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Heavy-Duty Trucks Market Analysis

Report ID: GMI2015
Published Date: Mar 2023
Report Format: PDF

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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.

Global Heavy-Duty Trucks Market, By Region

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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.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of heavy-duty trucks exceeded USD 250 billion in 2022 and is slated to grow at 5% CAGR from 2023 to 2032 attributed to intensifying demand for heavy-duty trucks from the mining and oil & gas sector in the Middle East & Africa.

The diesel segment captured over 80% of the market share in 2022 on account of higher torque and power, availability of a wide network of refueling stations, and lower fuel costs.

The heavy-duty trucks with 400HP-500HP is anticipated to attain 7% gains through 2032 propelled by a gradual rise in the speed limits for heavy-duty trucks on interstate and non-interstate highways in the United States.

The Asia Pacific heavy duty trucks industry captured 60% market share in 2022 as a result of the strong presence of industry players and rapid urbanization in the developing nations in the region.

Daimler Group, Ford Motor Company, Navistar, Oshkosh Corporation, Paccar, Volkswagen, and Volvo, among others are some of the key players operating in the competitive landscape.