Heavy-Duty Trucks Market Trends, Analysis & Forecast, 2032

Heavy-Duty Trucks Market is projected to cross USD 400 Bn by 2032. Constant tech innovations in electric motor technologies, coupled with advancements in charging and battery technology, will also positively contribute to the growth of heavy-duty trucks market over the study timeframe.

Major manufacturers operating in the overall marketplace are seeking expanding their global presence and diversifying their product categories to gain a competitive advantage via acquisitions, mergers, and partnerships. For instance, in January 2023, Tata Motors acquired Ford India's manufacturing plant at Sanand through its subsidiary. With this acquisition, Tata Motors plans to expand its manufacturing capability across the Indian subcontinent.

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Based on class, the 4X2 segment will exhibit over 5% CAGR through 2032. The easy availability of cost-effective models of heavy-duty trucks with 4x2 axle configuration will help the segment grow in the coming years.

By fuel, the hybrid electric segment is anticipated to demonstrate strong momentum through 2032. Constantly surging demand for these trucks owing to several benefits such as lower noise, superior engine power, and torque will assist the segment expansion. In addition, constant technological advancements in hybrid technologies, which will enhance truck efficiency are slated to expand the segment share over the study timeframe.

Considering the horsepower, the 300HP-400HP segment will demonstrate a positive trajectory through 2032. The rising demand for heavy-duty truck engines with 300 to 400 hp, given their low-cost compared to higher horsepower configurated engines and benefits including low engine weight and high fuel efficiency, will positively influence the segment expansion.

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In terms of regional perspective, the Europe heavy-duty truck industry will depict over 8% CAGR through 2032. Increasing consumer preference for autonomous heavy-duty trucks across the region will increase the product demand. Besides, rising deployment of audio speakers equipped with ADAS systems for truck drivers to provide timely alerts and notifications for potential risks and threats on the road would support the growing product sales.

Partial chapters of report table of contents (TOC):

Chapter 2   Executive Summary

2.1    Heavy-duty trucks industry 3600 synopsis, 2018-2032

2.2    Business trends

2.2.1    Total Addressable Market (TAM), 2023-2032

2.3    Regional trends

2.4    Class trends

2.5    Fuel trends

2.6    Horsepower trends

Chapter 3   Industry Insights

3.1    Impact of COVID-19

3.1.1    North America

3.1.2    Europe

3.1.3    Asia Pacific

3.1.4    Latin America

3.1.5    MEA

3.2    Russia-Ukraine war impact

3.3    Industry ecosystem analysis

3.3.1    Component suppliers

3.3.2    Technology providers

3.3.3    Manufacturers

3.3.4    Distribution channel analysis

3.3.5    End use landscape

3.3.6    Profit margin analysis

3.3.7    Vendor matrix

3.4    Technology & innovation landscape

3.5    Regulatory landscape

3.5.1    ISO standards

3.5.2    North America

3.5.3    Europe

3.5.4    Asia Pacific

3.5.5    Latin America

3.5.6    MEA

3.6    Patent analysis

3.7    Key initiatives and news

3.8    Industry impact forces

3.8.1    Growth drivers

3.8.1.1   Increasing demand for electric & hybrid heavy-duty trucks across the globe

3.8.1.2   Growing freight transportation activities across North America

3.8.1.3   Implementation of stringent emission regulations in Europe

3.8.1.4   Rising investments in infrastructure development activities in Asia Pacific

3.8.1.5   Growing demand for heavy-duty trucks from mining and, oil & gas sector in MEA

3.8.1.6   Rising real estate construction activities in Latin America

3.8.2    Industry pitfalls & challenges

3.8.2.1   High initial and maintenance costs

3.9    Growth potential analysis

3.10    Porter's analysis

3.11    PESTEL analysis

 

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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