Automotive Heavy Trucks Market Trends, Sector Overview and Forecast to 2028
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Automotive Heavy Trucks Market Report Overview
The heavy-duty truck market size was 3.2 million units in 2023. The market will grow at a CAGR of more than 2% during 2023-2028. The alleviation of global supply chain pressures and China’s rebound from emissions-related issues the previous year are a few of the factors that drove the recovery of the truck market in 2023. In 2023, Asia-Pacific accounted for a significant share of the automotive heavy trucks market.
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 heavy trucks market trends and drivers. The report also provides a detailed overview of technological developments and PESTER analysis. Furthermore, evaluate strategic initiatives by market players and their recent product innovations to identify growth opportunities. The report also provides an overview of patent filings across sectors, regions, countries, and top applicants.
Market Size (2023) | 3.2 million units |
CAGR (2023-2028) | >2% |
Historical Period | 2018-2022 |
Forecast Period | 2023-2028 |
Key Regions | Asia-Pacific, Europe, North America, South America, and MEA |
Key Companies | Daimler Trucks, Volvo Trucks, TRATON Group, FAW Group, and Paccar |
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Automotive Heavy Trucks Market Trends
The key trends shaping the automotive heavy trucks market are the use of electricity and alternative fuel and the implementation of connectivity and telematics.
Use of electricity and alternative fuels: Alternative fuel options are establishing their presence in the heavy truck industry along with pure electricity. Hydrogen fuel cell (HFC) trucks, known for their extended range and zero-emission potential, are particularly well-suited for long-haul journeys. Biofuels and natural gas are also gaining traction and providing cleaner alternatives to traditional diesel fuel.
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Automotive Heavy Trucks Market Segmentation by Regions
In 2023, Asia-Pacific accounted for the highest automotive heavy trucks market share among all the regions
The key regions in the automotive heavy trucks market are Asia-Pacific, Europe, North America, South America, and MEA. The Asia-Pacific region is a major global industrial hub that fuels the demand for heavy and medium trucks. 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 accounted for the highest market share in 2022
A few of the top companies operating in the market are:
- Daimler Trucks
- Volvo Trucks
- TRATON Group
- FAW Group
- Paccar
Daimler Truck introduced hydrogen-powered, zero-emission trucks that run on liquid hydrogen instead of diesel and emit only water vapor.
It is also taking strategic actions to aid the heavy truck systems market growth. In May 2023, Daimler Truck, Mitsubishi Fuso, Hino, and Toyota Motor Corporation reached a Memorandum of Understanding. It was about the acceleration of Advanced Technology research and the merger of Mitsubishi Fuso and Hino Motors.
Automotive Heavy Trucks Market Analysis by Companies, 2022 (%)
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Automotive Heavy Trucks Market – Latest Developments
A few of the latest developments in the automotive heavy trucks market are as follows:
- 27th March 2024: BorgWarner New Energy (Xiangyang) Co., Ltd. has revealed a partnership with global industrial real estate company Goodman Group, and Windrose Technology, a developer of zero-emission long-haul trucks. Together, they will work on the development of a fast-charging infrastructure for electric long-haul trucks at Goodman’s properties in China.
- 26th March 2024: Autocar and Rocsys have teamed up to introduce hands-free charging for Autocar’s electric terminal tractors. This innovative partnership represents a milestone in the industry, as it marks the first time that terminal tractors are powered by hands-free charging at distribution centers, inland ports, and other logistics facilities.
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Segments Covered in this Report
Automotive Heavy Trucks Regional Outlook (Value, Million Units, 2018-2028)
- Asia-Pacific
- Europe
- North America
- South America
- MEA
Scope
- Trends & Drivers: Provides an overview of the current key trends and drivers that will influence the sector’s growth in the future.
- Technological Developments: Provides a detailed overview of technological developments and innovations in the sector.
- PESTER Analysis: Provides a detailed understanding of political, economic, social, technological, environmental, and regulatory factors 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 highlighting sector size and growth drivers.
- 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
- The report provides OEMs and component suppliers’ latest information on market evolution to help formulate sales and marketing strategies.
- The report provides authentic market data with a high level of detail to help gain a competitive edge in the market.
- The report provides its readers with up-to-date information and analysis to uncover emerging opportunities for growth within the sector.
- The report analyzes regions and competitive landscape that can help companies gain insight into the region-specific nuances.
- The report assesses the key trends that drive customer choice and the future opportunities that can be explored in the region. Actionable insights on trends can help companies in revenue expansion.
- The report helps gain competitive intelligence about leading component suppliers in the region with information about their market share and growth rates.
Table of Contents
Frequently asked questions
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What was the automotive heavy trucks market size in 2023?
The automotive heavy trucks market size was 3.2 million units in 2023.
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What will the automotive heavy trucks market growth rate be during the forecast period?
The automotive heavy trucks market will grow at a CAGR of more than 2% during 2023-2028.
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Which was the leading region in the automotive heavy trucks market in 2023?
Asia-Pacific was leading the automotive heavy trucks market in 2023.
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