An ESOMAR-certified market research and consulting firm’s report predicts the global heavy-duty trucks market to be valued at US$ 91.1 Bn, exceeding a CAGR of 10% across the 2021-2031 forecast period. Mining, construction industry and the demand for transportation of consumer goods has increased over time. With the use of heavy-duty trucks, transportation has become affordable and agile.
Historically, from 2016 to 2020, the sales of heavy-duty trucks surpassed a market value of US$ 35 Bn by the end of the aforementioned period. The COVID-19 pandemic affected the sales of heavy-duty trucks due to the decrease in demand in the worldwide lockdown period. As the work stations gain momentum, the sales of heavy-duty trucks are expected to retrieve.
Heavy-duty truck companies are focusing on reducing carbon emissions by using hybrid model vehicles and electric vehicles. In addition, increasing efficiency of heavy-duty trucks is expected to boost the sales of the same.
Expansion of global market of heavy-duty trucks by 2.6 times by 2031, continued domination of diesel-powered heavy-duty trucks of up to 60% in global market, continued strength in the construction segment expanding at 5% CAGR until 2031 are the key take-aways of the report. Other mentionable points are 45% revenue generation from Asia and Europe until 2031 and a 5.5% CAGR for heavy-duty trucks throughout Asia.
Introduction of a near zero-emissions natural gas engine instilled in T680 heavy-duty truck, designing of fuel-efficient engines and focus on automation and carbon-emission reduction are the other developments in the competitive landscape.
The prominent manufacturers of heavy-duty trucks are Daimler, Dongfeng, Eicher Motors Limited, Fiat Chrysler Automobiles, Ford Motor Company, Freightliner, General Motors, Kenworth, Navistar, Nissan, Oshkosh Corporation, Paccar, Peterbilt, Scania, Tata Motors, Toyota, Volkswagen and Volvo.
“Unceasing technological progress in the global automotive industry is prompting heavy duty truck manufacturers to install highly advanced systems, including ADAS and autonomous driving systems, opening up new growth frontiers,” says a research analyst.