GVR Report cover Commercial Trucks Market Size, Share & Trends Report

Commercial Trucks Market Size, Share & Trends Analysis Report By Application, Regional Outlook, Competitive Strategies, And Segment Forecasts, 2019 To 2025

  • Historical Data: ---
  • Forecast Period: 1 - 2025
  • Industry: Technology

High demand for construction and infrastructural activities is expected to drive the global commercial trucks market over the forecast period.

Commercial Trucks, especially medium- and heavy-duty carriers, deployed on a large-scale for infrastructural operations are expected to favorably impact market growth. The need for better connectivity and transport facilities globally is expected to drive commercial truck market demand.

Accelerated demand for the excavation of land, laying foundations, landscape areas, and moving large tracts of land for archeological purposes are expected to strengthen demand for road-making and earth-moving activities. This is expected to positively impact the industry.

Increasing globalization has created a better environment for Foreign Direct Investment (FDI), which is expected to reinforce market augmentation. Development of logistics networks and increasing transport efficiency are anticipated to allow remanufacturing and salvage businesses in less mature regions.

These carriers can be segmented as per the payload they can carry into light-duty, medium-duty, and heavy-duty carriers. Light-duty carriers include pick-up carriers with gross vehicle weight between 1.2 tons and 7.5 tons. Medium- and heavy-duty carriers are categorized into trucks, tippers, tankers, tractors, or concrete mixers with a gross weight of over 7.5 tons.

The introduction of advanced telematics installations such as the adaptive cruise control, and advanced safety features has boosted demand across several industry verticals such as construction, mining and excavation, freight carriage, and other transport applications.

Freight rates have a profitable impact on fleet operators’ purchase decisions. Rising diesel prices and toll charges have considerably narrowed down the operating margins for carriers, thereby increasing the standard freight rates. High freight rates and utilization levels are anticipated to spur the market demand.

Asia Pacific is anticipated to emerge as the dominant region for the carrier market. Favorable government initiatives have propelled growth in this region. It accounts for the highest commercial trucks market share in manufacturing commercial and passenger automobiles. Decreasing excise duty on commercial vehicles in India and the consequent drop in vehicle prices are estimated to spur the demand for vehicles manufactured locally.

Emerging economies such as India and China possess great potential for infrastructural development. Moreover, the escalation of freight movement in these countries has flourished extensively in recent times. A significant rise in international trade and transport in the European region is expected to strengthen industrial development in this region.

Accelerated production capacities and modernization of factories in the automotive industry in the U.S. and Canada have spurred growth in the North American region. However, the industry is highly affected by the economic slowdown and global recession, as it is highly vulnerable to financial conditions.

In June 2015, General Motors announced its re-entry into the medium-duty commercial trucks business in the U.S. targeting pickups, vans, and other carriers to fleet buyers. The company plans to sell carriers from Isuzu Motors under the Chevrolet brand which includes six low-cab forward models. Volkswagen recently announced its plans to create a carrier-holding company to combine the two brands, Scania and MAN, which aimed to boost synergies between the two carrier makers.

Domestic demand expansion and exploitation of resources are expected to propel the after-sales and parts business with increasing use of customer information, thereby resulting in enhanced customer experience.

Major commercial truck industry participants include Daimler, Ford Group, General Motors, Isuzu Motors, Navistar, Tata Motors, Volkswagen, and Volvo. Daimler owned Mercedes Benz and MAN by Volkswagen have acquired key positions in the global commercial trucks market. Tata Group owned Tata Trucks, which manufactures and sells its carrier vehicles exclusively in India and has become a global major in the commercial trucks industry. However, its dependence on a single region is expected to turn out to be a major disadvantage for the company. Vendors need to build on regional manufacturing strategies and localized production enabling a regional hub for the company.

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