Heavy-Duty Trucks Market Size By Class (Class 7 [Axle Type {4X2, 6X4, 6X2}], Class 8 [Axle Type {4X2, 6X4, 6X2}, Cab Type {Day Cab, Sleeper}]), By Fuel (Diesel, Natural Gas, Hybrid Electric, Gasoline), By Horsepower (Below 300HP, 300HP - 400HP, 400HP - 500HP, Above 500HP), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 - 2027

Industry Trends

Heavy-duty Trucks Market size exceeded USD 350 billion in 2020 and is anticipated to grow at a CAGR of over 4% between 2021 and 2027. The rising demand for high-performance mobility solutions for all terrains is driving the market growth.
 

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Heavy-duty trucks are gaining traction owing to their high carrying capacity and strong suspension system useful in transportation activates. Majority of construction companies prefer heavy-duty trucks for carrying debris and materials at any terrain for long distances. These trucks have advanced features, lightweight structure frame, and wider availability, increasing their market representation worldwide.
 

Trucks are fundamental for businesses including mining, construction, infrastructure development, and energy plants, thereby creating favorable environment for the market. Several countries including China, India, the UK, and the U.S. are passing regulations to curb the emission and increase the productivity of trucks, expanding the market expansion. The standards are implemented in order to minimize the carbon emission and integrate advanced technologies including TGDI to increase engine productivity, thereby creating robust market opportunities.
 

Heavy-duty trucks are witnessing an upward market trend due to the proliferation of transport & logistics activities. Market players, such as AB Volvo, UD Trucks Corporation, and Isuzu Motors, are innovating new heavy-duty trucks to enhance their industry share.
 

Key factors adversely affecting the industry statistics include expensive ownership and maintenance costs. Frequent wear & tear of the trucks especially related to suspension system & engine owing to mishandling is impacting the industry. To reduce this frequent maintenance, OEMs are inventing new telematics systems for trucks for remote health monitoring and diagnosing.
 

Heavy-duty truck OEMs experienced a significant decline in heavy-duty trucks market demand attributed to novel COVID-19 virus outbreak. The industry was seriously challenged in 2020 due to several market factors including manufacturing facilities suspension and disturbance in global logistics & supply chain system. However, government provided some relaxations in the lockdown after significant decrease in infected patients to boost the economy.
 

Increasing demand for class 8 trucks for heavy-duty operations in industries

The class 8 segment is expected to showcase 4% growth rate through 2027. With the wider availability of class 8 trucks as per their payload capacity and powertrain systems, they will observe a positive environment for the industry growth.
 

Companies are receiving high valued 6X2 & 6X4 axle heavy-duty truck orders by the transport operators, thereby stimulating their market shares. The manufacturers including DAF Trucks N.V. and MAN SE are designing their trucks suitable for heavy material transport to acquire higher profitability from this potential market.
 

The growing need of consistent material supply to the power industries and debris removal to speed up the mining activities is accelerating the sale of sleeper cab class 8 heavy-duty trucks. Industry participants, such as Hyundai, Ashok Leyland, and Kenworth, are developing class 8 sleeper trucks for heavy operation across all sectors.
 

Shifting OEMs focus towards hybrid electric trucks for environment-friendly logistics operations

The hybrid electric segment is estimated to attain a CAGR of 6.5% till 2027. Stringent government regulations regarding truck carbon emissions and development in automotive battery technologies are creating a significant industry demand for hybrid electric trucks. OEMs are developing new high-performance trucks with electric powertrain systems to improve their industry representation.
 

Improved load carrying capacity is fostering 400 - 500HP heavy-duty trucks demand

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The 400 - 500hp heavy-duty trucks market valued at USD 150 billion in 2020, with over 1.5 million units of new trucks sold in the segment. 400-500 hp truck’s ability to perform heavy-duty operations in mining and utility sectors is encouraging various OEMs to develop truck models in this HP range. Market leaders in engine manufacturing are innovating new high-performance engines for trucks to obtain higher profit in the market.
 

Proliferation of infrastructure development project will create the growth opportunities for APAC region

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Asia Pacific heavy-duty trucks market size will reach USD 350 billion till 2027 led by the increasing residential construction and supportive government regulations for the energy sector. Market leaders are launching new high-performance trucks suitable for any weather conditions to improve their market statistics.
 

OEMs initiative to develop zero-emission heavy-duty trucks to enhance their industry statistics

Key companies operating in the market include Ashok Leyland, Freightliner, Eicher Motors Limited, Dongfeng, Ford Motor Company, China National Heavy-Duty Group, Kenworth, MAN SE, Navistar, Scania AB, Isuzu Motors, Peterbilt, Tata Motors, and Volvo Group.
 

Government’s focus on reducing the carbon footprints and transport & logistics aim to achieve carbon neutral operation are encouraging OEMs to develop zero-emission high-performance trucks. The participants are establishing strategic partnerships to invent new technologies to minimize the carbon emission and to improve their market value.
 

The heavy-duty trucks market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipment in units from 2017 to 2027 for the following segments:

Market, By Class

• Class 7
  • Axle type
    • 4X2
    • 6X4
    • 6X2
• Class 8
  • Axle Type
    • 4X2
    • 6X4
    • 6X2
  • Cab Type
    • Day Cab
    • Sleeper

Market, By Fuel

• Diesel
• Natural Gas
• Hybrid Electric
• Gasoline

Market, By Horsepower

• Below 300 HP
• 300 - 400 HP
• 400 - 500HP
• Above 500HP

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Russia
  • Belgium
  • Sweden
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Thailand
  • Vietnam
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • Saudi Arabia
  • UAE
  • South Africa
  • Iran
  • Turkey