Heavy Duty (class 7 & 8) Truck Market is Anticipated to Grow at a CAGR of 4.1% During the Forecast Period 2018 – 2025, says Esticast Research and Consulting
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As per the report “Heavy Duty Truck Market By Class (Class 7 (between 26,001 and 33,000 Lb.), Class 8 (33,001 Lb. and higher)), By Fuel (Diesel, Natural gas, Hybrid electric vehicles, Gasoline), By Application (Agriculture, Construction, Mining, Logistics), Industry Trends, Estimation & Forecast, 2018 – 2025″.
Global heavy duty (class 7 & 8) truck market is anticipated to grow at a CAGR of 4.1% during the forecast period 2018 – 2025.
In 2017, the diesel segment generated the highest revenue share in the global heavy duty truck market. Among major regions, Asia-Pacific was the highest revenue generating market, holding more than 50% of the market share, in 2017.
“Customers in the developing nations of Asia-Pacific, especially China, are more inclined towards locally manufactured heavy duty trucks (HDT) in comparison to the imported premium heavy duty trucks. China is a market where premium HDT account for not more than 5% of the China heavy duty truck market, as the Chinese customers perceive the uptime and reliability of premium and local heavy duty trucks on a similar scale.”
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Heavy duty trucks witness a rising demand in the global market due to the growth of infrastructure, construction, and manufacturing industries
The global heavy duty trucks market is expected to witness a surging demand for heavy duty trucks during the upcoming years due to the growth of infrastructure, construction, and manufacturing industries across the globe. As per certain research, India witnessed a surge in its production growth rate of its manufacturing industry. The growth rate reached a mark of 4.4% in 2017, taking a hike from a growth rate of 2.8% in 2016. Such an impressive hike in the production growth rate of the manufacturing industry is expected to surge the sales of heavy duty trucks, as they are essential for an efficient logistic chain. Moreover, the rising trend of modular construction across the globe is yet another determinant that is escalating the demand of highly reliable heavy duty trucks in the construction industry, owing to their ability to transport heavy construction material and ready to assemble structures.
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Asia-Pacific emerges as the market leader and is anticipated to maintain its dominance, owing to the humongous potential in Asia-Pacific countries
Asia-Pacific accounted for more than 50% market share, in terms of revenue, of the global heavy duty truck market. The region is anticipated to maintain its dominance and grow with an impressive growth rate during the forecast period. The humongous potential being witnessed in the developing nations of the region, such as China and India, is expected to aid the region in maintaining its dominance during the upcoming years. In the current scenario, the medium-and heavy duty truck manufacturers are under utilizing their production capacity, which if utilized to its fullest can render lucrative opportunities to the regional manufacturers. In addition, the growing construction, manufacturing, and infrastructure sectors in the region is also expected to catalyze the regional growth of the market during the upcoming years.
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Some key market players are General Motors, Ford Motor Company, Nissan, Tata Motors, Volkswagen, Toyota, FCA, Daimler (Freightliner), Volvo (Volvo, Mack), Navistar (International), and Paccar (Peterbilt, Kenworth).