Heavy haul truck market is anticipated to grow at a CAGR of 5.5% during the forecast period (2024-2031). Heavy haul trucking transports oversized items such as industrial machinery, military or farming equipment, and construction materials. A major factor supporting the market growth is the increasing integration of smart technologies to bolster investments in the heavy haul truck market. Furthermore, Advanced Driver-Assistance Systems (ADAS) like lane departure warnings, blind spot detection, and collision mitigation systems are being integrated into trucks to prevent accidents, protect drivers, and reduce downtime also driving the market growth.
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The global heavy haul truck market is experiencing a paradox as it faces a growing shift towards sustainability. Governments are implementing stricter regulations to curb air pollution and greenhouse gas emissions, pushing manufacturers to develop cleaner and more efficient vehicles. This has led to advancements in diesel engine technology, such as selective catalytic reduction and exhaust gas recirculation systems. However, this pressure is driving innovation and pushing the industry towards alternative fuel options like hydrogen and electric powertrains. For instance, in April 2024, a new $15.0 million long haul truck sales, service, and rental facility, with a focus on zero-emission vehicles, opened in Kelowna. Velocity Truck Centres, the owner of First Truck Centre in West Kelowna, opened this facility at Kelowna International Airport. The industry is also investing in research and development of next-generation sustainable solutions, such as hydrogen fuel cells and electric battery technology.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Heavy Haul Truck Market Report Segment
By Fuel Type
- Diesel
- Natural Gas
- Hybrid Electric
- Others
By Trailer
- Flatbed
- Lowboy
- Step-deck
By Application
- Mining
- Construction
- Agriculture
- Freight and Logistics
Global Heavy Haul Truck Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global heavy haul truck market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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