This report describes and explains the heavy trucks market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
The global heavy trucks market reached a value of nearly $225.4 billion in 2023, having grown at a compound annual growth rate (CAGR) of 1.4% since 2018. The market is expected to grow from $225.4 billion in 2023 to $296.2 billion in 2028 at a rate of 5.6%. The market is then expected to grow at a CAGR of 4.9% from 2028 and reach $376.1 billion in 2033.
Growth in the historic period resulted from the surge in oil and gas exports, strong economic growth in emerging markets, increased production and consumption of chemicals and low interest rate environment. Factors that negatively affected growth in the historic period included fuel price volatility.
Going forward, the rising demand for raw materials from the manufacturing industries, rising urbanization, increase in trade and exports, rising regulations on vehicle emissions, growing demand for e-commerce will drive the market. Factors that could hinder the growth of the heavy trucks market in the future include disruptions in supply chain and increasing warehousing costs.
The heavy trucks market is segmented by type into class 3, class 4, class 5, class 6, class 7 and class 8. The class 8 market was the largest segment of the heavy trucks market segmented by type, accounting for 38.8% or $87.4 billion of the total in 2023. Going forward, the class 8 segment is expected to be the fastest growing segment in the heavy trucks market segmented by type, at a CAGR of 6.8% during 2023-2028.
The heavy trucks market is segmented by fuel into diesel, natural gas, hybrid electric and gasoline. The diesel market was the largest segment of the heavy trucks market segmented by fuel, accounting for 73.4% or $165.3 billion of the total in 2023. Going forward, the hybrid electric segment is expected to be the fastest growing segment in the heavy trucks market segmented by fuel, at a CAGR of 7.2% during 2023-2028.
The heavy trucks market is segmented by application into construction and mining, freight and logistics and other applications. The construction and mining market was the largest segment of the heavy trucks market segmented by application, accounting for 52.4% or $118 million of the total in 2023. Going forward, the freight and logistics segment is expected to be the fastest growing segment in the heavy trucks market segmented by application, at a CAGR of 6.2% during 2023-2028.
North America was the largest region in the heavy trucks market, accounting for 59.6% or $134.4 billion of the total in 2023. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the heavy trucks market will be South America and Africa, where growth will be at CAGRs of 8.6% and 7.7% respectively. These will be followed by the Middle East and North America, where the markets are expected to grow at CAGRs of 6.4% and 6.2% respectively.
The global heavy trucks market is concentrated, with a few large players dominating the market. The top ten competitors in the market made up 44.99% of the total market in 2022. Volvo Truck was the largest competitor with a 21.51% share of the market, followed by Hino Motors Ltd. with 20.22%, Tata Motors Limited with 1.60%, Volkswagen AG with 1.36%, PACCAR Inc. with 0.09%, Tesla Inc. with 0.07%, Daimler Truck Holding AG with 0.05%, Sinotruk Hong Kong Limited with 0.04%, Iveco Group N.V. with 0.03% and BYD Co. Ltd. with 0.01%.
The top opportunities in the heavy trucks market segmented by type will arise in the class 8 segment, which will gain $34.1 billion of global annual sales by 2028. The top opportunities in the heavy trucks market segmented by fuel will arise in the diesel segment, which will gain $51.4 billion of global annual sales by 2028. The top opportunities in the heavy trucks market segmented by application will arise in the construction and mining segment, which will gain $36.7 billion of global annual sales by 2028. The heavy trucks market size will gain the most in the USA at $42.4 billion.
Market-trend-based strategies for the heavy trucks market include increasing development of hydrogen refueling stations for heavy trucks, focus on adoption of natural gas powertrains, strategic collaborations to expand charging infrastructure for medium- and heavy-duty vehicles, increasing joint ventures to drive industry transformation, increasing strategic investments to lead the electric vehicle (EV) revolution, advancements in commercial vehicle telematics through advanced 5G modem and development of innovative telematics devices with AI-powered solutions.
Player-adopted strategies in the heavy trucks market include focus on strengthening business capabilities through new product launches and enhancing operational capabilities through strategic partnerships.
To take advantage of the opportunities, the analyst recommends heavy trucks companies to focus on natural gas powertrains integration, focus on electric vehicle investments, focus on advanced telematics solutions, increase focus on class 8 and class 7 segments, focus on natural gas and hybrid electric segments, expand in emerging markets, continue to focus on developed markets, focus on strategic collaborations, focus on joint ventures for charging infrastructure, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions and focus on construction and mining, and freight and logistics application segments.
