The global heavy-duty trucks market is expected to reach US$ 142.4 billion by 2030, with an annual growth rate of more than 7.4%. India’s heavy duty trucks market is projected to reach 2,80,000 units by 2024 amidst mining and infra expansion.
Wilmington, Delaware, Nov. 28, 2023 (GLOBE NEWSWIRE) — According to RationalStat’s most recent industry analysis, the Global Heavy-duty Trucks Market value is estimated at US$ 86.2 billion in 2023 and is expected to rise at a strong CAGR of over 7.4% over the forecast period of 2023-2030.
Market Definition, Market Scope, and Report Overview
Heavy-duty trucks, often known as commercial trucks or heavy-duty vehicles, are massive and powerful vehicles meant to move goods and materials over great distances. The gross vehicle weight rating (GVWR) of these trucks, which includes the weight of the vehicle, payload, and any trailers, is commonly used to classify them. Heavy-duty vehicles are essential in the worldwide transportation and logistics industries.
Heavy-duty trucks are essential for the transportation of goods within and between countries. As global trade continues to expand, the demand for efficient and reliable transportation of goods across long distances increases, driving the market for heavy-duty trucks.
According to a deep-dive market assessment by RationalStat, the global heavy-duty trucks market has been analyzed on the basis of market segments, including type, application and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the global Heavy-duty Trucks market covers market sizes on the basis of market value (US$/EUR Million) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the global Heavy-duty Trucks market. It also includes the industry’s current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Global Heavy-duty Trucks Market: Segmental and Market Share Analysis
- On the basis of type, electric vehicle segment has a positive impact on the market. It is driven by the stringent emission norms established by the government.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2023 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 86.2 billion |
| Market Size Forecast | US$ 142.4 billion |
| Growth Rate | 7.4% |
| Dominant Segment | Electric Vehicle |
| Dominant Region | Asia Pacific |
| Key Market Drivers |
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| Companies Profiled |
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Competition Analysis and Market Structure
Some leading players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & and acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global heavy-duty trucks market include.
- In March 2021, Delhi Government approved a proposal to procure 300 new low-floor electric (AC) buses to increase the number of buses in the city. The upcoming buses will likely be inducted into the Delhi Transport Corporation.
Some of the prominent players and suppliers operating and contributing significantly to the global Heavy-duty Trucks market growth include AB Volvo, Daimler AG, Traton Group, PACCAR Inc., Tata Motors Limited, Ashok Leyland, FAW Group Corporation, China National Heavy Duty Truck Group, Dongfeng Motor Corporation, and Isuzu Motors Ltd, among others.
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RationalStat has segmented the global Heavy-duty Trucks market based on type, application and region
- Global Heavy-duty Trucks Market Value (US$ Million), and Market Share (2019-2030) Analysis by Type
- Gasoline
- Diesel
- Electric
- Alternative Fuels
- Global Heavy-duty Trucks Market Value (US$ Million), and Market Share (2019-2030) Analysis by Application
- Construction and Mining
- Freight and Logistics
- Other Applications
- Global Heavy-duty Trucks Market Value (US$ Million), and Market Share (2019-2030) Analysis by Region
- North America Heavy-duty Trucks Market Value (US$ Million), Market Volume (Units), and Market Share (2019-2030) Analysis by Country
- US
- Canada
- Latin America Heavy-duty Trucks Market Value (US$ Million), Market Volume (Units), and Market Share (2019-2030) Analysis by Country
- Brazil
- Mexico
- Rest of Latin America
- Western Europe Heavy-duty Trucks Market Value (US$ Million), Market Volume (Units), and Market Share (2019-2030) Analysis by Country
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe Heavy-duty Trucks Market Value (US$ Million), Market Volume (Units), and Market Share (2019-2030) Analysis by Country
- Russia
- Poland
- Hungary
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Heavy-duty Trucks Market Value (US$ Million), Market Volume (Units), and Market Share (2019-2030) Analysis by Country
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Heavy-duty Trucks Market Value (US$ Million), Market Volume (Units), and Market Share (2019-2030) Analysis by Country
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Nigeria
- Turkey
- Rest of the Middle East & Africa
- GCC
- North America Heavy-duty Trucks Market Value (US$ Million), Market Volume (Units), and Market Share (2019-2030) Analysis by Country
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Key Questions Answered in the Heavy-duty Trucks Report:
- What will be the market value of the global Heavy-duty Trucks market by 2030?
- What is the market size of the global Heavy-duty Trucks market?
- What are the market drivers of the global Heavy-duty Trucks market?
- What are the key trends in the global Heavy-duty Trucks market?
- Which is the leading region in the global Heavy-duty Trucks market?
- What are the major companies operating in the global Heavy-duty Trucks market?
- What are the market shares by key segments in the global Heavy-duty Trucks market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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About RationalStat LLC
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
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