Heavy-Duty Trucks Market Strategies, Top Players, Growth Opportunities, Analysis and Forecast by 2031

The heavy-duty trucks market is expected to register a CAGR of 8.3% during 2023–2031. The evolution of advanced technologies in the manufacturing and logistic sector and growing electrification in heavy duty trucks to reduce carbon emissions is likely to remain a key trend in the market.

Heavy-Duty Trucks Market Analysis

• The growing industrialization and manufacturing, the need for operational efficiency, and the development of the global supply chain are driving the expansion of heavy-duty trucks in the upcoming years.
•  Industrial heavy duty trucks help in moving goods and help in reducing manual intervention. A growing focus on workplace safety is driving the demand for the heavy-duty trucks market.
• In December 2022, The United States Environment Protection Agency (EPA) claimed that it had completed the new heavy-duty vehicle regulation that would put the clean truck plan into effect.
• In order to safeguard public health and hasten the shift to low-carbon cars, the regulation reduces smog- and soot-forming emissions from these vehicles model year 2031.

Heavy-Duty Trucks Market Overview

• The global expansion of e-commerce is a key driving factor for the increasing demand for heavy-duty trucks.
•  E-commerce relies on timely and reliable delivery, so warehouses need to have advanced systems in place for efficiently selecting, packing, and shipping goods. Industrial vehicles are essential for retrieving items for order fulfillment, loading outgoing orders for delivery, unloading incoming shipments, and storing goods in designated locations.
• Due to their efficiency and ease of transportation, these industries primarily invest in logistics and warehouses, which in turn is driving global market expansion for heavy-duty trucks.
• Additionally, the heavy-duty trucks market is expected to grow in the near future due to the high demand for these vehicles from the manufacturing, mining, railroad, and shipping industries.

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Heavy-Duty Trucks Market: Strategic Insights

Heavy-Duty Trucks Market

• Market Size 2023
  US$ XX Million
• Market Size 2031
  US$ XX Million

Market Dynamics

GROWTH DRIVERS

• Growth of Manufacturing and Logistic Sector

FUTURE TRENDS

• Electrification of Industrial Trucks

OPPORTUNITIES

• Growing Advancement in the Mining Sector

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Fuel

• Diesel
• Natural Gas
• Electric
• Hybrid

Application

• Construction
• Industrial
• Agriculture
• Transportation and Logistics

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Heavy-Duty Trucks Market Drivers and Opportunities

Growth of Manufacturing and Logistic Sector to Favor the Market

• The continuous global trend of industrialization and logistic sector growth primarily drives the heavy-duty trucks market. The adoption of heavy-duty trucks is being driven by the need for effective material handling and logistics solutions as industries grow and production volumes rise.
• The demand for industrial vehicles is partly attributed to the supply chain’s subsequent optimization.
• Modern supply chain management depends heavily on efficient material handling and logistics, thereby, businesses are investing in automated and adaptable vehicles that can operate in the dynamic environments of warehouses and distribution centers.

Electrification of Industrial Trucks

• Industrial trucks that operate on batteries have become significant traction in recent years.
• The main benefit of battery-powered engines is their environmentally friendly design.
• These engines are ideal for industrial and warehouse projects because they emit fewer emissions.
• Therefore, as smart factories and battery-operated vehicles become more widely used in the material handling industries, digitalization and modularization will follow, further propelling market growth and generating enormous opportunities for the industry in the upcoming years.

Heavy-Duty Trucks Market Report Segmentation Analysis

Key segments that contributed to the derivation of the heavy-duty trucks market analysis are fuel and application.

• Based on fuel, the heavy-duty trucks market is diesel, natural gas, electric, and hybrid.
• Based on the application, the heavy-duty trucks market is divided into construction, industrial, agriculture, transportation and logistics, among others.

Heavy-Duty Trucks Market Share Analysis by Geography

• The heavy-duty trucks market report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
• Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering heavy-duty trucks market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
• Also, the report covers PEST analysis, which involves the study of major factors that influence the heavy-duty trucks market in these regions.

Heavy-Duty Trucks Market Market Report Scope

Heavy-Duty Trucks Market News and Recent Developments

The heavy-duty trucks market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the heavy-duty trucks market are listed below:

• Daimler Truck has a clear goal to lead the transformation to sustainable transportation and to address the challenges of tomorrow. The company is pursuing a vision of zero emissions and increased road safety by combining the two most promising technologies to deliver on that vision — battery-electric drive and integrated autonomous driving technology — in one semi-truck for the first time in its history. (Source: Daimler Truck, Press Release, May 2024)

Heavy-Duty Trucks Market Report Coverage and Deliverables

The “Heavy-Duty Trucks Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Heavy-duty trucks size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Heavy-duty trucks trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Heavy-duty trucks analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the heavy-duty trucks market
• Detailed company profiles