Heavy-Duty Trucks Market Trend, Share, Growth, Size and Forecast 2032

Heavy-Duty Trucks Industry Prospective

According to Zion Market Research, the global Heavy-Duty Trucks Market was worth USD 195.34 Million in 2023. The market is forecast to reach USD 300.96 Million by 2032, growing at a compound annual growth rate (CAGR) of 4.92% during the forecast period 2024-2032. The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Heavy-Duty Trucks industry over the next decade.

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Heavy-Duty Trucks Market: Overview

Heavy-duty trucks are utilized for transporting goods and find lucrative usage in the agriculture, construction, mining, and logistics sectors. Additionally, the service providers are focusing on raising the truck fleet to enhance truck proficiency. In addition to this, thriving e-commerce activities across the globe will steer the expansion of the heavy-duty truck business over the forthcoming years.

Heavy-Duty Trucks Market: Growth Dynamics

 The escalating demand for robust vehicles having high transporting ability as well as the capability for handling huge weights & suspension tools will boost the market progression over the coming decade. Apart from this, a rise in freight transport activities with the rise in the globalization will prompt business growth over the forecast timespan. Additionally, the surge in domestic as well as global trading activities is likely to offer new growth avenues for the heavy-duty truck market over the forthcoming years.

Furthermore, swift industrialization has resulted in large-scale production & distribution of products, thereby creating a huge demand for transport fleet size. This is likely to translate into a huge need for heavy-duty truck vehicles in the near future. Apparently, improvements in logistics & supply chain management activities will steer the business growth over the next couple of years. The inclusion of advanced driver assistance systems & secured features in the vehicles will bring a paradigm shift in the transport systems and will pave a way for the growth of the heavy-duty trucks industry over the forecasting years.

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Heavy-Duty Trucks Market: Segmentation

The global heavy-duty trucks market is bifurcated based on application, tonnage type, and region.

Based on application, the global heavy-duty trucks market is divided into freight & logistics, construction & mining, and other applications.

Based on tonnage type, the market is categorized into 10–15 metric ton and over 15 metric ton. Regionally, Asia Pacific is anticipated to grow at a remarkable CAGR thus helping it to dominate the global heavy-duty trucks market. The growth of this region can be credited to the rising sales together with the strong existence of manufacturers throughout the region. Further, easier accessibility of low-priced raw materials and manpower are also projected to boost the agricultural and construction industry, thus propelling the heavy-duty trucks market growth during the forecast period. Likewise, Europe is anticipated to witness noteworthy growth in the heavy-duty trucks market due to the rising implementation of advanced technologies offering enhanced vehicle performance and functional flexibility. Also, favorable government rules are stimulating the fuel-saving technology development together with increasing inclination toward green mobility solutions like hybrid and electric power trains are driving the market growth.

Heavy-Duty Trucks Market: Report Scope

Regional Insights

The Asia Pacific To Majorly Influence Overall Market Growth During 2020-2026

The expansion of the heavy-duty trucks industry in the Asia Pacific zone over the estimated timespan is due to an increase in product sales along with huge presence of reputed players in the region. Apart from this, easy availability of workforce at reduced wages and access to abundant raw materials at lower costs will steer the construction & automotive sectors resulting in huge product penetration in the Asia Pacific. Countries like Thailand, China, India, Malaysia, and Indonesia are predicted to contribute sizably towards the regional market revenue over the estimated timespan.

Heavy-Duty Trucks Market: Competitive Space

Key players included in the report are

• Tata Motors
• China National Heavy Duty Group
• Volvo
• Paccar
• Ashok Leyland
• Dongfeng
• Scania AB
• Daimler AG
• Isuzu Motors
• Ford Motor Company
• Eicher Motors Limited
• Freightliner
• MAN SE
• Kenworth
• Oshkosh Corporation
• Navistar
• Peterbilt
• Volkswagen.

The global heavy-duty trucks market is segmented as follows:

By Application Type

• Freight & Logistics
• Construction & Mining
• Other Applications

By Tonnage Type

• 10–15 metric ton
• Over 15 metric ton

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of the Middle East & Africa