Heavy Duty Truck Market Expected to Reach $328,363.9 Million by 2031

Heavy Duty Truck

Heavy Duty Truck Market : Global Opportunity Analysis and Industry Forecast, 2021-2031

OREGAON, PORTLAND, UNITED STATES , July 26, 2023/EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Heavy Duty Truck Market,” The heavy duty truck market was valued at $209,973.7 million in 2021, and is estimated to reach $328,363.9 million by 2031, growing at a CAGR of 4.8% from 2022 to 2031.

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Commercial trucks are broken down into the broad categories of light duty, medium duty, and heavy duty. The concept of heavy duty truck is typically attributed to the motor vehicle that are designed to transport cargo, carry specialized payloads, or perform other utilitarian work. Although, heavy-duty trucks are heavier than medium duty trucks. Their weight ranges between 26,001 lbs to over 33,000 lbs (11,794 kg to over 14,969 kg). Thus, heavy duty trucks are gaining traction owing to their high carrying capacity and strong suspension system useful in transportation activities. Majority of construction companies prefer heavy-duty trucks for carrying debris and materials at any terrain for long distances.

In addition, the heavy duty truck market has witnessed significant growth in recent years, owing to the growing need of consistent material supply to the power industries and debris removal to speed up the mining activities is accelerating the sale of sleeper cab class 8 heavy-duty trucks. Industry participants, such as Hyundai, Ashok Leyland, and Kenworth, are developing class 8 sleeper trucks for heavy operation across all sectors. Furthermore, the companies operating in the heavy duty truck market have adopted partnerships, investments, and product launches to increase their market share and expand their geographical presence. For instance, in April 2020, Volvo Group and Daimler truck AG signed a non-binding agreement to form a new joint venture with a focus on the development of advanced fuel cell systems for heavy-duty commercial vehicle applications in Europe.

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Rising demand for the commodity along with increased construction and infrastructure development are the main factors driving the demand for heavy duty trucks. Presently, trucks built are more reliable, more efficient, more fuel efficient and have higher payloads than trucks built before. However, technological advances have improved fuel efficiency, and new technology allows trucks to carry more weight than vehicles of the same power. As a result, the world faces a major problem of carrying heavy loads, which may lead to a decline in the use of more vehicles. Heavy trucks are also used as garbage and garbage collectors.

These trucks have advanced features, lightweight structure frame, and wider availability, increasing their market representation worldwide. Moreover, heavy-duty trucks comprise a trailer or a goods carrying space that provide easy and safe transportation. Hence, heavy-duty trucks are employed in diverse industries including logistics, construction, and Dump trucks. These trucks save time for the transportation of the goods and materials. For instance, in September 2021, Tata Motors announced its plans to invest over $1 billion, or an amount exceeding Rs 7,500 crore over the next 4-5 years to recreate its road-map for the commercial vehicle business, a major part of which comprises electric vehicles, which in turn propels the electric segment of heavy duty truck market.

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✅This study presents analytical depiction of the global heavy duty truck market analysis along with current trends and future estimations to depict imminent investment pockets.
✅The overall heavy duty truck market opportunity is determined by understanding profitable trends to gain a stronger foothold.
✅The report presents information related to the key drivers, restraints, and opportunities of the global heavy duty truck market with a detailed impact analysis.
✅The current heavy duty truck market is quantitatively analyzed from 2021 to 2031 to benchmark the financial competency.
✅Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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