Portland, OR, March 27, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global heavy duty truck market size garnered $209,973.7 million in 2021, and is estimated to generate $328363.9 million by 2031, manifesting a CAGR of 4.8% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $209,973.7 million |
| Market Size in 2031 | $328363.9 million |
| CAGR | 4.8% |
| No. of Pages in Report | 335 |
| Segments covered | Truck Type, Tonnage type, Propulsion, Application, Axle Type, and Region |
| Drivers | High payload capacity Greater availability of credit and financing options Improvement of road infrastructure |
| Opportunities | Increasing need for transportation mediums for rural and semi-urban areas Technology advancement in heavy duty trucks |
| Restraints | Rising fuel prices High maintenance cost of trucks Growing carbon emission from the burning of diesel fuel |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global heavy duty truck market, owing to implementation of global lockdown.
- The pandemic impacted the source of earnings of various trucks drivers, owing to which the number of loan defaulters had increased considerably. For instance, according to Trucking HR Canada's Labour Market Snapshot, during the first two quarters of 2020, 49,000 truck drivers lost their jobs. However, from June to August, the industry added 43,500 new drivers. Thus, the unemployment rate amongst drivers decreased from a high of 12% in June 2020, to 6.3% in August 2020, which was less than the overall national unemployment rate.
- However, as COVID-19 cases declined and things continued to return to normal, the heavy-duty trucks market has experienced the highest number of new fleet startups during post pandemic.
The research provides detailed segmentation of the global heavy duty truck market based on truck type, tonnage type, propulsion, application, axle type, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
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Based on truck type, the others segment held the highest share in 2021, accounting for nearly half of the global heavy duty truck market, and is expected to continue its leadership status during the forecast period. However, the rigid segment is expected to register the highest CAGR of 5.9% from 2022 to 2031.
Based on propulsion, the IC engine segment accounted for the highest share in 2021, contributing to more than 90% of the global heavy duty truck market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the electric segment is expected to manifest the highest CAGR of 16.2% from 2022 to 2031.
Based on axle type, the others segment accounted for the highest share in 2021, holding more than one-third of the global heavy duty truck market, and is expected to continue its leadership status during the forecast period. However, the 6x2 segment is estimated to grow at the highest CAGR of 7.2% during the forecast period.
Based on region, Asia-Pacific held the largest share in 2021, contributing to nearly two-fifths of the global heavy duty truck market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the same region is expected to manifest the fastest CAGR of 5.2% during the forecast period. The research also analyzes regions including North America, Europe, and LAMEA.
Leading market players of the global heavy duty truck market analyzed in the research include PACCAR Inc., Isuzu Motors Limited, Eicher Motors Ltd, Tata Motors, Ashok Leyland, NAVISTAR, INC., China National Heavy Duty Truck Group Co., Ltd, freightliner, Scania, MAN, Dongfeng Commercial Vehicle Company Limited, AB Volvo.
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The report provides a detailed analysis of these key players of the global heavy duty truck market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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About Us Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. Contact: David Correa 5933 NE Win Sivers Drive #205, Portland, OR 97220 United State USA/Canada (Toll Free): +1-800-792-5285, +1-503-894-6022 UK: +44-845-528-1300 Hong Kong: +852-301-84916 India (Pune): +91-20-66346060 Fax: +1(855)550-5975 help@alliedmarketresearch.com Web: https://www.alliedmarketresearch.com/reports-store/automotive-and-transportation Follow Our Blog: www.theinnovativereport.com
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