Heavy Duty Truck Market from Logistics sector is estimated to witness an exponential growth rate of approximately 5% over the projected time line.
Sellbyville, DE -- (SBWIRE) -- 10/26/2018 -- Heavy Duty Truck Market from Logistics sector is estimated to witness an exponential growth rate of approximately 5% over the projected time line. Increasing number of new lorries owing to improved recovery of equipment producers from declining freight industry will aid in product adoption. Bulking up of new orders and balance in inventory levels will positively affect the heavy duty truck market demand.
Natural gas will demand for over 160 thousand units in the heavy-duty trucks industry over the forecast timeframe. Enhanced fuel efficiency and rising preference towards reduction of carbon emissions will support in overall business growth. Increasing number of natural gas refueling stations coupled with superior mileage served by the product will drive the heavy duty truck market.
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Increasing international and local trading activities world-wide will fuel the heavy-duty trucks industry growth over the projected timeframe. Roadways and railways are the most common means of freight transport resulting in enhancement of the industry.
Increase in fleet size will support the construction and logistics segments thereby spurring heavy duty truck market share. Increasing demand for heavy commercial automobiles utilized in mining and agricultural applications with enhanced transmission features will support the industry growth.
Innovative business models are revolutionizing the product penetration by reducing cost of ownership, improving safety, and enhancing convenience levels for owners. Thus, boosting the heavy-duty trucks industry growth rate over the study period.
Increasing global sourcing of auto components and development of road network will enhance the product adoption rate. Multiple manufacturing companies focus on improving their profit margins by relying on construction and logistics applications. This will drive the heavy duty truck market over the estimated time span.
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In 2016, class 5 accounted for over 12% of the total industry share in terms of volume. This can be attributed to enhanced features and broad usage in logistic and construction sectors. In addition, robust development in the manufacturing activities particularly in developing countries is expected to improve the heavy duty truck market.
Asia Pacific is predicted to hold highest revenue share over the projected time span owing to the increasing manufacturing across the region, especially in developing countries such as India and China. High availability of raw materials and low-cost labors will promote heavy duty truck market across the region.
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Tata Motors, Daimler, General Motors, Volvo, FAW Group, Ford, Freightliner, Toyota, ISUZU Motors, Volkswagen, PACCAR, Peterbilt, MAN, Scania, Ashok Leyland, and Navistar are prominent OEMs of the heavy duty truck market.
Other significant players in terms of geographical spread are Beijing Auto Industry, Dongfeng Motor Group, Anhui Jianghuai Automobile, Hino, Beiqi Foton, KAMAZ, and China First Automobile Works Group.
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