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Heavy-duty Trucks Market
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Heavy-Duty Trucks Market is estimated to reach US$ XX Bn by 2026 in terms of revenue at CAGR of XX % in the forecasting Period. Rising domestic and international trading activities across the globe will primarily drive the heavy-duty trucks market size over the next eight years. Road and rail dominate the freight transport segment boosting the overall business growth. Increasing fleet size will support the logistics and construction sectors which in turn drive the heavy-duty trucks market share from 2017 to 2026. An upsurge in demand for heavy commercial vehicles used in mining and agricultural applications with enhanced transmission will positively influence the product penetration.
Stringent government regulations pertaining to emission control with the need for replacing the old heavy-duty trucks will further boost the product sales. Customers rely on the core values of offering products with superior quality and environmental care along with safety. Products offering superior power required by the applications will drive the overall industry growth.Heavy-Duty Trucks MarketThe Heavy-Duty Trucks market is segmented based on class, fuel, application and geography. By class of the Heavy-Duty Trucks market is segmented into Class 5, Class 6, Class 7, and Class 8. By fuel, the market is segmented as diesel, natural gas, hybrid electric vehicle, and gasoline. By applications, the market is segmented as agriculture, logistics, construction, and mining. Logistics is the major segment where the Heavy-Duty Trucks are highly demanded and thus, it is expected to hold major market share in the forecast period.
Orders for new lorries are increasing as the equipment manufacturers are recovering from the slumping freight market. Bulking up of new orders and balance in inventory levels will support the growth till 2026.
Geographically, the Heavy-Duty Trucks market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa and Latin America. Asia-Pacific is expected to be largest market for Heavy-Duty Trucks during the forecast period owing to the rising production across the region, especially in emerging economies including India and China. Availability of cheap labor and raw materials fuels the regional growth of heavy-duty trucks market till 2024. Europe is projected to be the fastest growing market for Heavy-Duty Trucks. This can be attributed to the technology used in the region coupled with the presence of established players in developed countries.
Key player across the Heavy-Duty Trucks industry are Ford Motor Company, Toyota, Volvo, General Motors, Tata Motors, and Daimler. Use of common components across distinct brands and platforms will augment the industry size. The shift of production towards emerging countries offering production at low cost will enhance the heavy-duty trucks industry demand. Industry participants focus on geographical expansion for strengthening their foothold in the industry. Technological advancements, such as autonomous driving and telematic services, are observed as important strategies adopted for increasing the customer base and visibility. Technology solutions yield economic advantages and tend to be quickly adopted through new vehicle sales. Widespread fleet penetration in several industries will escalate the heavy-duty trucks demand over the forecast time span.
This information is given by market research company (maximize market research)
For more information visit - https://www.maximizemarketresearch.com
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