Europe heavy-duty trucks market size to cross $58 billion valuation by 2026 | North American market to reach $63 bn by 2026 | Asia Pacific industry to register 3% CAGR through the projected duration
— A comprehensive research study on heavy-duty trucks market introduced by Graphical Research provides insights into the market size and growth trends of this industry over the forecast timeline. The study evaluates key aspects of market in terms of the demand landscape, driving factors and growth strategies adopted by market players.
The following ten major factors have been observed across the heavy-duty trucks market outlook:
Expanding demand for 4x2 axle heavy-duty trucks in Europe
Big trucks with multiple axles offer a better driving experience than single axle trucks. The demand for these vehicles has been spiraling across Europe heavy-duty trucks market. There is a growing utilization of 4x2 axle heavy-duty trucks, primarily triggered by the stringent regulatory policies of the European Commission. The EU has enforced permissible weight carriage as per the axle count of heavy-duty trucks.
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300-400 horsepower trucks to gain traction across Europe
Owing to the advantages of 300-400 horsepower trucks, the demand for these vehicles has been witnessing an uptick. These trucks feature a superior fuel efficiency alongside a lower engine weight. The segment is expected to surge at a high CAGR through the forecast years, due to their comparatively lower costs and enhanced abilities to haul heavy loads.
Hefty penalties for non-compliance with EU standards
Numerous heavy-duty truck manufacturers in Europe have been investing in the integration of innovative technologies aiming at achieving the zero-emission target from 2025 onward, in order to avoid payment of hefty penalties for non-compliance with EU standards. Recently, the EU has announced the adoption of carbon-neutrality targets and standards for heavy-duty trucks.
These include 15% reduction from 2025, which will augment to 30% by 2030, attaining zero-emissions by 2050. The implementation of such regulatory frameworks is certain to flesh out more demand for electrified trucks across the European region.
U.S. auto sector to flesh out higher gains
The heavy-duty trucks market in the U.S. has been exhibiting growth due to higher demand for transportation of cargo and goods, generating more revenue. The American Trucking Association (ATA) findings reveal that over 71% of the freight tonnage across the U.S. is transported using trucks. The thriving cross-border trade between the U.S. and neighboring countries is expected to boost the North America heavy-duty trucks industry size.
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Integration with ADAS technologies in North America
With technologically advanced heavy-duty trucks being developed by the leading manufacturers across the region, the heavy-duty trucks market in North America is sure to soar. The focus on driver assistance and automation technologies has been a major trend defining the market’s progress. Recently, heavy-duty truck manufacturers have been prioritizing accident prevention and blind-spot monitoring through the adoption of ADAS systems in their product offerings.
Government investments in infrastructural activities in Asia Pacific
With the thriving construction and real estate sector of countries such as India, South Korea, and China, heavy-duty trucks are expected to see a greater deployment rate in the next few years. By 2026, the Asia Pacific heavy-duty trucks market share should have gained substantially from the numerous government investments and initiatives toward the promotion of construction activities in the region.
This includes the allotment of a massive government expenditure toward digitalization, integration of artificial intelligence (AI), Internet of Things (IoT), 5G networks, and intercity transportation networks.
Scrappage policy to boost India’s expansion
As part of the focus on economic recovery, the Indian government has been intending to incentivize heavy-duty truck owners to purchase new heavy-duty trucks and other commercial vehicles, discouraging usage of old, polluting ones via its new scrappage policy in Budget 2021.
The move will not only ensure lower pollution rates, but also encourage advancement of the heavy-trucks segment of the commercial vehicle market, which has been witnessing a decline in the past two years across the nation. The Indian market is likely to gain considerable revenue, thanks to the proposal of the Ministry of Road Transport and Highways (MoRTH) to provide new heavy-duty trucks with a discount of road tax as well as a waiver of the registration fee.
Growing demand for diesel heavy-duty trucks
The diesel engine segment of the APAC heavy-duty trucks industry is expected to witness a significant expansion through the projected timeline, by credit to the lower fuel consumption alongside the higher efficiency of these engines when compared with gasoline trucks. Integration with compression-ignition of these trucks ensure their fuel-efficiency. The lower costs and easy availability of diesel are likely to boost the demand for diesel powered heavy-duty trucks in the upcoming years across APAC.
Focus on product launches across Asia Pacific
Several industry leaders in the APAC heavy-duty trucks market have been seeking to expand their presence through product launches. For instance, during June 2020, Mahindra introduced its Blazo X, a commercial truck with optimized fuel efficiency, across India. Similarly, during January 2021, Daimler India Commercial Vehicles (DICV) launched its new heavy-duty specialized refrigerated truck for safely and efficiently transporting COVID-19 vaccines throughout India.
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Release ID: 89039951