HEAVY-DUTY TRUCKS MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

 Analysis of the market for large trucks

Currently valued at USD 204.56 billion, the heavy-duty truck market is anticipated to grow to USD 313.95 billion over the following five years, registering a CAGR of almost 7.4% from 2022 to 2027.

Major OEMs saw the market for heavy-duty trucks significantly fall during the COVID-19 pandemic. Due to the epidemic, the transportation sector completely collapsed, posing new difficulties for the cargo and production businesses to move their goods from one location to another. The pandemic's severe disruptions to the world's logistics and supply chain networks led to a decrease in the manufacture of heavy-duty trucks. 

However, due to OEMs' efforts to resume production by making significant investments in the market, the market is anticipated to expand during the time of the forecast.

Long-term demand for new and improved trucks is anticipated to be fueled by tightening emission rules, improvements in vehicle safety, and the rapidly expanding logistics, retail, and e-commerce industries worldwide. Growing desire for trucks that are both fuel-efficient and powerful, with a better carrying capacity to handle weights and sturdy suspension systems, may further increase market demand. For heavy-duty truck engines powered by diesel, natural gas, and alternative fuels, for instance, the US National Highway Traffic Safety Administration established new guidelines for fuel economy.

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