Global Truck Market Report 2021: Market was Valued at $809.46 Billion in 2020 and is Expected to Grow at a CAGR of 7.50% to 2026

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Dec 31, 2021, 15:15 ET

DUBLIN, Dec. 31, 2021 /PRNewswire/ -- The "Global Truck Market, By Application Type (Logistics, Construction, Mining, Others), By Truck Tonnage Capacity (Class1, Class2, Class3 Class4, Class5, Class6, Class7, Class8), By Fuel Type, By Vehicle Type, By Region, Competition, Forecast & Opportunities, 2026" report has been added to ResearchAndMarkets.com's offering.

The Global Truck Market was valued at USD809.46 billion in 2020 and is expected to grow at a CAGR of 7.50% in the next five years till 2026F.

The anticipated growth can be attributed to driving factors like increased dependency over on-road transportation processes. Although the transportation can be carried out via railways and air transportations, trucks allow effective transportation in difficult terrains like hilly areas and deserted lands.

Also, the expansion of the construction industry and their demand for the transportation of heavy construction material is further driving the growth of the Global Truck Market in the upcoming five years. Surging demands for heavy-duty trucks are also anticipated to support the Global Truck Market growth in the next five years.

The incorporation of advanced technologies like GPS-enabled services, etc., further supports the growth of the Global Truck Market by increasing demands for effective driving conditions in the future five years. Moreover, factors like increasing disposable income among the consumers, growing urbanization, and expanding rural economy growth may further aid the future growth of the Global Truck Market in the forecast years until 2026.

The mining industry is also expanding such that the demand for products like metals, coal, oil shale, gemstones, limestone, chalk, dimension stone, rock salt, potash, gravel, and clay is increasing and is indirectly substantiating the growth of the Global Truck Market in the upcoming five years.

Although, slow adaptations of the advanced automobiles in some developing countries due to higher expenses required for the new purchases might create mild hindrance in the futuristic market growth. However, increasing demands for trucks from the logistics industry may support the growth in such countries in the forecast period.

Logistics applications of the trucks are anticipated to register the largest revenue shares of the market and dominate the market segmentation in the upcoming five years on the grounds of increasing demands from consumers over services, quality, and features of the advanced automobile for logistic purposes. To transport the resources and material from excavation or origin point to storage and then to their destination for distribution and final sales, is carried out through trucks.

With increased globalization and industrialization, the sub-segment is anticipated to register further growth while aiding the growth of the Global Truck Market in the next five years. The construction sub-segment is anticipated to register significant growth in the next five years on account of increasing global construction processes.

The demand for the transportation of the construction material and equipment from the source to the construction site aids the growth of the sub-segment as well as drives the growth of the Global Truck Market in the future five years.

Some of the major market players operating globally in the truck market are

Daimler AG.
Tata motors limited
Dongfeng Motor Corporation
Navistar, Inc
AB Volvo
Hino Motors Ltd.
IVECO- a CNH Industrial Company
Paccar Inc
MAN SE
Scania AB

Report Scope:

Years considered for this report:

Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022-2026

Truck Market, By Application Type:

Logistics
Construction
Mining
Others

Truck Market, By Truck Tonnage Capacity:

Class1
Class2
Class3
Class4
Class5
Class6
Class7
Class8

Truck Market, By Fuel Type:

Diesel
Petrol/Gasoline
CNG/LNG/LPG
Electric & Hybrid

Truck Market, By Vehicle Type:

Light Duty
Heavy Duty
Medium Duty

Truck Market, By Region:

North America
United States
Canada
Mexico
Asia Pacific
China
Japan
India
Australia
Indonesia
Europe
France
Germany
United Kingdom
Italy
Spain
South America
Brazil
Argentina
Chile
Colombia
Middle East and Africa
South Africa
Saudi Arabia
Iran
UAE

For more information about this report visit https://www.researchandmarkets.com/r/gl7kx

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Research and Markets
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[email protected]

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SOURCE Research and Markets