Global Truck Market Trends, Applications, Analysis, Growth, and Forecast: 2017 to 2026

Global Truck Market Overview:

“The global Truck Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

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The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global truck market report has been segmented on the basis of vehicle type, fuel type, application, and region.

This report is based on the synthesis, analysis, and interpretation of information gathered regarding the target market from various sources. Our analysts have analyzed the information and data and gained insights using a mix of primary and secondary research efforts with the primary objective to provide a holistic view of the market.

In addition, an in-house study has been made of the global economic conditions and other economic indicators and factors to assess their respective impact on the market historically, as well as the current impact in order to make informed forecasts about the scenarios in the future.

Rapid industrialization and increasing construction activities in developing countries are leading to increasing demand for heavy-duty trucks which is a major factor driving the growth of the global truck market. In addition, increasing mining activities across the globe demand heavy-duty trucks for various applications and are expected to support the growth of the global truck market.

Furthermore, with increasing government initiatives to reduce pollution from vehicles, demand for electric and hybrid trucks from the transportation sector is expected to support the growth of the global truck market.

However, the high cost of trucks is expected to restrain the growth of the global truck market to a certain extent.

Technological advancements and increasing R&D activities by major manufacturers are expected to create new opportunities in terms of revenue for players operating in the global truck market over the forecast period.

Asia Pacific market is expected to dominate the global truck market with a higher revenue share as compared to that of the other regional markets and is expected to continue its dominance during the forecast period.

This can be attributed to increasing demand from the transportation sector, increasing construction activities, and the presence of prominent players operating in countries in this region. North America and Europe markets account for significant revenue share in the global truck market followed by markets in Latin America and the Middle East & Africa respectively.

The market in Europe is projected to register the fastest growth in terms of revenue, owing to the increasing preference for road transportation by manufacturers and the presence of major truck manufacturers. The market share of hybrid-electric vehicles in the EU was 1.5% of all new car sales in 2015.

Global Truck Market Segmentation:

By Vehicle Type

• Light Weight Trucks
• Medium Weight Trucks
• Heavy Weight Trucks

By Fuel Type

• Diesel
• Electric
• Gasoline/ Natural Gas
• Electric & Hybrid

By Application Type

• Construction
• Mining
• Logistics

 By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa