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The Europe - heavy-duty trucks market size is estimated to grow at a CAGR of 6.91% between 2022 and 2027. The market size is forecast to increase by USD 13,388.66 million. The growth of the market depends on several factors such as the increasing demand for HD trucks in Eastern Europe, the growing demand for HD trucks from truck rental service providers, and stringent emission standards for HD trucks. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
This report extensively covers market segmentation by type (3.5 to 16 tonnes and over 16 tonnes), and fuel type (diesel powered, gasoline powered, electric powered, and solar powered). It also includes an in-depth analysis of drivers, trends, and challenges.
Europe Heavy-duty Trucks Market Forecast 2023-2027
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Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
Eastern Europe is expected to account for a significant portion of the adoption of HD trucks in Europe due to factors such as the increase in manufacturing activities and improvement in road infrastructure driving the demand for HD trucks in Eastern European countries. In addition, countries in this region are witnessing faster economic growth, which can be positively correlated with the accelerating demand for transportation and logistics.
Besides, Eastern European economies attract many prominent manufacturers due to the low cost of manufacturing supported by lower labor costs. These economies rely heavily on exporting the finished products/goods to the rest of Europe, which acts as an enabler for the HD trucks market in Europe, as road transportation is a prominent medium for goods transportation in the region. Therefore, the rising demand for HD trucks in Eastern Europe will drive the growth of the market during the forecast period.
The truck platooning concept has gained interest from prominent automotive manufacturers. Truck platooning involves traveling multiple trucks at an aerodynamic distance and driving cooperatively by maintaining the distance at high speeds. A truck platoon is like a train's compartment-like arrangement but with physical disconnects. Nowadays, truck platooning is being tested by market players across the globe with the aim of commercializing the technology.
Moreover, the adoption of multi-brand truck platooning will be approvingly beneficial to European countries as it enhances fuel economy, lowers emissions, ensures traffic safety, and enhances fleet operator efficiency. Technavio expects such developments to positively impact the growth of the Europe heavy-duty trucks market during the forecast period.
An increase in the price of raw materials such as stainless steel, hardened steel, cast iron, and other metal alloys has resulted in a subsequent increase in the manufacturing cost of trucks. Inflated manufacturing costs have reduced the profit margins for OEMs. In addition, HD trucks require continual maintenance and repairs, which add to the total cost of ownership. Further, the implementation of stringent regulations to decrease emissions is contributing to the increase in manufacturing costs, which is exerting cost pressure on the OEMs.
Moreover, large-mile travel has a positive impact on the TCO of electric trucks as compared to diesel trucks. However, most of the purchases made in the Europe - heavy-duty trucks market are based on the upfront cost, which is high for both diesel and electric trucks. Therefore, such factors will prove to be a considerable challenge for the high-volume adoption of HD trucks in Europe and hinder the growth of the market in focus during the forecast period.
The 3.5 to 16 tonnes segment will account for a major share of the market's growth during the forecast period.?HD trucks with weight capacities ranging from 3.5 to 16 tonnes are designed to handle a wide range of transportation needs, making them indispensable in various industries and applications such as in the construction industry. One of the defining features of HD trucks in this weight class is their adaptability. They are well-suited for local and regional transport tasks, which often involve navigating urban and suburban environments.
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The 3.5 to 16 tonnes segment was valued at USD 15,601.74 million in 2017. The growth of the e-commerce industry is increasing the demand for road transportation of goods in Europe. This is one of the key factors driving the demand for HD trucks weighing 3.5-16 tonnes. The introduction of electric truck versions in the HD trucks from the 3.5 to 16 tonnes segment is expected to be crucial for the growth of the segment. Furthermore, the rising launch of electric truck versions will generate interest in this segment, which will allow the segment to witness significant growth during the forecast period.
Based on fuel type, the market has been segmented into diesel powered, gasoline powered, electric powered, and solar powered. The diesel powered segment will account for the largest share of this segment.?One significant feature of diesel powered HD trucks is their ability to handle long-distance transportation effectively. The high torque output of diesel engines makes them well-suited for hauling heavy loads over extended distances. Furthermore, prominent players of diesel powered trucks in Europe include Daimler Trucks (Mercedes-Benz), Volvo Group (Volvo and Renault Trucks), MAN Truck and Bus, Scania, and Iveco. These manufacturers provide a wide range of HD trucks with diesel engines, catering to different industries and transportation needs across the region. Hence, the rising use of diesel powered trucks will drive the growth of this segment in the Europe - heavy-duty trucks market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
AB Volvo, Daimler Truck AG, PACCAR Inc., Tesla Inc., Volkswagen AG, BYD Co. Ltd., Toyota Motor Corp., Ashok Leyland Ltd, Oshkosh Corp., Eicher Motors Ltd., General Motors Co., Hindustan Motors Ltd., Mahindra and Mahindra Ltd., Iveco SpA, Sinotruk Hong Kong Ltd., Dongfeng Motor Group Co. Ltd., Ford Motor Co., Isuzu Motors Ltd., and Tata Motors Ltd.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The Europe heavy-duty trucks market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Europe Heavy-duty Trucks Market Scope |
|
Report Coverage |
Details |
Page number |
162 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.91% |
Market growth 2023-2027 |
USD 13,388.66 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.54 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AB Volvo, Scania AB, Daimler Truck AG, PACCAR Inc., Tesla Inc., Volkswagen AG, BYD Co. Ltd., Toyota Motor Corp., Ashok Leyland Ltd, Oshkosh Corp., Eicher Motors Ltd., General Motors Co., Hindustan Motors Ltd., Mahindra and Mahindra Ltd., Iveco SpA, Sinotruk Hong Kong Ltd., Dongfeng Motor Group Co. Ltd., Ford Motor Co., Isuzu Motors Ltd., and Tata Motors Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Fuel Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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