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Heavy-Duty Trucks Market Size
Heavy-Duty Trucks Market size surpassed USD 250 billion in 2022 and is anticipated to register 5% CAGR from 2023 to 2032, propelled by intensifying product demand in the mining and oil & gas sector in the Middle East & Africa.
The soaring number of freight transportation projects, especially across North America, is slated to stimulate industry growth. Mounting transportation of goods and cargo due to the emerging trend of online shopping, substantial rise in purchasing power and rapid industrialization is responsible for amplified demand for heavy-duty trucks in the region. Approximately 71% of the freight tonnage carried in the United States is transported by trucks, according to the American Trucking Association (ATA). The U.S. government is also emphasizing appropriate parking facilities for heavy-duty trucks for carrying out convenient loading and unloading operations, supporting product adoption.
| Report Attributes | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 250 billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 5% |
| 2032 Value Projection: | USD 400 billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 400 |
| Tables, Charts & Figures: | 757 |
| Segments covered: | Class, Fuel, Horsepower |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Massive capital investments and maintenance prices may restrain industry progression
High initial and maintenance costs are major factors restraining heavy-duty trucks market growth. The expense to replace components and parts due to collisions and repairs is hampering product demand. The surging trend of customization depending on the cargo and goods, including petroleum and agricultural products, together with rising fuel costs to load heavy weight, provide high power and torque output are some key reasons for elevated running costs. However, the introduction of electric, hybrid, and fuel-cell engines is anticipated to increase the demand for these vehicles by 2032.
Heavy-Duty Trucks Market Analysis
The diesel-powered heavy-duty trucks type dominated 80% industry share in 2022 and is said to witness sales of 3 million units by 2032 end led by benefits such as higher torque and power of diesel, which are appropriate for facilitating cargo & goods transportation across long distances and diversified terrains compared to their counterparts. The availability of a wide network of refueling stations, along with lower fuel costs are also bolstering segment growth. In March 2023, diesel prices dropped by 0.012% since February 2023 in the U.S.
The heavy-duty trucks market from the 400HP - 500HP segment is expected to observe 7% growth during 2023-2032. Heavy-duty trucks with 401 to 500hp engines employ high torque-producing capacity catering to the increase in GVW standards to 80,000 pounds maintaining drivability with heavier loads. The demand for these trucks is also being influenced by the gradual rise in the speed limits for heavy-duty trucks on the interstate and non-interstate highways in the United States.
Class 8 heavy-duty trucks industry exceeded total revenue of 2 million units in 2022. These trucks offer extremely high loading carrying capacities and accessibility of a broad variety of truck models serving a diverse customer base. Additionally, with growing commercial truck fleet efficiency and cost advantages as per weight, these trucks are also used for transporting cargo and products over long distances.
The cab segment is poised to attain 5% gains between 2023 and 2032 on account of the growing need for driver comfort when transporting freight over great distances. The increased luxury and sleeping room provided by sleeper cabs inside of the truck cab is a key factor amplifying market share.
In 2022, the sleeper cab type captured 22% heavy-duty trucks market share owing to surging preference of fleet operators for sleeper cabs for the comfort of drivers working in long-haul freight transit sector in line with labor laws limiting the number of driving hours. Furthermore, numerous features that contemporary heavy-duty trucks offer in their sleeper cabs, such as additional storage room and increased interior height, are set to contribute to the product’s widespread espousal of in the upcoming years.
The Asia Pacific heavy-duty trucks market accounted for over 60% of the share in 2022, attributed to the strong presence of the players and rapid urbanization in developing nations in the region. Moreover, certain OEMs are introducing new truck models with advanced technologies to maintain their potential market position.
Heavy-Duty Trucks Market Share
Some of the key participants involved in the heavy-duty trucks business scenario are
- Daimler Group
- Ford Motor Company
- Navistar
- Oshkosh Corporation
- Paccar
- Volkswagen
- Volvo
These firms are engaging in new product launches, strategic acquisitions & partnerships, and continuous production expansion tactics. For instance, in September 2021, UD Trucks Corporation, a Japanese truck manufacturer, launched Euro 5 range Croner (medium duty) and Quester (heavy-duty) trucks with superior efficiency and uptime in comparison to previous models. The new range was designed to reduce NOx emissions by approximately 40% as compared to Euro 4.
Impact of COVID-19 Pandemic
The COVID-19 pandemic had a significant impact on the industry statistics due to disruptions in the global supply chain and economic operations, changes in transportation patterns and a strict role played by government authorities in regulating the transportation system. The booming e-commerce sector resulted in the demand for last-mile delivery vehicles and fewer long-haul trucks. Additionally, transportation policies levied on import and export goods hampered the use of heavy-duty lorries.
This market research report on heavy-duty trucks includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipment in units from 2018 to 2032 for the following segments:
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Market, By Class
- Class 7
- Axle
- 4X2
- 6X4
- 6X2
- Axle
- Class 8
- Axle
- 4X2
- 6X4
- 6X2
- Cab
- Day Cab
- Sleeper
- Axle
Market, By Fuel
- Diesel
- Natural Gas
- Hybrid Electric
- Gasoline
Market, By Horsepower
- Below 300 HP
- 300 - 400 HP
- 400 - 500HP
- Above 500HP
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Russia
- Belgium
- Sweden
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Thailand
- Vietnam
- Latin America
- Brazil
- Mexico
- Argentina
- MEA
- Saudi Arabia
- UAE
- South Africa
- Iran
- Turkey
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