Continuously Expanding e-Commerce and Logistic Sectors
Creating Profitable Opportunities for Heavy Duty Truck
Manufacturers
ROCKVILLE, Md., May 21, 2024
/PRNewswire/ -- According to this updated industry report
by Fact.MR, a market research and competitive intelligence
provider, the global Heavy Duty Truck Market size is
approximated at a value of US$ 194.82
billion in 2024 and is projected to reach US$ 305.46 billion by 2034.
The e-commerce boom and growing number of freight transportation
projects across the world are primarily driving the demand growth
for heavy-duty trucks. Increasing industrial activities and
construction & mining projects are further driving the need for
heavy-duty trucks for various purposes.
Get Free Sample Copy of This Report:
https://www.factmr.com/connectus/sample?flag=S&rep_id=2535
Environmental consciousness and sustainable practices are
transforming the construction sector. Use of tractors and dump
trucks is crucial for transferring construction materials and
debris. These types of vehicles are ideal and cost-effective for
carrying heavy materials and waste. The sustainability trend
coupled with strict regulations imposed by governments on
greenhouse gas emissions will benefit electric heavy-duty truck
companies. As governments are also imposing strict rules on
automotive gas emissions, manufacturers are focusing on advancing
the powertrain of trucks. Advancements in electric car battery
technology and integration of lightweight components are leading to
the development of eco-friendly electric heavy-duty trucks.
Battery-powered trucks have emerged as more efficient and
cost-effective variants compared to their counterparts such as
diesel-powered trucks and gasoline-powered trucks.
Key Takeaways from Market Study
- Worldwide sales of heavy duty trucks are forecasted to rise at
a CAGR of 4.6% during the forecasted period.
- The United States market is
projected to reach US$ 51.44 billion
by 2034.
- The South Korea market is set
to register a CAGR of 7.7% through 2034.
- Class 8 heavy-duty trucks are estimated to account for 62.2% of
the global market share in 2024.
"Advancements in forklift technology such as automated
speed control and braking systems are pushing the demand for
advanced forklift heavy duty trucks," says a
Fact.MR analyst.
Key Companies Profiled in This Report
- Daimler
- Fiat Chrysler Automobiles
- Ford Motor Company
- Freightliner
- Nissan
- Oshkosh Corporation
- Dongfeng
- Eicher Motors Limited
- General Motors
- Kenworth
- Tata Motors
- Toyota
- Paccar
- Peterbilt
- Scania
- Navistar
- Volvo.
East Asia to be High-Growth
Market for Heavy Duty Truck Companies
China is one of the leading
markets for heavy duty truck producers in East Asia. Rapid industrialization and
e-Commerce boom are increasing the usage of heavy duty trucks for
freight transportation. The county is also expected to
witness high demand for automated trucks due to their ability to
carry out logistic activities in a cost-effective manner.
Japan, like any other developed
countries, is seeing the growing need for the development of aged
infrastructure. Advanced road networks and intelligent
transportation systems are supporting the sales growth of automated
heavy duty trucks. South Korea,
being an export-oriented economy, will also be a key heavy
duty truck market to watch out for.
Get Customization on this Report for Specific Research
Solutions:
https://www.factmr.com/connectus/sample?flag=RC&rep_id=2535
Competitive Landscape
The growing popularity of electric and autonomous vehicles is
expected to boost revenues for key participants in the heavy duty
truck market. Leading corporations are spending in R&D to build
new heavy-duty trucks. North
America and Europe are
profitable markets for electric and self-driving truck
manufacturers. Mergers, alliances, and geographical expansions are
also being used by industry titans to increase their market
reach.
- In 2022, Orange EV introduced the e-TRIEVER™, the
3rd generation of its electric yard trucks.
- In July 2021, Daimler Truck, the
Traton Group, and the Volvo Group came together to install public
charging networks for electric heavy duty and long-haul trucks
across Europe.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of
the global heavy duty truck market, presenting historical
demand data (2019 to 2023) and forecast statistics for the period
(2024 to 2034).
The study divulges essential insights on the market based on
class (class 7, class 8, others), fuel (diesel, natural gas,
hybrid, electric, gasoline), application (logistics, construction,
agriculture, defense, mining, others), and truck type (box/cab
trucks, dump trucks, flatbed trucks, tractors/haulers, refrigerated
trucks, others), across seven major regions of the world
(North America, Latin America, Western Europe, Eastern Europe, East
Asia, South Asia &
Pacific, and MEA).
Explore More Related Studies Published by Fact.MR
Research:
Forklift Truck Market is expected to reach
US$ 128.303.7 million with a growing
CAGR of 7.5% through 2034.
Electric Truck Market: Worldwide sales of
electric trucks are set to increase at a CAGR of 14.5% from 2023 to
2033.
Automated Truck Market is set to reach at
US$ 2.78 billion by 2033, rising at
an astonishing CAGR of 22% from 2023 to 2033.
Boom Trucks Market By Product Type, By Application,
By Lifting Capacity, By Boom Length & By Region- Global Market
Insights 2024-2034
About Fact.MR:
Fact.MR is a distinguished market research company renowned
for its comprehensive market reports and invaluable business
insights. As a prominent player in business intelligence, we
deliver deep analysis, uncovering market trends, growth paths, and
competitive landscapes. Renowned for its commitment to accuracy and
reliability, we empower businesses with crucial data and strategic
recommendations, facilitating informed decision-making and
enhancing market positioning. With its unwavering dedication to
providing reliable market intelligence, FACT.MR continues to assist
companies in navigating dynamic market challenges with confidence
and achieving long-term success. With a global presence and a team
of experienced analysts, FACT.MR ensures its clients receive
actionable insights to capitalize on emerging opportunities and
stay ahead in the competitive landscape.
Contact:
S.N. Jha
US Sales Office
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583, +353-1-4434-232 (D)
Sales Team: sales@factmr.com
Follow Us: LinkedIn | Twitter | Blog
View original
content:https://www.prnewswire.com/news-releases/heavy-duty-truck-market-is-expected-to-reach-a-size-of-us-305-46-billion-by-2034-factmr-302151637.html
SOURCE Fact.MR