Selbyville, Delaware, April 01, 2019 (GLOBE NEWSWIRE) --
The heavy-duty truck market is poised to rise from USD 120 billion in 2018 to USD 160 billion by 2025, according to a 2019 Global Market Insights, Inc. report. Proliferating domestic and international trading activities across the globe are driving the market share over the forecast timeframe.
Increasing adoption of heavy-duty truck for facilitating rising logistics industry is positively influencing the market expansion. Improving road infrastructure along with increasing investments by governments to enhance public infrastructure are enabling customers and companies to invest in heavy duty trucks for cargo transportation. The presence of multiple truck service providers focusing on expanding their fleet to cater to growing consumer demand contributes significantly towards improving their operational efficiency.
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Rising demand for downsized engines along with smart hybrid technologies are playing a major role in improving the overall truck efficiency and contribute towards savings in terms of fuel. Industry participants are also engaged in introducing multiple variants of trucks with varied payload capacities and engine configuration for targeting a diversified range of customers. Platform and component sharing among multiple truck models are some of the major strategies adopted by industry players to launch products at affordable costs, thereby escalating the heavy-duty truck market share over the projected timeframe.
The truck industry is also witnessing the advent of multiple technological advancements including active and passive safety technologies, autonomous driving, improvements in engine systems, along with advanced driver assistance systems, that contributes significantly towards improving the overall truck driving experience along with enhancing safety.
The higher costs associated with the acquisition and maintenance of such vehicles along with stringent government regulations pertaining to the emission from such vehicles may limit the heavy-duty truck market share over the study timeframe. However, the improvements in engine technologies along with incorporation of hybrid and electric powertrain will contribute significantly towards improving the efficiency and emission from such trucks thereby supporting the market penetration over the projected timeframe.
Browse key industry insights spread across 300 pages with 617 market data tables & 8 figures & charts from the report, “Heavy-Duty Truck Market Size By Class (Class 5, Class 6, Class 7, Class 8), By Fuel (Diesel, Natural Gas, Hybrid Electric Vehicle, Gasoline), By Application (Agriculture, Logistics, Construction, Mining) Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Belgium, Finland, France, Germany, Italy, Lithuania, Spain, Russia, Sweden, UK, Norway, China, Japan, India, South Korea, Thailand, Malaysia, Singapore, Vietnam, Indonesia, Brazil, Argentina, Peru, Iran, Turkey, KSA, UAE, South Africa, Egypt), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/heavy-duty-trucks-market
The proliferating demand for Class 8 trucks is attributed to its increasing applications across a wide range of industries including construction, mining, and agricultural applications. Additionally, industry participants are continuously investing in R&D for developing alternative powertrains for powering such trucks.
Natural gas will witness over 2% CAGR from 2019 to 2025 owing to higher efficiency and lower carbon emission. Stringent government regulations for regulating emissions from these vehicles along with higher costs associated with upgrading diesel engines to advanced Euro norms further strengthens the market expansion over the study timeframe. Additionally, the presence of expanded network of natural gas infrastructure and fueling stations across major countries are boosting the heavy-duty truck market share over the study timeframe.
Increasing usage of heavy-duty truck for felicitating construction activities is supporting the segment share over the forecast timeframe. The higher loading capacities of these vehicles along with superior torque and power makes them ideal for such operations, thereby contributing significantly towards market expansion. Additionally, technological innovations in these vehicles for improving the overall trucking experience is providing a positive outlook for the industry proliferation.
Asia Pacific heavy-duty trucks market will exhibit significant growth during the forecast period owing to rising commercialization, establishment of new manufacturing plants, and adoption of technological advanced vehicles across the region. Additionally, increasing demand from countries including China, Japan, and India with high concentration of industry participants coupled with rising truck production will further proliferate the industry size. Industry players are involved in regional expansion by increasing its investments in R&D.
Key industry players in the heavy-duty truck market place include Daimler AG, VW Group, Scania, MAN and Volvo Trucks. Strategic joint ventures and partnerships are among the prominent strategies adopted by industry players for improving their market share.
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