The heavy duty truck market is projected to grow considerably in the coming years, from $120 billion in 2018 to $160 billion in 2025. The forecast comes from a new report by Global Market Insights Inc., which credits proliferating domestic and international trading activities across the globe as the driving force behind the expected growth.
Other contributing factors include: increased demand for heavy duty trucks to accommodate the growing logistics industry; improving road and public infrastructure, allowing for greater cargo transportation; and the steadily expanding product lines offered by truck manufacturers and service providers.
Truck companies are beginning to employ smaller engines and smart hybrid technologies in order to meet the rising demand for greater truck and fuel efficiency.
Companies are also offering a wider selection of trucks with varying payload capacities and engine configurations to accommodate a diverse range of customers with different needs.
Technological advancements characterizing the industry include autonomous driving, active and passive safety systems, and more sophisticated driver assistance systems. While such factors raise costs of production and maintenance, boosts in overall efficiency is expected to offset any negative market trends.
Specifically, demand for Class 8 trucks is expected to continue to increase as they become more adaptable and suitable to various applications, including construction, mining and agriculture.
In the construction sector, demand is going up as a result of greater loading capacities and improvements in torque and power.
Global Market Insights identifies the following companies as being global leaders in the heavy duty truck industry: Daimler AG, VW Group, Scania, MAN and Volvo Trucks.
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