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Heavy Duty Trucks Market Size (2024 - 2029)

The heavy-duty trucks market is poised for growth, recovering from the setbacks caused by the COVID-19 pandemic, which disrupted global logistics and supply chains. As production resumes with significant investments from original equipment manufacturers, the market is expected to expand. Factors driving this growth include stringent vehicle emission regulations, advancements in safety, and the increasing demand from the logistics, retail, and e-commerce sectors. The Asia-Pacific region is anticipated to lead in economic growth, significantly impacting the construction industry, while North America is expected to experience substantial growth due to its concentration of major manufacturers and rising freight demand.

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Market Size of Heavy Duty Trucks Industry

Heavy-Duty Trucks Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR (2024 - 2029) 7.40 %
Fastest Growing Market Asia Pacific
Largest Market Europe
Market Concentration Medium

Major Players

Heavy-Duty Trucks Market Major Players

*Disclaimer: Major Players sorted in no particular order

Heavy Duty Trucks Market Analysis

The Heavy Duty Trucks Market is expected to register a CAGR of 7.40% during the forecast period.

Currently, The heavy-duty trucks market is valued at USD 204.56 billion and it is expected to reach USD 313.95 billion in the next five years.

Amid the COVID-19 pandemic, major OEMs experienced a significant decline in the heavy-duty trucks market. The transportation industry completely shut down due to the pandemic, creating new challenges for the cargo and production houses to shift their goods from one place to another. Severe disturbances in global logistics and supply chain systems during the pandemic caused in decline in the production of heavy-duty trucks. However, the market is expected to grow during the forecast period as OEMs are trying to restart production by bringing heavy investments to the market.

Over the long term, the rising regulations on vehicle emissions, advancement in vehicle safety, and rapidly growing logistics, retail, and e-commerce sectors are expected to drive demand for new and advanced trucks across the world. Growing demand for powerful vehicles with higher carrying capacity to handle weights and strong suspension systems, as well as rising need for fuel-efficient trucks, may further boost the demand in the market. For example, the US National Highway Traffic Safety Administration set new standards for fuel economy for heavy-duty truck engines driven by diesel, natural gas, and substitute fuels.

Asia-Pacific exhibits the fastest economic growth rates in the world. The region is expected to be a major market propelling the global construction industry, with growing construction activities in India and ASEAN countries. North America may register considerable growth in the heavy-duty trucks market due to the presence of major manufacturers, such as Freightliner, Kenworth, International, Peterbilt, Volvo, and Mack, with the surging freight demand in the region.

Heavy Duty Trucks Industry Segmentation

Heavy-duty trucks can be defined as commercial vehicles that are an integral part of any commercial activities such as transportation, agriculture, construction, and other functions.

The Heavy-duty Trucks Market has been Segmented by Tonnage Type (10 - 15 tons and More than 15 tons), Class (Class 5, Class 6, Class 7, and Class 8), Fuel Type (Gasoline, Diesel, Electric, and Alternative Fuels), Application Type (Construction and Mining, Freight and Logistics, and Other Applications), and Geography (North America, Europe, Asia-Pacific, and Rest of the World). the report offers market size and forecast for the heavy-duty truck market in value (USD billion) for the above-mentioned segments.

Tonnage Type
10 to 15 tons
More than 15 tons
Class
Class 5
Class 6
Class 7
Class 8
Fuel Type
Gasoline
Diesel
Electric
Alternative Fuels
Application Type
Construction and Mining
Freight and Logistics
Other Applications
Geography
North America
United States
Canada
Rest of North America
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Rest of the World
South America
Middle East & Africa
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Heavy Duty Trucks Market Size Summary

The heavy-duty trucks market is poised for significant growth over the forecast period, driven by a combination of regulatory advancements, technological innovations, and evolving consumer preferences. The market, which faced challenges during the COVID-19 pandemic due to disruptions in global logistics and supply chains, is expected to recover and expand as original equipment manufacturers (OEMs) invest heavily in production capabilities. Key factors propelling the market include stringent vehicle emission regulations, advancements in vehicle safety, and the burgeoning logistics, retail, and e-commerce sectors. The demand for trucks with enhanced carrying capacities, robust suspension systems, and improved fuel efficiency is anticipated to rise, supported by new standards set by regulatory bodies like the US National Highway Traffic Safety Administration.

Regionally, Asia-Pacific is expected to experience rapid growth, fueled by increasing construction activities and a strong presence of major industry players. North America is also projected to see substantial growth, driven by the presence of leading manufacturers and rising freight demand. The hybrid and electric truck segments are gaining traction due to stringent emission norms in regions like Europe and North America, prompting manufacturers to introduce new models. The expansion of electric vehicle infrastructure and government incentives are further expected to boost the adoption of electric trucks. Prominent companies such as Tesla, BYD, and Volvo are actively launching electric truck models, aiming to replace traditional diesel and gasoline-powered vehicles. The market landscape remains competitive, with both established and new players striving to meet the growing demand for heavy-duty trucks.

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Heavy Duty Trucks Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

    2. 1.2 Market Restraints

    3. 1.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.3.1 Bargaining Power of Suppliers

      2. 1.3.2 Bargaining Power of Consumers

      3. 1.3.3 Threat of New Entrants

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size in Value - USD billion)

    1. 2.1 Tonnage Type

      1. 2.1.1 10 to 15 tons

      2. 2.1.2 More than 15 tons

    2. 2.2 Class

      1. 2.2.1 Class 5

      2. 2.2.2 Class 6

      3. 2.2.3 Class 7

      4. 2.2.4 Class 8

    3. 2.3 Fuel Type

      1. 2.3.1 Gasoline

      2. 2.3.2 Diesel

      3. 2.3.3 Electric

      4. 2.3.4 Alternative Fuels

    4. 2.4 Application Type

      1. 2.4.1 Construction and Mining

      2. 2.4.2 Freight and Logistics

      3. 2.4.3 Other Applications

    5. 2.5 Geography

      1. 2.5.1 North America

        1. 2.5.1.1 United States

        2. 2.5.1.2 Canada

        3. 2.5.1.3 Rest of North America

      2. 2.5.2 Europe

        1. 2.5.2.1 Germany

        2. 2.5.2.2 United Kingdom

        3. 2.5.2.3 France

        4. 2.5.2.4 Italy

        5. 2.5.2.5 Rest of Europe

      3. 2.5.3 Asia-Pacific

        1. 2.5.3.1 China

        2. 2.5.3.2 India

        3. 2.5.3.3 Japan

        4. 2.5.3.4 South Korea

        5. 2.5.3.5 Rest of Asia-Pacific

      4. 2.5.4 Rest of the World

        1. 2.5.4.1 South America

        2. 2.5.4.2 Middle East & Africa

Heavy Duty Trucks Market Size FAQs

The Heavy Duty Trucks Market is projected to register a CAGR of 7.40% during the forecast period (2024-2029)

AB Volvo, Daimler AG, PACCAR Inc., Tata Motors Limited and Traton Group are the major companies operating in the Heavy Duty Trucks Market.

Heavy Duty Truck Market Report Snapshots

Heavy Duty Trucks Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)