The global heavy trucks market reached a value of nearly $225.4 billion in 2023, having grown at a compound annual growth rate (CAGR) of 1.4% since 2018. The market is expected to grow from $225.4 billion in 2023 to $296.2 billion in 2028 at a rate of 5.6%. The market is then expected to grow at a CAGR of 4.9% from 2028 and reach $376.1 billion in 2033.
Growth in the historic period resulted from the surge in oil and gas exports, strong economic growth in emerging markets, increased production and consumption of chemicals and low interest rate environment. Factors that negatively affected growth in the historic period included fuel price volatility.
Going forward, the rising demand for raw materials from the manufacturing industries, rising urbanization, increase in trade and exports, rising regulations on vehicle emissions, growing demand for e-commerce will drive the market. Factors that could hinder the growth of the heavy trucks market in the future include disruptions in supply chain and increasing warehousing costs.
The heavy trucks market is segmented by type into class 3, class 4, class 5, class 6, class 7 and class 8. The class 8 market was the largest segment of the heavy trucks market segmented by type, accounting for 38.8% or $87.4 billion of the total in 2023. Going forward, the class 8 segment is expected to be the fastest growing segment in the heavy trucks market segmented by type, at a CAGR of 6.8% during 2023-2028.
The heavy trucks market is segmented by fuel into diesel, natural gas, hybrid electric and gasoline. The diesel market was the largest segment of the heavy trucks market segmented by fuel, accounting for 73.4% or $165.3 billion of the total in 2023. Going forward, the hybrid electric segment is expected to be the fastest growing segment in the heavy trucks market segmented by fuel, at a CAGR of 7.2% during 2023-2028.
The heavy trucks market is segmented by application into construction and mining, freight and logistics and other applications. The construction and mining market was the largest segment of the heavy trucks market segmented by application, accounting for 52.4% or $118 million of the total in 2023. Going forward, the freight and logistics segment is expected to be the fastest growing segment in the heavy trucks market segmented by application, at a CAGR of 6.2% during 2023-2028.
North America was the largest region in the heavy trucks market, accounting for 59.6% or $134.4 billion of the total in 2023. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the heavy trucks market will be South America and Africa, where growth will be at CAGRs of 8.6% and 7.7% respectively. These will be followed by the Middle East and North America, where the markets are expected to grow at CAGRs of 6.4% and 6.2% respectively.
The global heavy trucks market is concentrated, with a few large players dominating the market. The top ten competitors in the market made up 44.99% of the total market in 2022. Volvo Truck was the largest competitor with a 21.51% share of the market, followed by Hino Motors Ltd. with 20.22%, Tata Motors Limited with 1.60%, Volkswagen AG with 1.36%, PACCAR Inc. with 0.09%, Tesla Inc. with 0.07%, Daimler Truck Holding AG with 0.05%, Sinotruk Hong Kong Limited with 0.04%, Iveco Group N.V. with 0.03% and BYD Co. Ltd. with 0.01%.
The top opportunities in the heavy trucks market segmented by type will arise in the class 8 segment, which will gain $34.1 billion of global annual sales by 2028. The top opportunities in the heavy trucks market segmented by fuel will arise in the diesel segment, which will gain $51.4 billion of global annual sales by 2028. The top opportunities in the heavy trucks market segmented by application will arise in the construction and mining segment, which will gain $36.7 billion of global annual sales by 2028. The heavy trucks market size will gain the most in the USA at $42.4 billion.
Market-trend-based strategies for the heavy trucks market include increasing development of hydrogen refueling stations for heavy trucks, focus on adoption of natural gas powertrains, strategic collaborations to expand charging infrastructure for medium- and heavy-duty vehicles, increasing joint ventures to drive industry transformation, increasing strategic investments to lead the electric vehicle (EV) revolution, advancements in commercial vehicle telematics through advanced 5G modem and development of innovative telematics devices with AI-powered solutions.
Player-adopted strategies in the heavy trucks market include focus on strengthening business capabilities through new product launches and enhancing operational capabilities through strategic partnerships.
To take advantage of the opportunities, the analyst recommends heavy trucks companies to focus on natural gas powertrains integration, focus on electric vehicle investments, focus on advanced telematics solutions, increase focus on class 8 and class 7 segments, focus on natural gas and hybrid electric segments, expand in emerging markets, continue to focus on developed markets, focus on strategic collaborations, focus on joint ventures for charging infrastructure, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions and focus on construction and mining, and freight and logistics application segments.
