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Volvo and Traton held significant market share of over 20% market share in 2023. These manufacturers focus on designing heavy haul trucks with higher load capacities and improved durability. These efforts to meet the specific needs of the heavy haul market contribute to sustained demand for these specialized vehicles.
Companies like Volvo, Traton, and Daimler are investing heavily in research and development to stay ahead in this competitive market. Their innovations improve the performance of heavy haul trucks while addressing environmental concerns and regulatory requirements. Moreover, the growing need for transporting heavy loads across various industries, such as construction, mining, and logistics, is fueling the demand for these advanced trucks. This trend could continue as companies strive for greater efficiency and productivity in their operations.
Major companies operating in the heavy haul truck industry are:
The diesel segment held over 80% of the market share in 2023, due to its energy density and widespread availability.
The market size of heavy haul truck reached USD 34.5 billion in 2023 and is set to witness 6% CAGR between 2024 & 2032, led by rising investments in R&D activities.
Asia Pacific market accounted for 60% share in 2023, attributed to rapid urbanization, infrastructure development, and industrial growth.
Volvo, Eicher Motor Limited, Ford Motor Company, Freightliner, GMC (General Motors Truck Company), Hino Motors, International Truck (Navistar), Isuzu Motors, Kenworth, Mack Trucks and MAN SE.