Heavy Duty Truck Market Size to Generate $328363.9 Million by 2031: Allied Market Research
The factors such as high payload capacity, greater availability of credit and financing options, and improvement of road infrastructure supplement the growth of the global heavy duty truck market. Based on region, Asia-Pacific held the largest share in 2021, contributing to nearly two-fifths of the global heavy duty truck market share.
Portland, OR, March 27, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global heavy duty truck market size garnered $209,973.7 million in 2021, and is estimated to generate $328363.9 million by 2031, manifesting a CAGR of 4.8% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Report Coverage & Details:
Market Size in 2021
Market Size in 2031
No. of Pages in Report
Truck Type, Tonnage type, Propulsion, Application, Axle Type, and Region
High payload capacity
Increasing need for transportation mediums for rural and semi-urban areas
Rising fuel prices
The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global heavy duty truck market, owing to implementation of global lockdown.
The pandemic impacted the source of earnings of various trucks drivers, owing to which the number of loan defaulters had increased considerably. For instance, according to Trucking HR Canada's Labour Market Snapshot, during the first two quarters of 2020, 49,000 truck drivers lost their jobs. However, from June to August, the industry added 43,500 new drivers. Thus, the unemployment rate amongst drivers decreased from a high of 12% in June 2020, to 6.3% in August 2020, which was less than the overall national unemployment rate.
However, as COVID-19 cases declined and things continued to return to normal, the heavy-duty trucks market has experienced the highest number of new fleet startups during post pandemic.
The research provides detailed segmentation of the global heavy duty truck market based on truck type, tonnage type, propulsion, application, axle type, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
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Based on truck type, the others segment held the highest share in 2021, accounting for nearly half of the global heavy duty truck market, and is expected to continue its leadership status during the forecast period. However, the rigid segment is expected to register the highest CAGR of 5.9% from 2022 to 2031.
Based on propulsion, the IC engine segment accounted for the highest share in 2021, contributing to more than 90% of the global heavy duty truck market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the electric segment is expected to manifest the highest CAGR of 16.2% from 2022 to 2031.
Based on axle type, the others segment accounted for the highest share in 2021, holding more than one-third of the global heavy duty truck market, and is expected to continue its leadership status during the forecast period. However, the 6x2 segment is estimated to grow at the highest CAGR of 7.2% during the forecast period.
Based on region, Asia-Pacific held the largest share in 2021, contributing to nearly two-fifths of the global heavy duty truck market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the same region is expected to manifest the fastest CAGR of 5.2% during the forecast period. The research also analyzes regions including North America, Europe, and LAMEA.
Leading market players of the global heavy duty truck market analyzed in the research include 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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The report provides a detailed analysis of these key players of the global heavy duty truck market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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