Truck is a motor vehicle used to transport goods and the size of the truck varies according to their material handling capacity.
The global truck market is primarily driven by the global economic growth. Rising demand for freight transport from emerging economies such as India, China, Brazil, and Mexico is estimated to boost the truck market in these countries. Development of infrastructure is assisting increased transportation, which in turn is boosting the demand for trucks. Availability of easy finance options, such as a loan and lease, is driving the sales of trucks to customers as well as rental companies. Increased manufacturing activities in Asia and rising export demands has improved freight traffic, thus driving the sales of trucks in Asia Pacific. Rising stringency of emission norms is prompting truck manufacturers to develop emission control technologies. Increased demand for fuel economy and trends of utilization of alternative fuels, such as LPG/CNG, to reduce emissions are expected to boost the demand of the LPG/CNG trucks. Rising preference for automatic transmission and down-sizing to achieve lower operating cost and extended engine life are key trends in global truck market.
The global truck market can be segmented based on application, tonnage, fuel type, technology, and region. In terms of application, the global truck market can be classified into mining & construction, logistics, industrial, and others. The logistics segment is expected to expand at a significant pace during the forecast period.
Based on tonnage, the global truck market can be segregated into 3.5 tons to 7.5 tons, 7.5 tons to 16 tons, 16 tons to 30 tons, and above 30 tons. 16 ton to 30 ton and above 30 ton segments, which comprise heavy commercial vehicles, are estimated to expand at a prominent pace and hold dominant share of the global market during the forecast period.
In terms of fuel type, the global truck market can be classified into diesel, gasoline, and alternative fuel, which includes CNG/LPG and electric. The diesel segment holds the dominant share due to its power delivering capacity. Alternative fuels are capturing the market share held by gasoline, as they emit less pollutants and are cost-effective. The electric sub-segment is expected to expand at a notable pace during the forecast period owing to government support for adoption of electric vehicles and rising trend of electric mobility.
Based on technology, the global truck market can be bifurcated into connected trucks and conventional trucks. Increase in demand for telematics, driver monitoring, and fleet management is driving the connected trucks segment. Regulatory compliance and availability of portable solutions, such as plug and play and OBD II dongles, are boosting the adoption of connected trucks.
Based on region, the global truck market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is expected to expand at a significant pace during the forecast period due to rising logistics trade in China, ASEAN and India.
Key players operating in the global truck market are Daimler AG, Volvo, Scania, Tata Motors, and Dongfeng Motor Corporation.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.