate projects is augmenting the adoption of heavy duty trucks in the region.
Heavy duty trucks market players are launching new products with advanced features keeping a focus on safety and cost-effectivity to increase their revenues. Citing an instance, in January 2020, Chevrolet launched the 2020 Chevrolet Silverado HD in the Middle East region. the truck has a 6.6L V8 L8T gasoline engine, that makes it a massive 401 horsepower truck with a 463 pound-feet of torque. Through the pickup truck, the company expects to garner more attention among heavy-duty fleet operators in the region.
The competitive landscape of the heavy duty truck market is inclusive of players such as Oshkosh Corporation, Mack Trucks, Eicher Motors Ltd., Kenworth, International Trucks, Peterbilt, Volvo, Tata Motors, Navistar, and Daimler Trucks among others.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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