DUBLIN, Dec. 31, 2021 /PRNewswire/ — The “Global Truck Market, By Application Type (Logistics, Construction, Mining, Others), By Truck Tonnage Capacity (Class1, Class2, Class3 Class4, Class5, Class6, Class7, Class8), By Fuel Type, By Vehicle Type, By Region, Competition, Forecast & Opportunities, 2026” report has been added to ResearchAndMarkets.com’s offering.
The Global Truck Market was valued at USD809.46 billion in 2020 and is expected to grow at a CAGR of 7.50% in the next five years till 2026F.
The anticipated growth can be attributed to driving factors like increased dependency over on-road transportation processes. Although the transportation can be carried out via railways and air transportations, trucks allow effective transportation in difficult terrains like hilly areas and deserted lands.
Also, the expansion of the construction industry and their demand for the transportation of heavy construction material is further driving the growth of the Global Truck Market in the upcoming five years. Surging demands for heavy-duty trucks are also anticipated to support the Global Truck Market growth in the next five years.
The incorporation of advanced technologies like GPS-enabled services, etc., further supports the growth of the Global Truck Market by increasing demands for effective driving conditions in the future five years. Moreover, factors like increasing disposable income among the consumers, growing urbanization, and expanding rural economy growth may further aid the future growth of the Global Truck Market in the forecast years until 2026.
The mining industry is also expanding such that the demand for products like metals, coal, oil shale, gemstones, limestone, chalk, dimension stone, rock salt, potash, gravel, and clay is increasing and is indirectly substantiating the growth of the Global Truck Market in the upcoming five years.
Although, slow adaptations of the advanced automobiles in some developing countries due to higher expenses required for the new purchases might create mild hindrance in the futuristic market growth. However, increasing demands for trucks from the logistics industry may support the growth in such countries in the forecast period.
Logistics applications of the trucks are anticipated to register the largest revenue shares of the market and dominate the market segmentation in the upcoming five years on the grounds of increasing demands from consumers over services, quality, and features of the advanced automobile for logistic purposes. To transport the resources and material from excavation or origin point to storage and then to their destination for distribution and final sales, is carried out through trucks.
With increased globalization and industrialization, the sub-segment is anticipated to register further growth while aiding the growth of the Global Truck Market in the next five years. The construction sub-segment is anticipated to register significant growth in the next five years on account of increasing global construction processes.
The demand for the transportation of the construction material and equipment from the source to the construction site aids the growth of the sub-segment as well as drives the growth of the Global Truck Market in the future five years.
Some of the major market players operating globally in the truck market are
- Daimler AG.
- Tata motors limited
- Dongfeng Motor Corporation
- Navistar, Inc
- AB Volvo
- Hino Motors Ltd.
- IVECO- a CNH Industrial Company
- Paccar Inc
- MAN SE
- Scania AB
Report Scope:
Years considered for this report:
- Historical Years: 2016-2019
- Base Year: 2020
- Estimated Year: 2021
- Forecast Period: 2022-2026
Truck Market, By Application Type:
- Logistics
- Construction
- Mining
- Others
Truck Market, By Truck Tonnage Capacity:
- Class1
- Class2
- Class3
- Class4
- Class5
- Class6
- Class7
- Class8
Truck Market, By Fuel Type:
- Diesel
- Petrol/Gasoline
- CNG/LNG/LPG
- Electric & Hybrid
Truck Market, By Vehicle Type:
- Light Duty
- Heavy Duty
- Medium Duty
Truck Market, By Region:
- North America
- United States
- Canada
- Mexico
- Asia Pacific
- China
- Japan
- India
- Australia
- Indonesia
- Europe
- France
- Germany
- United Kingdom
- Italy
- Spain
- South America
- Brazil
- Argentina
- Chile
- Colombia
- Middle East and Africa
- South Africa
- Saudi Arabia
- Iran
- UAE
For more information about this report visit https://www.researchandmarkets.com/r/gl7kx
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SOURCE Research and Markets
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