The Global Heavy Trucks Market size is expected to reach $38.2 billion by 2028 and will grow at a CAGR of 3% between 2021 and 2028. The demand for heavy trucks in the North American region is high due to increasing construction activities and military operations. The Asia Pacific is also one of the fastest-growing regions for the heavy truck industry because of its burgeoning automotive sector.
Heavy Trucks (also called tractor units) are heavy-duty vehicles with a gross vehicle weight rating of over 14,000 pounds. Heavy Truck is the most common term used to describe these types of vehicles in America and Canada. The term semi-trailer truck is often used interchangeably when it comes to referring to them as they tow trailers for their cargo or passengers. The difference between heavy trucks and light-duty trucks is while both can carry goods, only one has enough power and torque necessary for powering loads up steep hills where there might be little traction available otherwise.
On the basis of Type, the market is segmented into Complete Vehicle, Incomplete Vehicle (Chassis), and Semitrailer Tractor.
A complete vehicle is an assembled truck with the engine installed and ready to operate without requiring any significant additional assembly before being put into service. It is the truck body, chassis, and other components. The Complete Vehicles segment includes passenger cars as well as buses. These are mainly used for long-distance haulage of goods, construction, and agriculture.
An incomplete vehicle (chassis) is not yet assembled but has all major components such as frame rails, axles front axle(s), steering gearbox, etc., present so it can be completed with an engine/transmission and other components. It is a truck that has had its body removed. These vehicles are also known as chassis trucks and they come with wheels but no cab.
A semi-trailer tractor refers to a type of heavy truck that is used in conjunction with one or more semitrailers and has the capability to tow trailers. Semitrailer tractors come in many different configurations but typically have an engine, transmission, fifth wheel coupling, drive axles (front only), and suspension system.
On the basis of Application, the market is segmented into Firefighting, Construction, Forestry, Mining, Agriculture, Military, and Other.
Fire-fighting includes flame fighting and fire prevention as well as more advanced techniques like salvage operations and structural fire protection (e.g., applying a fire-resistant coating). This application can be used for the construction of new buildings or renovation of old ones; it involves putting out fires in warehouses that store hazardous materials; chemical plants where there is a risk of explosion if a major accident occurs; homes at risk from forest fires ; or so forth. It also refers to extinguishing burning vehicles on highways by spraying them with water or foam solution before they become too hot to handle with bare hands
The construction industry is one area that uses heavy trucks extensively for carrying building material and other construction equipment.
Logging companies use tractors to pull trailers with tree trunks from forest areas, where they fell timber into truck beds. These vehicles are also used by sawmills operating on a large scale to transport logs from lumberyards that store raw wood
The mining industry is one area that uses heavy trucks extensively for carrying mine material from mineshaft opening to sorting plants in order to separate valuable minerals therefrom
Agricultural machines including tractors use these world-class machines because their tasks include loading hay bales into trailers and feed corn kernels into mills
Heavy trucks are used in the military for carrying heavy equipment and supplies. They have more weight capacity than medium or light trucks
Hunting enthusiasts who stalk animals may need heavy trucks as their vehicle of choice because hunting grounds typically involve fields, forests, hills, and other rough terrains unfit for smaller cars or SUVs. The same holds true for hunters venturing out onto ice flows where trucks can better handle the weight of snow and ice.
On the basis of Region, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The European market accounted for the largest share, followed by North America and the Asia Pacific.
The North American market is projected to witness a robust CAGR during the forecast period. The growth of this region can be attributed to increased construction activities in various countries such as Canada, Mexico, United States, etc.
Asia-Pacific has also shown significant traction on account of an increasing number of road constructions and infrastructure projects in China and India among other major economies like Japan, Australia, etc.
Latin America’s potential lies largely untapped because most parts are still underdeveloped with low GDP per capita rates compared to Europe or North America regions where there is greater exposure to heavy trucks due to higher economic development levels than their Latin counterparts. Moreover, escalating investment opportunities have created a favorable environment for heavy truck manufacturers to explore opportunities in this region.
Up Market Research published a new report titled “Heavy Trucks Market research report which is segmented by Types (Complete Vehicle, Incomplete Vehicle (Chassis), Semitrailer Tractor), By Applications (Firefighting, Construction, Forestry, Agriculture, Military, Other), By Players/Companies Daimler Trucks, Volvo, Paccar, MAN Group, Scania, IVECO, Oshkosh, Hino, Isuzu, Navistar, KAMAZ, Rosenbauer, Dongfeng, SINOTRUK, FAW, Foton, Shacman, JAC, Saic-Iveco Hongyan, CAMC, DAYUN, BeiBen Trucks”.
|Report Attributes||Report Details|
|Report Title||Heavy Trucks Market Research Report|
|By Type||Complete Vehicle, Incomplete Vehicle (Chassis), Semitrailer Tractor|
|By Application||Firefighting, Construction, Forestry, Agriculture, Military, Other|
|By Companies||Daimler Trucks, Volvo, Paccar, MAN Group, Scania, IVECO, Oshkosh, Hino, Isuzu, Navistar, KAMAZ, Rosenbauer, Dongfeng, SINOTRUK, FAW, Foton, Shacman, JAC, Saic-Iveco Hongyan, CAMC, DAYUN, BeiBen Trucks|
|Regions Covered||North America, Europe, APAC, Latin America, MEA|
|Historical Year||2018 to 2019 (Data from 2010 can be provided as per availability)|
|Number of Pages||211|
|Number of Tables & Figures||148|
|Customization Available||Yes, the report can be customized as per your need.|
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Type Complete Vehicle, Incomplete Vehicle (Chassis), Semitrailer Tractor and By Application Firefighting, Construction, Forestry, Agriculture, Military, Other.
Some of the companies that are profiled in this report are:
Heavy Trucks Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Heavy Trucks Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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