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Heavy-Duty Trucks Market Size

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

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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.

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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.

Heavy-Duty Trucks Market Report Attributes
Report Attribute	Details
Base Year:	2022
Heavy-Duty Trucks 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:	Increasing demand for electric & hybrid heavy-duty trucks across the globe Growing freight transportation activities across North America Implementation of stringent emission regulations in Europe Rising investments in infrastructure development activities in Asia Pacific Growing demand for heavy-duty trucks from mining and, oil & gas sector in MEA Rising real estate construction activities in Latin America
Pitfalls & Challenges:	High initial and maintenance costs

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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.