Heavy Trucks Market to Witness Exponential Growth by 2021

Trucks market can be classified as light, medium and heavy based on their dimensions and load capacity. Heavy trucks market is solely dependent on the industrial progress in a country as it is used in carrying the raw materials for the industries as well as the finished goods from manufacturing location to its intended market. The logistics industry includes transportation modes in land, air and waterways. Land transport is further segmented into rail transport and road transport. The finished goods, especially the consumer goods are mostly transported by heavy trucks.

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Heavy trucks are basically of two types namely heavy combination and multi combination. Heavy Trucks have three or more axles and have the same GVM 8,000-9,000 kilograms. Heavy combination and Multi combination trucks have Gross Vehicle Mass (GVM) of over 9,000 kilograms. A mover plus semi-trailer combination is an example of heavy trucks, whereas road trains are the types of multi combination commercial trucks.

Heavy trucks market suffered downturns during economic recession in the U.S. and Europe wherein their industrial processes, especially automobile manufacturing suffered severe setbacks. However, the U.S. has emerged out of its recessionary period and making swift advancements in its industries. Europe, on the other hand is recovering from Euro-zone crisis and its heavy trucks market is expected to recover in 2015. Heavy trucks with diesel engines account for the largest market among their types based on fuel consumption.

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The increase in raw material prices is one of the biggest hurdles for truck industry wherein the soaring iron and steel prices are compelling the truck manufacturers to increase prices of their final product. The economically volatile environment and unstable crude oil prices are restraining fleet owners (the consumers for truck industry) to purchase new trucks. Poor road infrastructure in the developing countries has been a prevailing challenge for the trucks manufacturing market which is making the trucking activities strenuous and prone to frequent breakdowns. The global heavy truck manufacturers have been increasing the number of their service stations in order to build customer relationships which are to a great degree dependent on servicing facilities provided by the companies.

Germany is known to be the logistics hub of Europe due to its high level of industrial and commercial activities. Commerce and trade are developing at a fast pace in Brazil and the Middle East countries. The increasing number of vendors for the components of truck is providing ample growth opportunities for the truck manufacturing market. The fast pace of industrial development in China is boosting the production and sales of heavy trucks market in the country. Indian heavy truck market is also growing at a fast pace due to increasing demand for consumer goods on account of rising population. The next eleven countries (Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, Philippines, South Korea, Turkey and Vietnam) are expected to lay strongest growth opportunity for the heavy trucks market due to their increasing rate of industrialization.

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Among the regions, Asia Pacific accounted for the largest share in the global heavy trucks market, followed by Europe. Some of the major players in truck manufacturing market include Doengfeng, Daimler Trucks, FAW, China National Heavy Duty Truck Corporation (CNHTC), TATA Motors, Volvo Global Trucks, Torch, Beijing Automotive Industry Corporation (BAIC) and MAN. Daimler, Navistar and Paccar were the leading players in heavy trucks market in North America, whereas Daimler, Volvo and MAN dominated the sales in Western Europe. The heavy trucks market in Asia Pacific was led by Doengfeng, FAW, CNHTC and TATA motors. China became the world’s largest consumer of heavy trucks in 2010, leaving behind Germany at second place.

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Persistence Market Research (Pmr) is a third-platform research firm. Our research model is a unique collaboration of data analytics and market research methodology to help businesses achieve optimal performance.