Truck is a motor vehicle used to transport goods and the size of the truck varies according to their material handling capacity.
The global truck market is primarily driven by the global economic growth. Rising demand for freight transport from emerging economies such as India, China, Brazil, and Mexico is estimated to boost the truck market in these countries. Development of infrastructure is assisting increased transportation, which in turn is boosting the demand for trucks. Availability of easy finance options, such as a loan and lease, is driving the sales of trucks to customers as well as rental companies. Increased manufacturing activities in Asia and rising export demands has improved freight traffic, thus driving the sales of trucks in Asia Pacific. Rising stringency of emission norms is prompting truck manufacturers to develop emission control technologies. Increased demand for fuel economy and trends of utilization of alternative fuels, such as LPG/CNG, to reduce emissions are expected to boost the demand of the LPG/CNG trucks. Rising preference for automatic transmission and down-sizing to achieve lower operating cost and extended engine life are key trends in global truck market.
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The global truck market can be segmented based on application, tonnage, fuel type, technology, and region. In terms of application, the global truck market can be classified into mining & construction, logistics, industrial, and others. The logistics segment is expected to expand at a significant pace during the forecast period.
Based on tonnage, the global truck market can be segregated into 3.5 tons to 7.5 tons, 7.5 tons to 16 tons, 16 tons to 30 tons, and above 30 tons. 16 ton to 30 ton and above 30 ton segments, which comprise heavy commercial vehicles, are estimated to expand at a prominent pace and hold dominant share of the global market during the forecast period.
In terms of fuel type, the global truck market can be classified into diesel, gasoline, and alternative fuel, which includes CNG/LPG and electric. The diesel segment holds the dominant share due to its power delivering capacity. Alternative fuels are capturing the market share held by gasoline, as they emit less pollutants and are cost-effective. The electric sub-segment is expected to expand at a notable pace during the forecast period owing to government support for adoption of electric vehicles and rising trend of electric mobility.
Based on technology, the global truck market can be bifurcated into connected trucks and conventional trucks. Increase in demand for telematics, driver monitoring, and fleet management is driving the connected trucks segment. Regulatory compliance and availability of portable solutions, such as plug and play and OBD II dongles, are boosting the adoption of connected trucks.
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Based on region, the global truck market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is expected to expand at a significant pace during the forecast period due to rising logistics trade in China, ASEAN and India.
Key players operating in the global truck market are Daimler AG, Volvo, Scania, Tata Motors, and Dongfeng Motor Corporation.
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