Heavy Duty Trucks Market Expected to Reach USD 91.1 Billion by 2031: Fact.MR Report
Driving Forces: Influence of Infrastructure Development and Logistics Expansion on the Global Heavy Duty Trucks Market
Rockville , Dec. 12, 2023 (GLOBE NEWSWIRE) -- Fact.MR, a market research and competitive intelligence provider, in its newly published research report, reveals that the global Heavy Duty Trucks Market is estimated at US$ 35 billion in 2020 and expected to represent an incremental opportunity surpassing US$ 56.1 Billion across forecast period.The need for heavy duty trucks in rural and semi-rural regions of Asian and African nations is increasing for transportation purposes. Truck manufacturers are introducing new products with advancements in various aspects in African countries, creating growth opportunities in the market for the projected year. As an example, in August 2022, SMT Ghana, the authorized distributor of Volvo Construction Equipment, Volvo Trucks, and Volvo Penta in Ghana, organized a significant event in Accra to unveil four new ranges of heavy-duty trucks from Volvo.
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https://www.factmr.com/connectus/sample?flag=S&rep_id=2535*Key Segments of Telemedicine Industry Research Report*
*By Class* *By Fuel* *By Application* *By Region*
· Class 7 Heavy Duty Trucks
· Class 8 Heavy Duty Trucks
· Class 9 Heavy Duty Trucks
· Diesel-powered Heavy Duty Trucks
· Natural Gas-powered Heavy Duty Trucks
· Hybrid Electric Heavy Duty Trucks
· Gasoline-powered Heavy Duty Trucks
· Heavy Duty Trucks for Logistics
· Heavy Duty Trucks for Construction
· Heavy Duty Trucks for Agriculture
· Heavy Duty Trucks for Defence
· Heavy Duty Trucks for Mining
· Heavy Duty Trucks for Other Applications
· North America
· Latin America
· Europe
· East Asia
· South Asia & Oceania
· Middle East & Africa
Rising out-of-pocket expenditures and rising prevalence of chronic diseases are predicted to lead to increased healthcare costs.
· As per the data provided by the Centers for Medicare and Medicaid Services, healthcare expenditures in the United States reached US$ 4.31 trillion, which increased by 2.7% in comparison to 2021.Teleconsultations provide economical services along with reduced work burden on healthcare professionals, which is projected to result in the deployment of digital health technologies.
*Key Takeaway from Market Study *
· Market estimates and forecast 2016-2031
· Key drivers and restraints impacting market growth
· Segment-wise, Country-wise, and Region-wise Analysis
· Competition Mapping and Benchmarking
· Market Share Analysis
· Key Product Innovations and Regulatory Climate
· COVID-19 Impact on Heavy Duty Trucks Market and How to Navigate
· Recommendation on Key Winning Strategies
* “The increasing globalization, along with a rising need for streamlined supply chains to transport goods worldwide, is driving the demand for heavy-duty trucks even further,” *says a Fact.MR analyst.
*U.S Brimming with Opportunities for Heavy Duty Trucks*
The growing focus on integrating technological innovations into the domestic automotive sector has sparked a surge in demand for autonomous and self-driving heavy-duty trucks throughout the United States.
Furthermore, the adoption of Advanced Driver Assistance Systems (ADAS) for accident monitoring and prevention is enhancing the utility of heavy-duty trucks, reducing the risk of human casualties and cargo losses. Consequently, the U.S. market is projected to achieve a Compound Annual Growth Rate (CAGR) of 5% during the forecast period.
*Competition Landscape*
Manufacturers in the heavy-duty truck industry are concentrating on introducing new products equipped with advanced features to secure a competitive advantage in the market.
*For example:*
· In *July 2021*, *Diamler Truck*, *The TRATON GROUP* and *Volvo group* have come together to install electric heavy duty and long haul trucks across Europe.· In *December 2017*, *Scania* built its new XT range to be as bump and dent-proof as possible without wrapping it in plastic, and up-specced the components for constant heavy-duty use.*Report Attribute* *Details*
Value Projection (2031) USD 91.1 Billion
Growth Rate (2021-2031) 10 % CAGR
No. of pages 170 Pages
No. of Tables 115 Tables
No. of Figures 90 Figures
*Key Market Players *
The market is becoming highly competitive with the entry of new players and the launch of several platforms.
Key players in the global market are Daimler, Dongfeng, Eicher Motors Limited, Fiat Chrysler Automobiles, Ford Motor Company, Freightliner, General Motors, Kenworth, Navistar, Nissan, Oshkosh Corporation, Paccar, Peterbilt, Scania, Tata Motors, Toyota, Volkswagen, Volvo.
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