Heavy-Duty Truck Market to Soar at 9.8% CAGR, Reaching US$ 950.71 Billion by 2034 | Fact.MR Report

Shift Towards Modernizing Fleets for Enhanced Efficiency Driving Up Heavy Duty Truck Manufacturing Output.

/EIN News/ -- Rockville, MD, March 13, 2025 (GLOBE NEWSWIRE) -- According to a new industry report compiled by Fact.MR, a market research and competitive intelligence provider, turnover of the global heavy duty truck manufacturing market is analyzed to touch US$ 373.16 billion in 2024 and increase at a CAGR of 9.8% from 2024 to 2034.

Fleet managers are upgrading their vehicle inventory by swapping out old trucks for newer, more technologically sophisticated models. To satisfy stringent pollution and regulatory criteria in several countries, fleet businesses are concentrating on lowering maintenance costs for older cars and improving fuel efficiency. The growing sales volume of heavy-duty trucks is a result of this increased focus.

Contemporary heavy-duty trucks equipped with advanced engines, telematics, and driver-aid technology offer increased dependability, reduced operating costs, and enhanced performance. These properties are increasing operators' profitability and ensuring that environmental regulations are followed, which sustains a stable demand in the market for heavy-duty vehicle manufacturing.

The East Asia region accounts for a sizable portion of the heavy duty vehicle manufacturing market. The expansion of the regional market is positively impacted by the growing number of infrastructure projects in South Korea and China.

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Key Takeaways from Market Study

• The global market for heavy duty truck manufacturing is projected to reach a value of US$ 950.71 billion by the end of 2034.
• The market in Western & Eastern Europe is evaluated to rise at 11.1% CAGR between 2024 and 2034.
• North America is estimated to register revenue of US$ 53.14 billion in 2024.
• The East Asia region is forecasted to achieve a valuation of US$ 647.62 billion by 2034.
• The short-distance freight operators segment is analyzed to increase at 9.4% CAGR from 2024 to 2034.
• Demand for heavy duty diesel trucks is approximated to reach US$ 230.8 billion in 2024.
• The market for heavy duty truck manufacturing in South Korea is evaluated to expand at 9.8% CAGR between 2024 and 2034.

“Prominent heavy duty truck manufacturers are adding advanced technologies, including telematics, networked systems, and autonomous driving capabilities to their vehicles to increase operational efficiency and driver safety,” says a Fact.MR analyst

Leading Players Driving Innovation in the Heavy Duty Truck Manufacturing Market:

Key industry participants like Daimler AG; Volvo Group; PACCAR Inc.; Navistar International; MAN SE; Scania AB; Tata Motors; IVECO; Hino Motors; Isuzu Motors; Daimler India Commercial Vehicles (DICV) etc. are driving the heavy duty truck manufacturing industry.

Heavy Duty Diesel Trucks Becoming an Ideal Choice for End Users

Compared to other types, heavy duty diesel trucks are increasing in demand due to their dependability, longevity, fuel efficiency, and other attributes. They are regarded as the ideal option for heavy-duty and long-distance transportation because of these characteristics. Diesel engines are strong and durable, which are necessary for businesses, such as freight, construction, and logistics. Even though several end users are interested in alternative fuel cars, diesel trucks continue to be popular due to their durability and affordability compared to electric or hybrid trucks.

Heavy Duty Truck Manufacturing Industry News:

Automakers are integrating advanced technologies such as telematics, networked systems, and autonomous driving to enhance operational efficiency and driver safety. These innovations are improving fleet management, reducing maintenance costs, and boosting profitability for both manufacturers and end users.

• In November 2024, Tata Motors launched the Prima 4440.S AMT in Saudi Arabia, its first automatic manual transmission (AMT) truck, introduced at the HEAT Show in Dammam to meet the region’s strict transportation standards while prioritizing driver comfort and productivity.
• In August 2024, Daimler India Commercial Vehicles (DICV), a Daimler Truck AG subsidiary, introduced a new line of BharatBenz heavy-duty trucks in India. The range includes bulker, bitumen, petroleum, oil, and lubricants (POL) payload applications, catering to evolving market demands.

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the heavy duty truck manufacturing market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on product & service (aircraft parts & components, large commercial aircraft, aircraft engines & services, regional & general aviation aircraft, helicopters) and major market (aerospace manufacturers & aftermarket, airlines, leasing & logistic companies, businesses, individuals & governments), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).

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