Heavy Duty Trucks Market Share

APAC Market Statistics

Asia Pacific industry is set to hold largest revenue share of 60% by 2037. The region’s heavy duty trucks sector is thriving, because of the expansion of population in this region which in turn requires these heavy duty trucks for different uses. Over the course of the projection period, countries such as Thailand, China, India, Malaysia, and Indonesia are expected to make a significant contribution to the revenue of the regional market. According to UNESCO, throughout the projection period, countries such as Thailand, China, India, Malaysia, and Indonesia are expected to make a significant contribution to the revenue of the regional market.

The market for heavy duty trucks has expanded in China as a result of the rising industrial activities and the rising use of freight trucks. According to the National Bureau of Statistics of China, in the first quarter of 2024, the total value added of industrial firms larger than the permitted size increased by 6.1 percent year over year. Mining's value added climbed by 1.6%, manufacturing's by 6.7%, and the production and supply of electricity, thermal power, gas, and water by 6.9%, according to sectoral analysis.

The Indian heavy duty truck development mainly lies in rising government initiatives for incorporating electric vehicles in different sectors. For instance, in order to boost the quantity of buses in the city, the Delhi government authorized a proposal to buy 300 new low-floor electric (AC) buses. It is expected that the forthcoming buses would be integrated into the Delhi Transport Corporation (DTC). It was anticipated that 118 buses would arrive in the first lot in October 2021, 100 more buses in November 2021, 60 buses in December 2021, and the final 20 buses by January 2022.

The Korean heavy duty truck industry will notice a huge expansion mainly due to the rapid urbanization in this region. South Korea's proportion of the population living in cities, at 81.43 percent in 2022, was essentially stable. Still, this was the first instance of the share rising in South Korea throughout the examined period.

North American Market Analysis

North America heavy duty trucks market is likely to observe significant growth through 2037, owing to the rising sales of heavy duty trucks in this region. According to the American Trucking Association, trucking generated USD 940.8 billion in gross freight revenues (primary shipments alone) in 2022, accounting for 80.7% of the country's freight bill.

Heavy duty trucks are especially in actual demand in the U.S., with rising demand of trucks in this country. In fact, in 2021, 14 million single-unit (2-axle, 6-tire or more) and combination trucks were recorded, redressing 5% of all registered motor vehicles.

In Canada, heavy duty trucks will encounter massive growth because of the country’s rising automotive and transportation sectors. Additionally, in 2022, there were 26.3 million registered road motor vehicles in Canada, a 0.3% increase from 2021.