Table of Contents
1 Executive Summary
6 Market Characteristics
7 Major Market Trends
8 Heavy Trucks Market - Macro Economic Scenario
10 Global Market Size and Growth
11 Global Heavy Trucks Market Segmentation
12 Heavy Trucks Market, Regional and Country Analysis
13 Asia-Pacific Market
14 Western Europe Market
15 Eastern Europe Market
16 North America Market
17 South America Market
18 Middle East Market
19 Africa Market
20 Competitive Landscape and Company Profiles
21 Other Major and Innovative Companies
23 Key Mergers and Acquisitions
24 Opportunities and Strategies
25 Heavy Trucks Market, Conclusions and Recommendations
26 Appendix
Executive Summary
Heavy Trucks Global Market Opportunities and Strategies to 2033 provides the strategists; marketers and senior management with the critical information they need to assess the global heavy trucks market as it emerges from the COVID-19 shut down.Reasons to Purchase:
- Gain a truly global perspective with the most comprehensive report available on this market covering 15 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.
Description
Where is the largest and fastest-growing market for heavy trucks? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The heavy trucks market global report answers all these questions and many more.The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market’s history and forecasts market growth by geography. It places the market within the context of the wider heavy trucks market; and compares it with other markets.
The report covers the following chapters:
- Introduction and Market Characteristics - Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type, by fuel and by application.
- Key Trends - Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario - The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the heavy trucks market.
- Global Market Size and Growth - Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional and Country Analysis - Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation - Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by segment by type, by fuel and by application in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth - Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape - Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major and Innovative Companies - Details on the company profiles of other major and innovative companies in the market
- Competitive Benchmarking - Briefs on the financials comparison between major players in the market.
- Competitive Dashboard - Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions - Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities and Strategies - Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and Strategies to be followed in those markets.
- Conclusions and Recommendations - This section includes recommendations for heavy trucks providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix - This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
1) By Type: Class 3; Class 4; Class 5; Class 6; Class 7; Class 82) By Fuel: Diesel; Natural Gas; Hybrid Electric; Gasoline
3) By Application: Construction and Mining; Freight and Logistics; Other Applications
Key Companies Mentioned: Volvo Truck; Hino Motors Ltd.; Tata Motors Limited; Volkswagen AG; PACCAR Inc.
Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; heavy trucks indicators comparison.
Data Segmentation: Country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Companies Mentioned
- Volvo Truck
- Hino Motors Ltd.
- Tata Motors Limited
- Volkswagen AG
- PACCAR Inc.
- Tesla Inc.
- Daimler Truck Holding AG
- Sinotruk Hong Kong Limited
- Iveco Group N.V.
- BYD Co. Ltd.
- Hybot
- China National Heavy Duty Truck Group Co. Ltd
- Dongfeng Motor Corporation
- First Automotive Works Ltd
- Foton Auman
- Hongyan
- OrtenBetriebs GmbH
- Volta Trucks
- Traton SE
- MAN Truck & Bus Deutschland GmbH
- Kamaz Inc
- Automecanica Mediaș
- Intrall
- Astra (Romania)
- Roman Diesel (Romania)
- GAZ Group (Russia)
- McKevitt Trucking Limited
- Brian Kurtz Trucking Ltd
- Searcy Trucking Ltd
- Skelton Truck Lines
- JADE TRANSPORT LTD
- TFI International
- Old Dominion
- Landstar System
- YRC Worldwide
- Knight-Swift Transport Services
- J.B. Hunt Transport Services
- XPO Logistics
- FedEx Corp
- UPS Inc
- Tupy S.A.
- MWM do Brasil
- Scania
- Ford Trucks
- Al-Futtaim Auto & Machinery Company (Famco)
- Qatar Navigation (Milaha)
- Gulf Agency Company - GAC Qatar
- MSC Mediterranean Shipping Company (Qatar) W.L.L
- Bin Yousef Cargo
- E2E Qatar
- DHL -Mall of Qatar
- Trans-Nationwide Express
- Admiral Trucker Limited
- Truckways Limited
- BTXpress Universal Limited
- Ekene Dili Chukwu Nigeria Limited
- Konek Group
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 293 |
Published | May 2024 |
Forecast Period | 2023 - 2033 |
Estimated Market Value ( USD | $ 225.4 Billion |
Forecasted Market Value ( USD | $ 376.1 Billion |
Compound Annual Growth Rate | 5.3% |
Regions Covered | Global |
No. of Companies Mentioned | 57 |