Automotive Heavy Trucks Market Trends and Analysis by Technology, Companies and Forecast to 2028
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Automotive Heavy Trucks Market Overview
The automotive heavy trucks market is valued at 3.1 million units in 2023 and is expected to record a CAGR of more than 3% during 2023-2028. Due to new product introductions, partnerships between engine manufacturers and mining equipment OEMs, and capacity growth by the top OEMs, the market for electric heavy-duty trucks is anticipated to grow. A big push for the adoption of electric heavy-duty trucks worldwide is also being provided by significant contracts between major OEMs and mining corporations to test and use electric heavy-duty trucks at their mines.
Automotive Heavy Trucks Market Outlook, 2023-2028 (Million Units)
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The automotive heavy trucks market research report provides a comprehensive overview of the global automotive heavy trucks sector including an analysis of the current sector scenario regarding the future outlook in terms of key trends and drivers. The report also provides a detailed overview of technological developments and innovations, PESTER analysis, deep-dive analysis of the global market covering volume growth, regional overview, and leading component suppliers at a global and regional level. It also analyzes the recent product innovations and key strategic initiatives taken by the companies and provides an overview of patent filings in the sector across regions, countries, and top applicants.
|Market Size (2023)||3.1 million units|
|Key Regions||· Asia-Pacific
· North America
· South America
|Key Companies||· Daimler Trucks
· Volvo Trucks
· TRATON Group
· FAW Group
· CNHTC Group
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Automotive Heavy Trucks Market Trends
- Digital technology advancements in the heavy trucks market are predicted to open new implementation opportunities, like in the case of sophisticated truck telematics.
- Additionally, AI-based optimal solutions reduce expenses, low consumption, and blockage.
- The need for heavy trucks is anticipated to increase as the construction sector is likely to grow significantly over the next five years. Moreover, Customer groups for heavy-duty trucks and OEMs will be impacted by changes in the logistics environment. Owner-drivers, major fleet operators, small/mid-sized fleet operators, municipalities, and special vehicle fleet operators are the mentioned consumer segments.
Automotive Heavy Trucks Market Segmentation by Regions
Asia-Pacific is leading the automotive heavy trucks market in 2023.
The key regions in the automotive heavy trucks market are Asia-Pacific, Europe, North America, South America, and MEA. APAC is followed by North America and Europe. The Asia-Pacific market is projected to be the fastest-growing market besides being the leading market. The region’s thriving e-commerce industry is driving further growth of the heavy trucks market via last-mile delivery and logistics operations.
Automotive Heavy Trucks Market Analysis by Regions, 2023 (%)
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Automotive Heavy Trucks Market - Competitive Landscape
Daimler Trucks led the automotive heavy trucks market in 2021, followed by Volvo Trucks.
Some of the top companies operating in the automotive heavy trucks market are:
- Daimler Trucks
- Volvo Trucks
- TRATON Group
- FAW Group
- CNHTC Group
Daimler Truck has introduced hydrogen-powered, zero-emission trucks that run on liquid hydrogen instead of diesel and emit only water vapor. They also provide the engine series Medium-Duty Engine Generation for light to medium-duty vehicles, intercity and metropolitan buses, and off-highway vehicles.
Automotive Heavy Trucks Market Analysis by Companies, 2021 (%)
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Automotive Heavy Trucks Market - Latest Developments
- July 2023: The latest e-mobility kit from ZF’s Commercial Vehicle Solutions (CVS) business includes modular e-driveline systems appropriate for light delivery vehicles up to 44-ton trucks and trailers. These products will start being produced in 2024.
- June 2023: Al Futtaim Auto and Machinery Company (Famco), based in the UAE, has announced the introduction of the first-ever heavy-duty electric vehicle from the world’s largest automaker, Volvo, in the Middle East, reaffirming its position as a market pioneer and their dedication to sustainable transportation solutions.
Segments Covered in the Report
Automotive Heavy Trucks Regional Outlook (Value, Million Units, 2018-2028)
- North America
- South America
It includes an analysis of the following –
- Trends & Drivers: Provides an overview of current sector scenario regarding the future outlook in terms of key trends and drivers of the sector.
- Technological Developments: Provides a detailed overview of technological developments and innovations in the sector.
- PESTER Analysis: Provides a detailed understanding of various factors such as political, economic, social, technological, environmental, and regulatory impacting the sector.
- Sector Forecast: Provides deep-dive analysis of the global market covering volume growth during 2017–2026, and spot estimates for 2030 and 2036. The analysis also covers a regional overview across four regions-Asia-Pacific, Europe, North America, South America, and MEA-highlighting sector size, and growth drivers for the region.
- Competitive Landscape: Provides an overview of leading component suppliers at a global and regional level, besides analyzing the recent product innovations and key strategic initiatives taken by the companies.
- Patent Analysis: Provides an overview of patent filings in the sector across regions, countries and top applicants.
Reasons to Buy
Auto OEMs and component suppliers seek the latest information on how the market is evolving to formulate their sales and marketing strategies. There is also a demand for authentic market data with a high level of detail. This report has been created to provide its readers with up-to-date information and analysis to uncover emerging opportunities for growth within the sector in the region. The report provides a detailed analysis of the regions and competitive landscape that can help companies gain insight into the region-specific nuances. The analysts have also placed a significant emphasis on the key trends that drive customer choice and the future opportunities that can be explored in the region, which can help companies in revenue expansion. To gain competitive intelligence about leading component suppliers in the sector in the region with information about their market share and growth rates.
Shaanxi Auto Group
Ashok Leyland Group
Table of Contents
- 1. Executive Summary
- 2. Part 1: Main Trends and Drivers
- 2.1. Trends
- 2.2. Drivers
- 3. Part 2: Technologies and Innovations
- 4. Part 3: PESTER Analysis
- 5. Part 4: Sector Forecast
- 5.1. Asia-Pacific Market Growth Analysis
- 5.2. European Market Growth Analysis
- 5.3. North American Market Growth Analysis
- 5.4. South America Market Growth Analysis
- 5.5. MEA Market Growth Analysis
- 6. Part 5: Latest Developments
- 7. Part 6: Key Companies
- 8. Patent Analysis
- 9. Part 7: Appendix
Frequently asked questions
What is the automotive heavy trucks market size in 2023?
The heavy trucks market is estimated at 3.1 million units in 2023.
What is the growth rate of the automotive heavy trucks market?
The heavy trucks market is expected to record a CAGR of more than 3% during 2023-2028.
Which is the leading region in the automotive heavy trucks market?
Asia-Pacific is leading in the automotive heavy trucks market in 2023.
Who are the key players operating in the automotive heavy trucks market?
The top companies operating in the automotive heavy trucks market are Daimler Trucks, Volvo Trucks, TRATON Group, FAW Group, Paccar, and CNHTC Group, among others.
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