Heavy Haulage Truck Market Introduction
Trucks used for transportation of heavy industrial machineries and industrial equipment are known as heavy haulage trucks. Growth in the heavy haul truck market can be ascribed to the expansion of manufacturing industries and development of heavy vehicles.
Heavy Haulage Truck Market - Competitive Landscape
Daimler AG, AB Volvo, Volkswagen Group, Scania, MAN Truck & Bus AG, and Navistar International Corporation are the leading manufacturers of heavy haul trucks. In May 2019, Scania bagged the Green Truck Award held in Germany. Most manufacturers of heavy haulage trucks are focusing on the development of fuel-efficient trucks with minimal emission.
Established in 1926, Daimler AG is headquartered in Stuttgart, Germany. It is one of the leading manufacturers of premium cars and commercial vehicles. The company manufactures diverse commercial vehicles including light, medium, and heavy-duty commercial vehicles for line-haul, short-radius distribution, and construction site operations. Daimler AG has entered into collaborations with local manufacturers in different countries.
Established in 1928, Volvo Trucks is a global manufacturer of trucks based in Gothenburg, Sweden. It is owned by AB Volvo. In 2016, it was the second-largest manufacturer of heavy-duty trucks in the world. Volvo Trucks has developed its first hybrid vehicle, the Volvo Concept Truck, for long haul applications.
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IVECO – A CNH Industrial Company
IVECO, a CNH Industrial brand, is global manufacturer of light, medium, and heavy commercial vehicles. Currently, it is based in Turin, Italy. It specializes in the manufacture of industrial vehicles. IVECO operates through 11 production sites situated in countries across Europe, Asia, Africa, and Latin America.
Founded in 1891, Scania AB is headquartered in Södertälje, Sweden. It is a major manufacturer of trucks and buses, and operates a key business segment of diesel engine manufacturing. The company operates globally and has presence across the world. However, Europe is the prominent market for Scania AB.
MAN Truck & Bus AG
Established in 1915, MAN Truck & Bus AG is headquartered in Munich, Germany. The company is one of the leading manufacturers of commercial vehicles in the international market. MAN Truck & Bus AG offers a wide product portfolio of commercial vehicles ranging from van to heavy haulage trucks. The company focuses on the development of e-mobility and has won several awards for its electric buses.
Heavy Haulage Truck Market Dynamics
Expansion of manufacturing Industries and Rise in Dependence on Road Transport
The heavy haul truck market is poised to expand significantly during the forecast period due to the growth of the manufacturing industry. Rise in demand for consumer goods and electricity is also propelling the demand for heavy haul trucks, as heavy equipment is required in the establishment of power plants and transportation of consumer goods. Furthermore, growth in the construction industry is another prime factor driving the heavy haulage truck market, as heavy haulage trucks are needed in the installation or mounting of compound materials such as parts of flyovers, compound walls, and others. Industrial equipment such as bulldozers, excavators with crawlers are preferred to transport over heavy haul trucks. Thus, high investment in infrastructure development is a key driver for the heavy haul truck market.
Transportation of newly manufactured vehicles from manufacturers’ place to the dealers is one of the major applications of heavy haul trucks. Thus, increase in production in the automotive industry is expected to boost the demand for heavy haul trucks.
Dependence on the expansion of other industries is the major drawback of the heavy haul truck market, as sluggish growth in any of the relevant industries may hamper the demand for heavy haul trucks.
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Heavy Haulage Truck Market Segmentation
Based on powertrain, the heavy haulage truck market can be bifurcated into:
- Diesel Trucks
- Electric Truck
- Hybrid Truck
Based on operation, the heavy haulage truck market can be segmented into:
- Autonomous Truck
- Semi-autonomous Truck
Based on electric vehicle type, the heavy haulage truck market can be classified into:
- Battery Electric Vehicle
- Plug-in Hybrid Electric Vehicle
- Hybrid Electric Vehicle
Based on vehicle type, the heavy haulage truck market can be segregated into:
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
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