Heavy Duty Truck Market Is Expected to Reach a Size of US$ 305.46 Billion By 2034: Fact.MR

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. 

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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.

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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).

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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.

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