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Heavy-Duty Trucks Market 2020-2026 : Share Forecasts, Regional Trends & Growth drivers

Author : Ronak Bora | Published Date : 2020-09-18 

The heavy-duty trucks market is set to record significant gains over the forthcoming timeframe owing to the increasing number of construction and mining projects worldwide. Heavy-duty trucks are an essential part in the transportation industry since they are capable of moving large amount of products or materials in comparison to smaller vehicles.

Heavy-duty trucks cover an array of different vehicles, including concrete pump trucks, and heavy dump trucks that transport massive volumes of cargo. Heavy-duty trucks are also utilized for recovery of disabled and stranded vehicles, logistics purpose, and for towing & moving different types of cargo. Heavy-duty trucks are also used in construction activities for moving heavier construction materials.

Heavy-duty trucks are also useful for the purpose of shifting home locations, wherein they can transport furniture, and large appliances among others. The trucks can easily move tiny houses as well. Additionally, They are also used as garbage trucks, which are primarily built for the purpose of collecting garbage and further hauling it to a landfill.

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When it comes to carrying out such tasks, heavy-duty trucks are more reliable, capable of completing the work on time, are efficient in comparison to smaller trucks. Moreover, they also saves labor cost and fuel. Furthermore, increasing innovations in design and manufacturing of novel heavy-duty trucks coupled with changing trends are expected to drive the heavy-duty trucks market over the coming years.

The heavy-duty trucks market is segmented in terms of class, fuel, horsepower, and regional landscape.

Based on class, the market is classified into class 7 and class 8. The class 7 segment in terms of axle type is further categorized into 4X2, 6X4, and 6X2. In comparison to class 8 trucks, the class 7 trucks are likely to grow at a higher CAGR over the forecast timeframe owing to their low cost, enhanced fuel efficiency and overall low body weight.

With respect to fuel, the market is categorized into gasoline, hybrid electric, natural gas, and diesel. Among these, the hybrid electric segment is expected to witness increasing demand due to stringent emission regulations to curb pollution as well as increase efficiency. Several regions including Europe and North America have strict emission regulations in place and industry players are making active efforts to adhere to these emission guidelines by innovating hybrid-electric powered trucks. This novel trend is anticipated to drive the segmental growth tremendously.

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In terms of horsepower, the overall heavy-duty trucks market is bifurcated into above 500HP, 400 - 500HP, 300 - 400HP, and below 300HP. The 400-500HP segment will witness heavy growth owing to higher adoption of heavy-duty trucks because of their high torque production and power output to haul heavy loads.

From a regional frame of reference, increasing infrastructure development as well as construction activities are anticipated to contribute the Latin America heavy-duty trucks market share. Implementation of new initiatives and programs within the construction sector and increasing innovations as well as technological developments are further expected to create favorable growth scenarios for regional industry growth.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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