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Heavy Duty Trucks Market Trends

Report ID: GMI2015
Published Date: Dec 2024
Report Format: PDF

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Heavy Duty Trucks Market Trends

The heavy-duty truck industry is experiencing dynamic trends fueled by a surge in modifications and product launches from leading manufacturers. To meet evolving customer demands and regulatory requirements, companies are prioritizing innovation and customization. Features such as autonomous driving capabilities, telematics systems, and improved fuel efficiency are becoming standard offerings.

Additionally, the rise of electric and alternative fuel-powered Class 8 trucks is transforming the industry landscape, underscoring a growing commitment to sustainability. These advancements not only improve the performance and safety of heavy-duty trucks but also revolutionize goods transportation. With leading manufacturers pushing the boundaries of technology and design, the heavy-duty truck market is poised for significant transformation and growth.

For instance, in April 2024, Volvo Trucks North America began accepting orders for its latest Class 8 VNL tractor. Production of this redesigned flagship model, developed by Volvo Group, is set to commence in the summer of 2024, with customer deliveries scheduled for later in the year.

Despite its growth, the heavy-duty truck market faces several challenges that hinder its development. One major restraint is fuel price volatility, which significantly impacts operating costs for fleet operators. Economic uncertainties and geopolitical tensions further exacerbate this volatility, making it difficult for businesses to forecast expenses accurately. Additionally, stringent environmental regulations require truck manufacturers to invest heavily in research and development to meet emission standards, increasing the overall cost of vehicles.

Authors: Preeti Wadhwani, Aishwarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of heavy-duty trucks reached USD 311.4 billion in 2024 and is set to grow at a 4.2% CAGR from 2025 to 2034, driven by increasing cross-border transportation demand and regional collaborations to promote Class 8 trucks.

Diesel trucks held over 75% of the market share in 2024, as their power, reliability, and range make them indispensable for long-haul freight and heavy-duty applications.

The Asia Pacific market accounted for 60% of the revenue share in 2023, led by rapid industrialization, urbanization, and the expansion of e-commerce and logistics sectors in countries like China and India.

The key players in the industry include Daimler, Freightliner, Navistar, Isuzu Motors, Kenworth, Mack Trucks, MAN, Peterbilt, Scania AB, and Volvo Trucks.