It is said that the rising international trading activities across the globe will drive the heavy-duty trucks market size over the next eight years. Road and rail dominate the freight transport segment boosting the overall business growth. Increasing fleet size will support the logistics and construction sectors which in turn drive the heavy-duty trucks market share from 2017 to 2024. An upsurge in demand for heavy commercial vehicles used in mining and agricultural applications with enhanced transmission will positively influence the product penetration.
Industry players are focusing on reducing the cost of heavy-duty trucks parts by shifting toward remanufacturing and thereby minimizing the production cost. The rapid expansion of automotive industry in emerging countries owing to the availability of resources along with favorable FDI policies will further support the product penetration.
Expansion of road network along with increasing international sourcing of heavy-duty trucks components will positively influence the product demand. Industry players are focusing on improving the profit margins by relying on customers from construction and logistics applications over the forecast timeline.
Stringent government regulations pertaining to emission control with the need for replacing the old heavy-duty trucks will further boost the product sales. Customers rely on the core values of offering products with superior quality and environmental care along with safety. Products offering superior power required by the applications will drive the overall industry growth.
Increasing labor cost, particularly in developed countries, along with volatility in the raw material prices may act as a challenge to the industry growth. Moreover, economic instability in European countries may hamper the business growth.