Heavy Trucks Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Heavy trucks are defined as commercial motor vehicles used for the transportation of goods with a weight of 2.72 tons or more when empty and 4.54 tons or more when loaded.

Sizing and Forecast
The heavy trucks market size has grown strongly in recent years. It will grow from $217.23 billion in 2023 to $228.49 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%.  The  growth in the historic period can be attributed to industrialization and economic growth, infrastructure development, regulatory changes in safety standards, world wars and military demands, global trade expansion.

The heavy trucks market size is expected to see strong growth in the next few years. It will grow to $282.26 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%.  The growth in the forecast period can be attributed to electrification advancements, regulatory pressures on emissions, autonomous trucking evolution, digitalization and fleet management solutions, rise of last-mile delivery demands. Major trends in the forecast period include electric heavy trucks, autonomous trucking technolog, telematics and connectivity, alternative fuels adoption, advanced safety features.

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Segmentation & Regional Insights
The heavy trucks market covered in this report is segmented –
1) By Type: Class 5, Class 6, Class 7, Class 8
2) By Fuel: Diesel, Natural Gas, Hybrid Electric, Gasoline
3) By Application: Construction and Mining, Freight and Logistics, Other Applications

North America was the largest region in the heavy trucks market in 2023. Asia-Pacific was the second-largest region in the heavy trucks market share.The regions covered in the heavy trucks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
Growth in the demand for heavy trucks from end-users such as in construction, mining, and other sectors is contributing to the growth of the heavy trucks market. According to executives of leading truck makers, an increase in construction activities boosted the sales of tipper trucks, concrete mixers, and other heavy vehicles. Also, in 2021, according to the American Trucking Association, the revenue of the trucking industry was reported to be $875.5 billion. In June 2021, around 4.06 million Class 8 trucks were in operation, 2.3% up from 2020. An increase in demand for heavy trucks from end-users is expected to drive the growth of the heavy trucks market in the forecast period.

Key Industry Players
Major companies operating in the heavy trucks market report are Volkswagen AG, Kamaz Inc., Ford Motor Company, Ram Trucks, China National Heavy Duty Truck Group Co. Ltd., Daimler Truck AG, Traton SE, Volvo Group, Paccar Inc., Isuzu Motors Limited, Tata Motors Limited, Dongfeng Motor Corporation, Iveco S.p.A., Hino Motors Ltd., Sinotruk Hong Kong Limited, Oshkosh Corporation, Navistar International Corporation, Fuso Truck and Bus Corporation, Ashok Leyland Limited, Mack Trucks Inc., Eicher Motors Limited, Kenworth Truck Company, Peterbilt Motors Company, Sterling Trucks Corporation, Western Star Trucks Sales Inc., UD Trucks Corporation, Freightliner Trucks, MAN SE, Scania AB, First Automotive Works Ltd.

The heavy trucks market report table of contents includes:
1. Executive Summary

2. Heavy Trucks Market Characteristics

3. Heavy Trucks Market Trends And Strategies

4. Heavy Trucks Market - Macro Economic Scenario

5. Global Heavy Trucks Market Size and Growth

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32. Global Heavy Trucks Market Competitive Benchmarking

33. Global Heavy Trucks Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Heavy Trucks Market

35. Heavy Trucks Market Future Outlook and Potential Analysis

36. Appendix

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