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Global heavy truck demand trend analysis

Published by xiaodong September 25,2023

Heavy-Duty Trucks Market size exceeded USD 360 billion in 2019 and is estimated to grow at over 4% CAGR between 2020 and 2026. The rising preference for trucks offering significant power and torque output to carry heavy loads will drive the industry growth.

Proliferating infrastructure and construction projects across the globe are driving the demand for heavy-duty trucks. Several upcoming construction projects in Asia Pacific and North America are positively influencing the industry statistics. For instance, in 2019, China approved 26 major infrastructure projects and plans to invest USD 142 billion in these projects.
Similarly, in 2019, the U.S. government made the about USD 1 trillion for construction sector in the country. The ability of heavy-duty trucks to carry bulky construction tools, materials, and equipment across long distances will accentuate their demand.

Factors challenging the market growth include high ownership and maintenance costs associated with heavy-duty trucks. These trucks are available in multiple sizes and load carrying capacity configurations, contributing toward increasing costs based on the variety of configurations. In addition to that, customers also incur high insurance and tax expenditure on purchasing a new truck. Recurring maintenance costs owing to long operating hours and carrying heavy loads in harsh terrains are the key challenges faced by industry players.

The global heavy-duty trucks market is expected to witness a temporary slowdown in 2020 due to the rapid spread of the COVID-19 pandemic across the globe. Factors, such as gradually declining consumer disposable incomes and rising financial insecurities among freight operators, are contributing to the decreasing revenue. Moreover, restrictions on international trade have severely impacted the logistics & transportation industry. However, as the impact of COVID-19 reduces, the market will grow steadily.

Increasing demand for driver comfort in class 8 heavy-duty trucks
The North America class 8 segment held around 80% of the heavy-duty trucks market revenue share in 2019. High load carrying capacity and long-range traveling capability will boost class 8 trucks demand. Shifting preferences toward enhanced driver comfort and recreational features for overnight journeys are driving the adoption of heavy-duty trucks with comfortable sleeper cabs. These cabs offer comfortable overnight sleep and relaxation to the drivers.

The 6x4 configuration axle type segment is registering high demand owing to the several benefits, such as better traction and high load carrying capacity, compared to other axle configurations. 6x4 consists of three axles with two drive axles and one steer axle. The ability of 6x4 configuration trucks to operate in off-road and harsh terrains will further propel their market demand.

Enhanced load-hauling efficiency at affordable costs is driving the 300 – 400HP engine trucks demand
The Latin America 300HP – 400HP heavy trucks segment is predicted to see more than 2% growth till 2026. 300 to 400 horsepower heavy-duty trucks are displaying high growth potential due to several benefits such as low engine weight and high fuel efficiency. The capability of these engines to haul significant loads on smooth roads at low costs compared to other configurations is further contributing to their demand.