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Heavy-Duty Trucks Market Share

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

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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.

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.